Since the launch of the pilot registration system of the Science and Technology Innovation Board in 2019, a prominent issue has immerged regarding the consistency of quotes provided by inquiry institutions during the IPO process in the Chinese stock market. This article theoretically analyzes and empirically tests the formation mechanism of price consistency among inquiry institutions from the perspective of social interaction. The research results indicate that social interaction among inquiry institutions has a significant positive impact on quotation consistency. Furthermore, this article categorizes social relationships and finds that weak relationships are an important link that affects quotation consistency. From the perspective of economic consequences, social interaction leading to consistent pricing has increased the IPO underpricing rate and reduced the information content of quotes during the inquiry stage. From the perspective of governance mechanisms, administrative intervention effectively suppresses the impact of social interaction on quotation consistency. The implementation of the new inquiry regulations has reduced the consistency of inquiry institutions’quotes but has not entirely eliminated the consistent quotes driven by social interactions.In summary, this study has, to some extent, opened up the black box of IPO pricing for listed companies under the registration system, providing guidance to regulatory authorities to improve the pricing mechanism for new stock issuances.