This talk constructs an option game model based on the information spillover of the industrial chain network to obtain the enterprise value function and listing threshold under the master-slave game equilibrium. It analyzes the impact of network information spillover on follower enterprises, and explores the transmission mechanism of IPO wave among industries. The theoretical model shows that enterprises with strong innovation ability are listed earlier as leaders, since IPO information spillover reduces the listing threshold of followers and promotes the listing of followers. The empirical results show that network centrality positively affects the IPO wave through the intermediary utility of technological innovation. The IPO wave is transmitted from the downstream central industry to the upstream industry through the information spillover path of industry network consumption production relationship. The work provides an important implication for further improving China's IPO information disclosure mechanism and promoting the optimal allocation of capital in the industrial chain.