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All Journal Jurnal Minds: Manajemen Ide dan Inspirasi
Jossmelkr Sembiring
Universitas Atma Jaya Yogyakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Ramification of Prestigious Underwriters, IPO Pricing Method, and Institutional Allocation on Indonesia IPO Underpricing during 2010-2021 Jossmelkr Sembiring; Sukmawati Sukamulja
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 10 No 1 (2023): June
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v10i1.35256

Abstract

This research analyses how prestigious underwriters, IPO pricing, and share allocations shape IPO underpricing in Indonesia. 359 out of 406 Indonesian companies in the period 2010-2021 were underpriced on the first day of trading, noting the importance of investigating the rationale behind the underpricing phenomenon, which proliferates in the finance literature. This study examines the degree of IPO underpricing after the period post-Global Financial Crisis and the outbreak of COVID-19. This research found that the mean of underpricing amounted to 36,77% in 2010-2021. Prestigious underwriters have been proven significantly squeeze the level of underpricing vis-à-vis non-prestigious underwriters. Moreover, the research found that most institutional investors get disproportionately higher shares of the issuing companies. The finding signifies the lucrative capital gain for investors to pursue on the first day of trading.
Co-Authors Sukmawati Sukamulja