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The Performance of Initial Public Offerings Based on Their Size: An Empirical Analysis of the Indian Scenario

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  • L Ganesamoorthy
  • H Shankar

Abstract

The study focuses on the performance of Initial Public Offerings (IPOs) made by the Indian companies on the basis of the IPO size. A sample of 219 IPOs made by the Indian companies during the period 2001 to 2010 was considered for the study. Using standard event study methodology, an event window was constructed for a period of 75 days from the date of listing of securities in the stock market. To eliminate market factors, market-adjusted return was calculated by deducting the market return from the actual return of shares. The size of issues was classified as small, medium and large. The results revealed that the performance of large-size IPOs was better than that of small and medium-size IPOs. The results further revealed that small-size IPOs were overpriced than medium and large-size IPOs.

Suggested Citation

  • L Ganesamoorthy & H Shankar, 2013. "The Performance of Initial Public Offerings Based on Their Size: An Empirical Analysis of the Indian Scenario," The IUP Journal of Applied Finance, IUP Publications, vol. 19(4), pages 84-99, October.
    • Handle: RePEc:icf:icfjaf:v:19:y:2013:i:4:p:84-99
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