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Underpricing of privatised IPOs: the Australian experience

Gong, Ning and Shekhar, Chander 2001, Underpricing of privatised IPOs: the Australian experience, Australian journal of management, vol. 26, no. 2, pp. 91-106, doi: 10.1177/031289620102600201.

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Title Underpricing of privatised IPOs: the Australian experience
Author(s) Gong, Ning
Shekhar, Chander
Journal name Australian journal of management
Volume number 26
Issue number 2
Start page 91
End page 106
Total pages 16
Publisher Sage
Place of publication London, Eng.
Publication date 2001-12
ISSN 0312-8962
Summary We investigate the price performance of initial public offerings (IPOs) of formerly state-owned companies in Australia. On average, privatised IPOs in Australia are underpriced by about 11%, which is not significantly different from the magnitude of underpricing of the privately-owned IPOs and that of privatised share offerings in other OECD countries. While it appears that the magnitude of underpricing is correlated with the size of issues and the party affiliation of the presiding government, cross-sectional analysis of our sample does not support some traditional theoretical explanations of underpricing for privatised IPOs—only the market sentiment prior to the listing is identified as a significant factor in determining the degree of underpricing. We also investigate the impact of a two-tiered pricing structure on the performance of IPOs.
Language eng
DOI 10.1177/031289620102600201
Field of Research 150201 Finance
Socio Economic Objective 900101 Finance Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2001, The Australian Graduate School of Business
Persistent URL http://hdl.handle.net/10536/DRO/DU:30088524

Document type: Journal Article
Collection: Department of Finance
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