一个 IPO级联 (Initial Public Offerings Cascade) is created by the fact that an issuer of equity stock, unable to finance its own IPO, commits to use a portion of its proceeds in case of success of its own IPO, to finance one or more issuers in the same situation. Thereby, a domino effect is generated, enabling other 上市 transactions to be financed.

There are two different possibilities to operate an IPO Cascade:
either directly where each issuer whose IPO was financed is contractually obliged to finance to or more IPOs of issuers in lack of capital
through an IPO Incubator who surveys the execution and acts like a bank in a construction loan, paying directly the suppliers but not investing directly in the issuer.