Turkish IPOs in a changing regulatory and economic environment

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Date

2022

Authors

Tanyeri, Basak
Ozturkkal, Belma
Tirtiroglu, Dogan

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Elsevier

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Abstract

The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties about the firm as evidenced by the smaller underpricing in IPOs marketed using fixed offer prices, and the IPOs where underwriters signed on for firm commitment also prove important. Underpricing also proves smaller in larger IPO firms.& nbsp;Copyright (C)& nbsp;2021, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.& nbsp;

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Keywords

IPO underpricing, Developing markets, Regulation, Turkish capital markets

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1

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Source

Borsa Istanbul Review

Volume

22

Issue

2

Start Page

332

End Page

340