Private Equity-backed IPOs – a recipe for success?
(2021) NEKH01 20202Department of Economics
- Abstract
- The purpose of this paper is to study and compare the underpricing and long-term performance of Initial Public Offerings of companies backed by Private Equity-firms to Initial Public Offerings of companies not backed by Private Equity-firms on the Nordic stock exchanges between 2007-2018.
The sample consists of 92 companies that have went public on any of the Nordic stock exchanges between 2007-2018, with an IPO size of at least EUR 100 million. The OMX Nordic All Share has been applied as benchmark index. The study concludes that no significant differences in the underpricing between the PE-backed and non-PE-backed IPOs can be identified, and the chosen variables cannot with statistical significance be confirmed to impact the first... (More) - The purpose of this paper is to study and compare the underpricing and long-term performance of Initial Public Offerings of companies backed by Private Equity-firms to Initial Public Offerings of companies not backed by Private Equity-firms on the Nordic stock exchanges between 2007-2018.
The sample consists of 92 companies that have went public on any of the Nordic stock exchanges between 2007-2018, with an IPO size of at least EUR 100 million. The OMX Nordic All Share has been applied as benchmark index. The study concludes that no significant differences in the underpricing between the PE-backed and non-PE-backed IPOs can be identified, and the chosen variables cannot with statistical significance be confirmed to impact the first day of trading. Furthermore, non-PE-backed IPOs have overperformed to PE-backed IPOs in the sample (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9068916
- author
- Ståhl, Olof LU
- supervisor
- organization
- course
- NEKH01 20202
- year
- 2021
- type
- M2 - Bachelor Degree
- subject
- keywords
- IPO, Private Equity, Nordic, Underpricing, Long-term performance, BHAR
- language
- English
- id
- 9068916
- date added to LUP
- 2022-02-03 08:24:21
- date last changed
- 2022-02-03 08:24:21
@misc{9068916, abstract = {{The purpose of this paper is to study and compare the underpricing and long-term performance of Initial Public Offerings of companies backed by Private Equity-firms to Initial Public Offerings of companies not backed by Private Equity-firms on the Nordic stock exchanges between 2007-2018. The sample consists of 92 companies that have went public on any of the Nordic stock exchanges between 2007-2018, with an IPO size of at least EUR 100 million. The OMX Nordic All Share has been applied as benchmark index. The study concludes that no significant differences in the underpricing between the PE-backed and non-PE-backed IPOs can be identified, and the chosen variables cannot with statistical significance be confirmed to impact the first day of trading. Furthermore, non-PE-backed IPOs have overperformed to PE-backed IPOs in the sample}}, author = {{Ståhl, Olof}}, language = {{eng}}, note = {{Student Paper}}, title = {{Private Equity-backed IPOs – a recipe for success?}}, year = {{2021}}, }