IPO activity and underpricing on alternative investment market (NewConnect) in Poland

Agata Gemzik-Salwach, Paweł Perz


The paper discusses IPO activity on alternative investment market in Poland (NewConnect) between 2007 and 2012. In particular, attention was drawn to the phenomenon known in the literature as IPO underpricing. The phenomenon can be observed for many years on most stock markets in the world. The study reveals significant average first day positive initial return of 42.5% for 439 IPOs on polish alternative investment market (NewConnect) included in the study. It has been observed that the rate of return on this strategy were significantly higher than for IPOs on Warsaw Stock Exchange, where for a  group of 173 companies average rate of return was 9.0%.


IPO; alternative investment markets; IPO underpricing

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DOI: http://dx.doi.org/10.17951/h.2013.47.3.177
Data publikacji: 2015-07-23 22:18:14
Data złożenia artykułu: 2015-07-20 14:05:05


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