How does the pre-IPO investment price relate to the IPO offer price?

The pre-IPO price is negotiated between the company and investors before listing, whereas the offer price is determined separately at the time of listing through the underwriter's valuation of the company and book-building among institutional investors.

According to a Financial Supervisory Service analysis, 94.5% (69 companies) of companies that went public in 2015 set their indicative offer price by applying a certain discount rate to a per-share value calculated using the PER of comparable companies. Depending on market conditions and the share prices of comparable companies at the time of listing, the offer price may be set below the pre-IPO investment price, so you should not assume that a gain will arise simply because the company lists.