<p>Companies pursue initial public offerings (IPOs) to attract investment and enhance their financial strength. In addition to increasing financial strength, IPOs allow companies to benefit from the tax advantages provided by governments. The primary motivation of this research is to develop a hybrid approach to assess the financial performance of companies that have undergone IPOs. The main objective is to apply the developed hybrid approach for benchmarking the financial performance of IPO companies and observing its changes by comparing different periods. The Z score normalization-based modified preference selection index (MPSI)-reference-based normalization alternative ranking (RBNAR) hybrid method is proposed as a hybrid approach. In the application phase of the research, the financial performance of 44 IPO companies in Türkiye that went public in 2021 is assessed via the Z score normalization-based MPSI-RBNAR hybrid method across five periods: pre-COVID-19, COVID-19 and pre-IPO, the IPO period, the post-IPO period, and the recent period. Among the most striking findings, the "accounts payable turnover ratio" criterion increases in importance in the post-IPO period, whereas the "net profit margin" and "cash flow margin" criteria experience the most significant decrease in importance. Substantial changes in the financial performance of companies are observed in the post-IPO period.</p>