ISSN2320-2882
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Paper Title
DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA
Authors
Amish Gupta , Dr. Suresha B.
Keywords
Initial Returns, Initial Public Offerings, Determinants of Underpricing, Bombay Stock Exchange, Indian Capital Markets
Abstract
The Bombay Stock Exchange (BSE) is actually first stock exchange of India. It is also the first stock exchange of Asia as well as the it is the Fastest Stock Exchange on the planet. Earlier researches on Initial Public Offerings (IPOs) in Indian context happen to give major importance to the Bombay Stock Exchange (BSE) only rather than National Stock Exchange (NSE) or any other local exchange. The study seeks to find if Indian IPOs tend to be underpriced in short run. The study also tries to describe underpricing on day one with regard to the demand created throughout the book building process of IPO, the delay in listing which is the time period around the closing of the book building process and day the shares get listed on the exchange, the price at which the shares were issued and the size of the issue. Additionally, it tries to comprehend any kind of growing pattern in issue market of India with regards to the prior studies.
Initial public offerings getting underpriced can prove to be a severe concern for virtually every economy. On one side, excessive underpricing trend within the IPO market makes companies, that are not in a position to or simply do not desire underpricing to lose confidence in IPOs. Alternatively, it generates arbitrage opportunities in the exchanges as well as within the grey market of IPO. Issues getting underpriced, as a result hinders the expansion prospects as well as generates lack of stability within the secondary markets.
The current research on 107 IPOs which used book building mechanism, for the period of January 2012 to December 2017, discovered that the typical underpricing in those times was 9.44 % whilst the utmost underpricing had been close to 139.40%. Hence IPO underpricing continues to be a problem. The outcomes of the study claim that the demand produced for an IPO in the course of book building as well as the Issue Size had a positive influence on the underpricing on day one, whilst the Issue Price and Listing delay of the IPO had an insignificant impact.
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IJCRT — journal style
"DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA", IJCRT - International Journal of Creative Research Thoughts (www.ijcrt.org), ISSN:2320-2882, Vol.6, Issue 1, page no.105-112, March 2018, Available :https://ijcrt.org/papers/IJCRT1802445.pdf
APA — 7th edition
Gupta, A., & B., S. (2018). DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA. International Journal of Creative Research Thoughts, 6(1), 105-112. https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445
MLA — 9th edition
Gupta, Amish, and Suresha B. "DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA." International Journal of Creative Research Thoughts, vol. 6, no. 1, 2018, pp. 105-112, https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445.
Chicago — 17th, bibliography
Gupta, Amish, and Suresha B. "DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA." International Journal of Creative Research Thoughts 6, no. 1 (2018): 105-112. https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445.
Harvard — author–date
Gupta, A. and B., S. (2018) 'DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA', International Journal of Creative Research Thoughts, 6(1), pp. 105-112. Available at: https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445
IEEE — numbered reference
A. Gupta and S. B., "DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA," IJCRT, vol. 6, no. 1, pp. 105-112, Mar. 2018.
Vancouver — biomedical
Gupta A, B. S. DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA. IJCRT. 2018 Mar;6(1):105-112.
AMA — 11th edition
Gupta A, B. S. DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA. IJCRT. 2018;6(1):105-112. Accessed at https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445
BibTeX — Zotero, Mendeley, LaTeX
@article{IJCRT1802445,
author = {Amish Gupta and Suresha B.},
title = {DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA},
journal = {International Journal of Creative Research Thoughts},
volume = {6},
number = {1},
pages = {105-112},
year = {2018},
month = {March},
issn = {2320-2882},
url = {https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445}
}
RIS — EndNote, RefWorks
TY - JOUR
AU - Gupta, Amish
AU - B., Suresha
TI - DETERMINANTS OF UNDERPRICING OF INITIAL PUBLIC OFFERINGS - AN EVIDENCE FROM INDIA
T2 - International Journal of Creative Research Thoughts
JA - IJCRT
VL - 6
IS - 1
PY - 2018
SN - 2320-2882
UR - https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445
SP - 105
EP - 112
ER -
Issue
Volume 6 Issue 1,
March-2018
Pages : 105-112
Article Information
- Pages
- 105-112
- Published
- March 2018
- Registration ID
- IJCRT_182912
- Published Paper ID
- IJCRT1802445
- Research Area
- Commerce
- Author Type
- Indian Author
- Location
- Hardoi, Uttar Pradesh, 241001
- Peer Review
- Request Peer Review Report
- Licence
- CC BY 4.0 · Open Access
- ISSN & Impact Factor
- 2320-2882 · IF 9.17
- Downloads
- 1,316
- Permanent Link
- https://ijcrt.org/viewpaperforall.php?paper=IJCRT1802445
- Published Paper PDF
- https://ijcrt.org/papers/IJCRT1802445.pdf
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