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Private Equity-backed IPOs – a recipe for success?

Ståhl, Olof LU (2021) NEKH01 20202
Department 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:
author
Ståhl, Olof LU
supervisor
organization
course
NEKH01 20202
year
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}},
}