The pricing of infrastructure initial public offerings : evidence from Australia

Dimovski, William 2011, The pricing of infrastructure initial public offerings : evidence from Australia, Journal of property research, vol. 28, no. 1, Special Issue : Infrastructure and Regeneration, pp. 3-14, doi: 10.1080/09599916.2011.544146.

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Title The pricing of infrastructure initial public offerings : evidence from Australia
Author(s) Dimovski, WilliamORCID iD for Dimovski, William
Journal name Journal of property research
Volume number 28
Issue number 1
Season Special Issue : Infrastructure and Regeneration
Start page 3
End page 14
Total pages 12
Publisher Routledge
Place of publication Abingdon, England
Publication date 2011-03
ISSN 0959-9916
Keyword(s) infrastructure funds
Summary This paper explores first-day returns on infrastructure entity initial public offerings (IPOs) in Australia from 1996 to 2007. While a good deal has been written on the first-day returns of industrial and mining company IPOs and Real Estate Investment Trust IPOs, first-day returns of infrastructure entity IPOs have yet to be reported in the literature. The study uses ordinary least squares regression analysis to identify factors that might influence the percentage first-day returns theoretically available to investing subscribers and factors that might influence the aggregate amount of money left to subscribers by issuers. The study finds that first-day returns, on average, are not significantly different from zero. There is evidence, however, that suggests higher dividend yields and higher percentage direct costs of capital raising influence these first-day returns. The study also finds that infrastructure entity IPOs that seek to raise more equity capital leave less money on the table for subscribing investors.
Language eng
DOI 10.1080/09599916.2011.544146
Field of Research 150403 Real Estate and Valuation Services
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2011
Copyright notice ©2011, Taylor & Francis
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