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Price Performance of IPOS in Indian Stock Market

  • Ravi Kiran

    ()

    (School of Management and Social Sciences, India)

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    The present study has been undertaken to gauge the underpricing in NSE in the short run periods, i.e., from the listing day to the six months after the listing and for the long period. The results depict that the presence of underpricing. The study also tries to analyze the influence of factors on IPOs pricing performance. The results show that these factors viz. Subscription level, Issue size, Listing lead time and Age influence the initial returns, i.e., R_Ret. of the listing day of the company.

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    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/918/895
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    Article provided by Danubius University of Galati in its journal Euroeconomica.

    Volume (Year): (2011)
    Issue (Month): 30 (November)
    Pages: 73-97

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    Handle: RePEc:dug:journl:y:2011:i:30:p:73-97
    Contact details of provider: Web page: http://www.euroeconomica-danubius.ro/

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    1. Alexander Ljungqvist & Vikram Nanda & Rajdeep Singh, 2006. "Hot Markets, Investor Sentiment, and IPO Pricing," The Journal of Business, University of Chicago Press, vol. 79(4), pages 1667-1702, July.
    2. Ritter, Jay R, 1984. "The "Hot Issue" Market of 1980," The Journal of Business, University of Chicago Press, vol. 57(2), pages 215-40, April.
    3. Jegadeesh, Narasimhan & Weinstein, Mark & Welch, Ivo, 1993. "An empirical investigation of IPO returns and subsequent equity offerings," Journal of Financial Economics, Elsevier, vol. 34(2), pages 153-175, October.
    4. Daying Yan & Jun Cai, 2003. "Long-Run Operating Performance of Initial Public Offerings in Japanese Over-the-Counter Market (1991–2001): Evidence and Implications," Asia-Pacific Financial Markets, Springer, vol. 10(2), pages 239-274, September.
    5. Mauer, David C. & Senbet, Lemma W., 1992. "The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(01), pages 55-79, March.
    6. Lubos Pastor & Pietro Veronesi, 2003. "Stock Prices and IPO Waves," NBER Working Papers 9858, National Bureau of Economic Research, Inc.
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