Initial public offerings of energy companies

Dimovski, Bill 2013, Initial public offerings of energy companies. In Dorsman, Andre, Simpson, John L. and Westerman, Wim (ed), Energy economics and financial markets, Springer, Berlin, Germany, pp.235-250, doi: 10.1007/978-3-642-30601-3_13.

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Title Initial public offerings of energy companies
Author(s) Dimovski, BillORCID iD for Dimovski, Bill
Title of book Energy economics and financial markets
Editor(s) Dorsman, Andre
Simpson, John L.
Westerman, Wim
Publication date 2013
Chapter number 13
Total chapters 13
Start page 235
End page 250
Total pages 16
Publisher Springer
Place of Publication Berlin, Germany
Keyword(s) underpricing
Summary This study analyses 158 energy company initial public offerings (IPOs) in Australia from January 1994 to December 2010, including the period of the global financial crisis (GFC). The study finds that energy company IPOs had an average 22.0 % underpricing and that those IPOs that sought to raise more equity capital and engaged underwriters had lower underpricing. There is also evidence that suggests energy company IPOs that offered options to their underwriters had higher underpricing returns, effectively cancelling the lower underpricing effect of the underwriting itself. The energy IPOs that raised equity capital after the 2007/8 global financial crisis do not appear to have offered on average, significantly different underpricing returns to their investors compared to those energy IPOs that raised capital prior to this GFC period. The findings of this study offer insights for issuers who seek to lower underpricing, for underwriters involved in the capital raising and for investors who are looking to invest in Australian energy company IPOs.
ISBN 3642306004
Language eng
DOI 10.1007/978-3-642-30601-3_13
Field of Research 150299 Banking, Finance and Investment not elsewhere classified
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category B1 Book chapter
ERA Research output type B Book chapter
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