This pre-registered report seeks to understand how investments made after a firm's initial public offering (IPO) impact its long-run IPO financial performance. That IPOs substantially underperform three to five years after going public (Loughran and Ritter, 1995) has been much debated with various factors implicated in causing the “new issues puzzle”. However, few studies focus on how firms actually spend their IPO capital and the associated impacts of those choices on long-term performance. By empirically testing the impact of the actual “use of proceeds” by newly public IPOs, the proposed study will bridge this gap. It can also inform corporate decision making by addressing how spending on debt repayment, fixed assets, working capital, and investments in shares, as well as investments in shares of stock, secondary stock, and foreign direct investments impact a firm's long-term financial market performance.