Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi tingkat oversubscription pada penawaran umum perdana (IPO) perusahaan di Indonesia pada periode pasca pandemi. Fenomena meningkatnya minat investor terhadap instrumen pasar modal setelah pandemi menjadikan analisis terhadap faktor penentu oversubscription semakin relevan. Variabel independen yang diteliti meliputi reputasi underwriter, firm size, tingkat underpricing, dan issue price. Metode penelitian menggunakan pendekatan kuantitatif dengan teknik purposive sampling, sehingga diperoleh 103 perusahaan yang melakukan IPO pada periode 2023–2025 sebagai sampel. Analisis data dilakukan menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa hanya tingkat underpricing yang berpengaruh signifikan terhadap oversubscription ratio. Sementara itu, reputasi underwriter, firm size, dan issue price tidak terbukti memberikan pengaruh yang signifikan. Kesimpulannya, investor lebih mempertimbangkan potensi initial return daripada faktor fundamental maupun reputasi dalam menentukan minat terhadap IPO. This study aims to analyze the factors influencing oversubscription levels in initial public offerings (IPOs) in Indonesia during the post-pandemic period. The increasing interest of investors in capital market instruments after the pandemic highlights the importance of understanding the determinants of oversubscription. The independent variables examined in this research are underwriter reputation, firm size, underpricing level, and issue price. The study employs a quantitative approach using purposive sampling, resulting in a sample of 103 companies conducting IPOs between 2023 and 2025. The data were analyzed using multiple linear regression. The findings indicate that only the level of underpricing has a significant effect on the oversubscription ratio, while underwriter reputation, firm size, and issue price show no significant impact. The results suggest that investors prioritize the potential for initial returns rather than fundamental or reputational factors when assessing IPO attractiveness.