<![CDATA[This study compares the stock prices and trading volume (TVA) of energy sector companies during and after their IPOs on the Indonesia Stock Exchange from 2019-2023, using a five-day pre-IPO and five-day post-IPO event window. The initial market reaction is examined from both conventional and sharia capital market perspectives, relating to information asymmetry, speculation (maysir), and uncertainty (gharar). The sample consists of 20 companies using purposive sampling. Since the data is not normally distributed, the Wilcoxon signed-rank test was used. The results show that stock prices do not differ significantly (p = 0.654), whereas TVA drops significantly after the IPO (p = 0.001). The decline in trading activity amid stable prices indicates short-term trading driven by sentiment that eases as information is absorbed by the market. These findings help investors and analysts evaluate energy sector IPOs and emphasize the importance of transparency (tabayyun) to curb speculation.]]>
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