What is the grey market anchor?

Grey market anchor uses grey market return versus listing price as one input for the first-day range.

Plain meaning

Grey market trading happens before official listing and reflects off-exchange orders and sentiment from some brokers. The rating's grey market anchor mainly uses return versus listing price. The grey market page also shows source quotes, range and turnover; the two should not be mixed.

Why it matters

Grey market can shape first-day expectations, but it is not the official market and may have limited liquidity. It is useful but unstable.

How to read it

Read it with public demand, whether a greenshoe exists, final pricing, market conditions and first-day turnover.

How it appears here

Backtests separate grey market and first-day targets. After grey trading, IPO scoring can use grey market return as one stage-specific input for the first-day range.

Common mistakes

Treating grey market close as first-day open or close.
Treating the multi-source grey market page as the same thing as the rating's grey market anchor.
Assuming grey market direction must continue on listing day.