IPO Conversion
고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。
Overview
섹션 제목: “Overview”When an underlying company conducts an IPO, PIPO warrants undergo a special settlement process. This is the “endgame” scenario that many warrant holders are anticipating.
IPO Detection
섹션 제목: “IPO Detection”Trigger Events
섹션 제목: “Trigger Events”IPO Timeline Detection:├── S-1 Filing (Confidential) - Not detected├── S-1 Filing (Public) - Event window opens├── Roadshow Start - Monitoring intensifies├── Price Range Set - Oracle updates├── Final Pricing - Event window opens├── First Trade - Final settlement trigger└── Lock-up Expiry - Post-IPO considerationOracle Committee Actions
섹션 제목: “Oracle Committee Actions”| Event | Oracle Action |
|---|---|
| S-1 Filing | Open 72h event window |
| Price Range | Update valuation range |
| Final Pricing | Lock IPO price as reference |
| First Trade | Begin settlement price determination |
Settlement Price Determination
섹션 제목: “Settlement Price Determination”Which Price?
섹션 제목: “Which Price?”The critical question: What price is used for settlement?
┌─────────────────────────────────────────────────────────────────┐│ IPO SETTLEMENT PRICE OPTIONS │├─────────────────────────────────────────────────────────────────┤│ ││ Option A: IPO Offer Price ││ ├── Definition: Price at which shares sold to institutions ││ ├── Pros: Known in advance, clean ││ ├── Cons: May not reflect true market value ││ └── Use: If first-day trading restricted ││ ││ Option B: First-Day Close (PIPO Default) ││ ├── Definition: Closing price on first trading day ││ ├── Pros: Reflects market consensus ││ ├── Cons: Can be volatile ││ └── Use: Standard settlement method ││ ││ Option C: 5-Day VWAP ││ ├── Definition: Volume-weighted average over 5 trading days ││ ├── Pros: Smooths volatility ││ ├── Cons: Delays settlement ││ └── Use: If first-day close anomalous ││ │└─────────────────────────────────────────────────────────────────┘Default Method: First-Day Close
섹션 제목: “Default Method: First-Day Close”Settlement Price = First Trading Day Closing Price × Total Shares Outstanding
Valuation = Share Price × Fully Diluted Shares
Example:├── IPO Offer Price: $50├── First-Day Close: $65├── Shares Outstanding: 1 billion├── Settlement Valuation: $65B└── Used for warrant settlementIPO Exercise Window
섹션 제목: “IPO Exercise Window”Special IPO Window
섹션 제목: “Special IPO Window”┌─────────────────────────────────────────────────────────────────┐│ IPO EXERCISE TIMELINE │├─────────────────────────────────────────────────────────────────┤│ ││ S-1 Public Pricing First Close Settlement ││ Filing Night Trade Day 1 Complete ││ │ │ │ │ │ ││ ▼ ▼ ▼ ▼ ▼ ││ ───┬────────────┬──────────┬─────────┬────────────┬─── ││ │ │ │ │ │ ││ │◄──────────►│ │◄───────►│ │ ││ 72h Event Price 24h ││ Window Lock Final Settlement ││ (Optional) Window Process ││ ││ During S-1 Window: During Final Window: ││ • Early exercise available • Last chance to exercise ││ • Based on estimated price • IPO price locked ││ • Can withdraw if needed • Cannot withdraw ││ │└─────────────────────────────────────────────────────────────────┘Settlement Process
섹션 제목: “Settlement Process”Step-by-Step
섹션 제목: “Step-by-Step”IPO Settlement Flow:
Day 0: Company IPO (First Trade)├── Oracle Committee convenes├── First-day close monitored└── Exercise window opens (24h)
Day 1: Window Active├── Users can exercise warrants├── Real-time IPO price visible├── P&L calculations displayed└── Exercise/hold decision
Day 2: Window Closes├── All exercises finalized├── Oracle publishes settlement price├── Payout calculations run└── Distribution queue prepared
Day 3-5: Settlement├── Cash settlements distributed (T+1)├── Physical delivery requests processed├── Non-exercised warrants valued at intrinsic└── (Can continue trading until expiry)Worked Example
섹션 제목: “Worked Example”SpaceX IPO Scenario
섹션 제목: “SpaceX IPO Scenario”Pre-IPO State:├── User holds: 10,000 SPACEX-CALL-180B-Q42025├── Cost basis: $0.35 per token ($3,500 total)├── Current AMM price: $0.55└── Warrant strike: $180B valuation
IPO Occurs:├── IPO price: $65/share├── Shares outstanding: 3.5 billion├── Market cap at IPO: $227.5B├── First-day close: $78/share├── Settlement valuation: $273B
Payout Calculation:├── Settlement: $273B├── Strike: $180B├── Intrinsic value: ($273B - $180B) / $180B = 51.7%├── Gross payout: 10,000 × $1 × 51.7% = $5,170├── Settlement fee (1%): $51.70├── Net payout: $5,118.30
User P&L:├── Cost: $3,500├── Payout: $5,118.30├── Profit: $1,618.30└── Return: +46.2%Post-IPO Warrant Handling
섹션 제목: “Post-IPO Warrant Handling”Warrants Not Exercised at IPO
섹션 제목: “Warrants Not Exercised at IPO”Warrants don’t automatically settle at IPO. Users can:
- Exercise during IPO window: Get immediate settlement
- Hold: Continue holding, can trade on AMM
- Sell on AMM: Realize value through secondary market
- Wait for expiry: Auto-exercise if ITM
Post-IPO AMM
섹션 제목: “Post-IPO AMM”Post-IPO AMM Behavior:├── Oracle: Now uses live stock price├── Pricing: More accurate (public market data)├── Volatility: May decrease (liquid underlying)└── Value: Tracks intrinsic + remaining time valueLock-Up Considerations
섹션 제목: “Lock-Up Considerations”Standard Lock-Up Periods
섹션 제목: “Standard Lock-Up Periods”| Holder Type | Typical Lock-Up |
|---|---|
| Founders | 180 days |
| Employees | 90-180 days |
| Early investors | 90-180 days |
| PIPE investors | 30-90 days |
Impact on PIPO
섹션 제목: “Impact on PIPO”Lock-Up Impact:├── Cash settlement: Not affected (based on market price)├── Physical delivery:│ ├── Shares may be locked│ ├── Buyer inherits lock-up│ └── Discount may increase└── Pricing: Post-IPO warrants may trade at discount to intrinsicDirect Listing / SPAC Considerations
섹션 제목: “Direct Listing / SPAC Considerations”Direct Listing
섹션 제목: “Direct Listing”Direct Listing Differences:├── No traditional IPO price├── Opening price = first trade├── Higher volatility expected├── Settlement: Use first-day VWAP└── May extend settlement window to 48hSPAC Merger
섹션 제목: “SPAC Merger”SPAC Merger Settlement:├── Trigger: Merger completion announcement├── Valuation: Based on deal terms├── Settlement price: SPAC share price × exchange ratio├── Timing: T+3 from merger effective date└── Complexity: May require manual reviewUser Notification
섹션 제목: “User Notification”IPO Alert System
섹션 제목: “IPO Alert System”┌─────────────────────────────────────────────────────────────────┐│ 🚀 IPO ALERT: SPACEX │├─────────────────────────────────────────────────────────────────┤│ ││ SpaceX is going public! ││ ││ Event Details: ││ ├── IPO Date: December 15, 2025 ││ ├── IPO Price: $65/share ││ ├── Implied Valuation: $227.5B ││ └── First Trade: Expected 9:30 AM ET ││ ││ Your Positions: ││ ├── SPACEX-CALL-180B-Q42025: 10,000 tokens ││ │ └── Status: 🟢 WILL BE ITM (Strike $180B < IPO $227.5B) ││ ├── SPACEX-CALL-250B-Q42025: 2,000 tokens ││ │ └── Status: 🔴 WILL BE OTM (Strike $250B > IPO $227.5B) ││ └── Estimated total payout: ~$5,170 ││ ││ Exercise Window: Dec 15, 9:30 AM - Dec 16, 9:30 AM ET ││ ││ Actions: ││ [View Full Details] [Set Reminder] [Pre-Authorize Exercise] ││ │└─────────────────────────────────────────────────────────────────┘API Reference
섹션 제목: “API Reference”Get IPO Event Details
섹션 제목: “Get IPO Event Details”const ipo = await pipo.getIPOEvent('SPACEX');
// Response{ underlying: 'SPACEX', eventType: 'IPO', status: 'CONFIRMED', ipoDate: '2025-12-15', offerPrice: 65.00, impliedValuation: 227500000000, exerciseWindow: { opens: '2025-12-15T14:30:00Z', closes: '2025-12-16T14:30:00Z' }, settlementPrice: null, // Populated after first-day close affectedWarrants: [ { symbol: 'SPACEX-CALL-180B-Q42025', strike: 180000000000, status: 'ITM', estimatedPayout: 0.517 }, { symbol: 'SPACEX-CALL-250B-Q42025', strike: 250000000000, status: 'OTM', estimatedPayout: 0 } ]}Exercise at IPO
섹션 제목: “Exercise at IPO”const exercise = await pipo.exerciseAtIPO({ warrant: 'SPACEX-CALL-180B-Q42025', amount: 10000, minPayout: 5000 // Revert if payout less than this});
// Response{ exerciseId: 'IPO-EX-2025-001', status: 'PENDING_SETTLEMENT', tokensLocked: 10000, estimatedPayout: 5170, settlementDate: '2025-12-18', ipoSettlementPrice: 'PENDING' // Updated after first-day close}