Indonesian Journal of Business Analytics (IJBA)
Vol. 5 No. 5 (2025): October 2025

Determinants of IPO Underpricing in Indonesia (2021–2024): The Roles of Offer Size, Offer Price, Underwriter Reputation, Syndicate Size, and Market Condition

Denny Tewu (Unknown)
Martua Eliakim (Unknown)
Sri Bintang Elisabet (Unknown)

Article Info

Publish Date
31 Oct 2025

Abstract

This study investigates the determinants of IPO underpricing in Indonesia from 2021 to 2024, emphasizing the effects of offer size, offer price, underwriter reputation, syndicate size, and market condition. Employing a quantitative descriptive–verificative design, the study analyzes secondary data from 215 IPOs listed on the Indonesia Stock Exchange using multiple linear regression (SPSS 26) after data validation and classical assumption testing. The results reveal that offer size, offer price, underwriter reputation, and syndicate size negatively influence underpricing, whereas market condition has a positive and significant impact. The model explains 61.2% of underpricing variation, reinforcing the applicability of information asymmetry and signaling theories in emerging markets.

Copyrights © 2025




Citation Download
RIS
EndNote, Reference Manager, ProCite
BibTex
Latex, Jabref
Original Source
Download Original
Google Scholar
Check in Google Scholar
Journal Info
Indonesian Journal of Business Analytics (IJBA)
Website

Abbrev

ijba

Publisher

PT FORMOSA CENDEKIA GLOBAL

Subject

Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Indonesian Journal of Business Analytics (IJBA) is a peer-reviewed journal providing a space for both practitioners and academics for disseminating research results that work in Business Analytics and related fields. IJBA provides an outlet for the increasing flow of interdisciplinary research ...