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What Drives the Initial Market Performance of ... - IPO-Underpricing

What Drives the Initial Market Performance of ... - IPO-Underpricing

Placing strategyAuction

Placing strategyAuction Fixed Price Price-range withbook-building aIPOs (No.) 3 79 82 (81)Mean adjusted underpricing (%) 6.44% 28.33% 14.50% (8.12%)t-test on the difference 1.637 (3.724 ***)Money left on the table1.228 22.757 23.373 (19.151)(mean inflation adjusted amount - million €)t-test on the difference -0.064 (0.414)TABLE VI – The relationship among underpricing, "money left on the table" and placing strategies. Sample:164 IPOs on the Italian Stock Exchange between January 1985 and August 2000.a Statistics in parentheses exclude Finmatica IPO.*** The difference is statistically different from zero at the 99% level.

Kind of revision IPOs (No.)Mean adjusted underpricing(%)Money left on the table(mean inflation adjusted amount – million €)The offer price is equal to the maximum price 21 42.04% *** 59.589The offer price is comprised between the maximumprice and the midpoint price27 11.47% ** 26.324The offer price is lower than the midpoint price 34 -0.10% -1.338All IPOs with book building 82 14.50% ** 23.373TABLE VII – The relationship among underpricing, "money left on the table" and the revisions from the prospectus price range.Sample: 82 IPOs with price-range preceded by book-building.*** Statistically different from zero at the 99% level.** Statistically different from zero at the 95% level.

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