The orders get filled in price order. If you put in an offer for $3.00 and someone else puts in an offer for 2.99, the lower offer sells first. That is why if there are multiple offers in lower than yours, your order might not fill.
I think IPO is not the proper term to describe what's happening here. But an uplist would have a similar market effect, where PPS would have a huge gap up.
If the announcement(s) come when the market is open, then we could very well see a sweep of all the offers, and nobody gets price improvement, with an immediate bid for several dollars higher. Then everyone who had their offers sitting there will be pulling their hair out.
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