IPO investing sentiment has been bolstered by a resurgence in small-cap offerings, with 27 new listings in September alone. The Nasdaq recorded tech IPOs achieving P/E ratios above sector averages, suggesting stretched valuations but sustained momentum in investor confidence. Turning to guidance, Firefly management predicted that, despite the weak performance in Q2, total revenue this year will reach $133 million to $145 million, up as much as 138% year over year. What's more, with year-to-date sales now at $71.4 million, the company is still trending toward the top of that range. The stock opened at $36 in early afternoon trading, up about 44%. IPO investing risk metrics show heightened variance in median pricing versus final offering prices, attributed to macro factors such as energy price fluctuations and treasury yield shifts. Traders are hedging positions through sector ETFs to manage exposure.