Published Paper Details:

In recent years, there has been a tremendous increase in the number of Indian firms which went public. These firms aim to obtain funds for various purposes. One of the major sources of raising required funds for these firms is by opting for an Initial Public Offers (IPOs). Thus, investors need to take utmost caution while investing in IPOs today. Underpricing of initial public offerings (IPOs) is an important factor for investors to predict the profit from investment activities. The IPOs underpricing phenomenon has existed for a long time in stock markets around the world, although its magnitude varies from country to country. Objective of the study is to analyze the trend and progress of equity IPO issues during the study period and to provide results, discussion and conclusion. The current study is completely based on secondary data. The needed data has been collected from official websites of NSE, BSE, SEBI and CSE. It covers 137 equity IPO issues. The sample period for the study is 6 years covering from 27, Jan. 2016 to 30, Jul. 2021. The data collected for the study is graphically presented, adequately tabulated, suitably analyzed and meaningfully interpreted. Exclusive class interval is followed for classification of all IPO issues. Descriptive and inferential statistics are used. There is stability in the total number of year-wise IPO issues and underpriced issues as their co-efficient of variation is less than one. With the decrease in the number of majority parameters IPO issues, there is decrease in number of their underpriced issues and decrease in the varying percentage of their respective underpriced issues during the study period. Not less than 50% of respective sector-wise IPO issues are underpriced except aviation sector. More than 60% of the IPO issues are underpriced from all regions except eastern region. Companies under study with respective parameters of annual average market adjusted excess returns (AAMAER) are positive except offer size less than ?500, aviation sector, eastern region, 25-50 years experience of existence and offer price more than ?1500 during the study period.