#3150. What explains voluntary premarket underpricing and aftermarket mispricing in Indian IPOs?

October 2026publication date
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Abstract:
Using the unique regulatory design of the Indian IPO, this paper breaks down the traditional underpricing (offer yield to close) into voluntary pre-sale and post-sale mispricing. This separation allows us to test proposals based on information asymmetries and behavioral theories that explain IPO underpricing. The results show that an underwriters reputation is significantly associated with greater voluntary underpricing in the premarket.
Keywords:
Initial Public Offerings (IPOs); IPO regulation; Sentiment returns; Underwriter reputation; Voluntary underpricing

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