INTERNATIONAL JOURNAL OF INNOVATIONS & RESEARCH ANALYSIS, Journal Year: 2024, Volume and Issue: 04(04(I)), P. 152 - 163
Published: Dec. 14, 2024
Capital formation through the primary capital market is indispensable for economic development of a nation. New securities in form Initial Public Offerings (IPOs) are issued market. Securities IPOs get listed on recognised stock exchange mandatorily within stipulated time from date issuance. The subscribed by interested investors at offer price or issue decided merchant bankers as book runner lead managers (BRLMs). After listing IPOs, they may display under-pricing over-pricing day. Many factors govern performance IPOs. In this context, current study analyses first day based delays incorporated process. paper also studies various measures returns, like average initial return, MAAR, annualised and MAAR basis different groups formed difference sample companies. Such returns observed statistical significance with application one-sample t-test. ultimately finds underpriced when studied categories delays. Listing between 8 days to 12 repeatedly shows higher under-pricing, which significant. However, belonging group where less than do not show significant under-pricing.
Language: Английский