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run. IPOs performance was significantaly different for different graded IPOs in long run.
          Determinants  of  issue  price  using  multiple  regression  analysis  showed  that  various
          independent  variables  such  as  age  of  firm,  post  issue  promoter  holding,  sales  growth,
          return on net worth, earning per share and and offer size positively associated with issue
          price.  Results  also  demonstrated  that  leverage  and  public  sector  companies  were
          negatively  related  to  issue  price.  Profit  and  total  asset  did  not  show  significant
          association with issue price.

          202    firms  and  176  firms  of  the  sample  offered  IPOs  during  2002-07  and  2008-15
          respectively. Analysis also showed that IPOs listing during 2002-07 provided significant
          higher return than IPOs issued during 2008-15 throughout the study period.

          Key Words: IPO, Underpricing, Market Adjusted Excess Return (MAER), Credit Rating and
          IPO Offer Price
















































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