<![CDATA[ABSTRACT Underpricing is a phenomenon that occurs in most of the IPO share prices on the IDX. Underpricing is avoided by companies because companies do not get maximum funds, on the other hand investors expect underpricing to obtain a large initial return. Underpricing events are important to observe because they involve many factors. The purpose of this study was to determine the effect of Return on Assets (ROA), Financial Leverage, Percentage of Public Offering, Firm Age and underwriter reputation on the level of underpricing. The study was conducted at the IPO companies listed on the IDX in 2013-2017. The total sample of 68 companies used the purposive sampling method. Data is obtained from the prospectus and company financial statements. The analysis technique of this study is using multiple linear regression analysis. Based on the results of the study, it is known that only ROA, Financial Leverage and Underwriter Reputation variables that have the significant effect toward IPO underpricing, otherwise the Percentage of Public Offering and Firm Age. Keywords: Underpricing, IPO, IDX, Return on Assets (ROA), financial leverage, percentage of public offering, firm age, underwriter reputationREFERENCESAdams, Thornton and Hall. (2008). IPO Pricing Phenomena: Empirical Evidence Of Behavioral Biases. Journal of Business & Economics Research. Vol 6. No 4Aggarwal, R. & Rivoli, P. (1990). Fads in the initial public offering market? Financial Management, 19(4). 45.Aini, Shoviyah Nur. (2013). Faktor-Faktor Yang Mempengaruhi Underpricing Saham Pada Perusahaan IPO di BEI Periode 2007-2011. Jurnal Ilmiah Manajemen. Vol 1 No 1. Januari 2013Allen, F. & Faulhaber, G.R. (1989). Signaling by underpricing in the IPO market. Journal of Financial Economics, 23, 303-323.Amelia J, Muna dan Yulia Saftiana. (2007). 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