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The Indian IPO Market: Empirical Facts

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  • Ajay Shah

Abstract

This article studies India's vibrant IPO market, via a dataset of the 2056 IPOs which took place in the last 4.5 years. We study the overall underpricing, the delay between issue date and listing date, the time- series of monthly volume of IPO issues and average underpricing in a given month, the cross-section of underpricing across companies, the post-listing trading frequency, the long-run returns to new listings, and price discovery by the market shortly after first listing.

Suggested Citation

  • Ajay Shah, 1995. "The Indian IPO Market: Empirical Facts," Finance 9507003, EconWPA.
  • Handle: RePEc:wpa:wuwpfi:9507003
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    References listed on IDEAS

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    1. Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
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    Cited by:

    1. Philip R. Lane & Sergio L. Schmukler, 2006. "The international financial integration of China and India," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    2. Ajay Shah, 1995. "The Indian IPO Market: Suggestions for Institutional Arrangements," Finance 9507004, EconWPA.
    3. Subadar Agathee, Ushad & Brooks, Chris & Sannassee, Raja Vinesh, 2012. "Hot and cold IPO markets: The case of the Stock Exchange of Mauritius," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 168-192.
    4. Aggarwal, Reena*Klapper, Leora, 2003. "Ownership structure and initial public offerings," Policy Research Working Paper Series 3103, The World Bank.
    5. Kumar G Arun & Pandey, Ajay, 2001. "Relative Effectiveness of Signals in IPOs in Indian Capital Markets," IIMA Working Papers WP2001-09-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    6. S. M. Locke & Kartick Gupta, 2009. "The return to initial public offerings: a Sino-Indian comparison," Venture Capital, Taylor & Francis Journals, vol. 11(3), pages 255-277, February.
    7. Mayur, Manas & Kumar, Manoj, 2006. "An Empirical Investigation of Going Public Decision of Indian Companies," MPRA Paper 1801, University Library of Munich, Germany.

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    JEL classification:

    • G - Financial Economics

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