First day value change seems misleading to me. I think it represents the value at which select shareholder can buy the initial shares issued by the company and not the value which they are first traded at the stock market.
Consider for example linkedin, which got "issued" at around 35$ per share. The first price to hit the stock market was around 70$. This is because the first shares are sold to a select few at the 35$ price so there can be volume at opening. Those people traded the shares at 70 right away.
We can conclude at least two things from this :
1-Banks will try to scam companies during IPO by issuing shares lower than market value so that early buyers can pocket instant profit
2-If you are not in the selected few, making big bucks during an IPO is much more difficult than what is represented in this graph
Consider for example linkedin, which got "issued" at around 35$ per share. The first price to hit the stock market was around 70$. This is because the first shares are sold to a select few at the 35$ price so there can be volume at opening. Those people traded the shares at 70 right away.
We can conclude at least two things from this : 1-Banks will try to scam companies during IPO by issuing shares lower than market value so that early buyers can pocket instant profit 2-If you are not in the selected few, making big bucks during an IPO is much more difficult than what is represented in this graph