<![CDATA[An Initial Public Offering (IPO) is the process through which a company offers its shares to the public for the first time to obtain additional capital. Factors such as firm size, profitability, firm age, leverage, and underwriter reputation are believed to influence the level of initial return, as they reflect the degree of risk and information available to investors during the IPO process. This study aims to analyze the effect of firm size, profitability, firm age, leverage, and underwriter reputation on the initial return of 29 consumer sector companies that conducted IPOs on the Indonesia Stock Exchange during the 2021–2024 period. This research employs a quantitative method with an associative approach and purposive sampling technique, and the data were analyzed using multiple linear regression. The results indicate that all independent variables have no significant effect on initial return, either partially or simultaneously. The coefficient of determination (R²) value of 0.160 indicates that the research variables explain only 16% of the variation in initial return, while the remaining 84% is influenced by other factors outside the model. Therefore, the variables examined in this study are not able to significantly explain changes in initial return among consumer sector companies conducting IPOs on the Indonesia Stock Exchange during the 2021–2024 period.]]>
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