IPO underpricing in the main and second boards of the malaysia stock exchange
by Mahendra Raj, Mazida Abdul-Malik
Global Business and Economics Review (GBER), Vol. 4, No. 1, 2002

Abstract: This paper analyses the performance of all IPOs in the Malaysian stock market between 1995 to October 1997. The effects of underpricing are examined based on the two trading boards, the main and second board. This study extends the analysis by examining the IPOs performance by the size of offerings. We find evidence that all the Malaysia IPOs are underpriced and that companies trading on the second board tend to be more underpriced. We also find evidence that small size offerings produces higher initial returns.

Online publication date: Mon, 07-Feb-2005

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