<![CDATA[This empirical research aims to examine the contribution of public share proportion (free float), debt ratio (leverage), and investor demand (oversubscription ratio) toward the underpricing anomaly in entities executing an Initial Public Offering (IPO). All public companies officially listing their initial shares on the Indonesia Stock Exchange (IDX) in 2023-2025. A purposive sampling technique was implemented based on specific criteria, successfully obtaining 142 valid issuers.Secondary quantitative data were extracted from official prospectuses and directly processed utilizing SPSS software version 25. Multiple linear regression analysis was utilized to test the hypotheses following standard classical assumption tests.Partial testing proves that solely the oversubscription ratio has a significant and positive effect on underpricing. Conversely, free float and leverage are proven to be insignificant. The findings indicate that initial market pricing is not dictated by corporate fundamentals, but is purely triggered by market euphoric sentiments and the high accumulation of public investor orders.]]>
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