摘要：This paper examines the impact on under pricing and firm market value arising from IPO firms implementing a range of Ex-ante uncertainty attributes such as the new firms, according to their incorporation of the year. Furthermore, we analyzed the several determinants of Ex-ante uncertainty such as subscription rate, issue size, market capitalization and ownership pattern and test the relationship between Ex-ante uncertainty and underpricing. We dealt with firms as new firms, which have been started their business since last one to five years. Using a comprehensive sample of 82 listed IPO firms from across India. We tested binary probit regression (Quadratic hill climbing) and QML (Huber/White) standard errors and covariance. Evidence was encountered a mixed impact from the New firm’s on the Ex-ante uncertainty, that is subscription rate, issue size, market capitalization and non institutional non promoters have a significant association with a degree of underpricing of New firms. McFadden R-squared obtained 26.2% value.
关键词：IPO; underpricing; Probit analysis; BSE; Indian capital market; new firms measures; IPOs performance
