Inlämning av Examensarbete / Submission of Thesis

Henrik Wannberg; Martin Kvist; Mikael Gustavsson , pp. 79. Inst. för ekonomi och management/Dept. of Business Administration and Management, 2000.

The work

Författare / Author: Henrik Wannberg, Martin Kvist, Mikael Gustavsson
henrik@trottoar.net
Titel / Title: Prissättning av IPO:s på den svenska aktiemarknaden
Översatt titel / Translated title: Pricing of IPO:s on the Swedish stock market
Abstrakt Abstract:

Title: Pricing of IPO:s on the Swedish stock market

Authors: Mikael Gustavsson
Martin Kvist
Henrik Wannberg

Tutor: Anders Hederstierna

Problem: There are certain sets of problems for underwriters when they are pricing potential stock-exchange companies. The problem partly consists of estimating the demand at an IPO and also to accurately value the business in comparison to the market.

To set the price per share is problematic, since the company carrying out the public offering wants to optimise the amount of capital at the same time as they want the share to be subscribed in full. If the IPO would not be carried out, it could cause harm to the position of the underwriters.

Purpose: To investigate whether underpricing exists associated with IPO:s on the Swedish market during the period 1995-1999.

Method: The collection of data has been achieved by means of: Internet, E-mail and telephone calls.

Conclusions: We have reached the conclusion that oversubscribing in comparison to the return at an IPO has an average growth of 3.3 per cent the first day, on every occasion of oversubscribing.

For the studied population, including 138 initial public offerings, the average market value rise is 15 per cent the first day. When we made our calculations, adjustments have been made for the general index of Affärsvärlden (AFGX). The revenue of 15 per cent indicates that underpricing does exist.

102 IPO:s raise in value the first day and 36 decrease, after adjustmens have been made for AFGX. This interprets that IPO:s are underpriced.

Ämnesord / Subject: Företagsekonomi - Business Administration\Information

Nyckelord / Keywords: Prissättning, IPO, börsintroduktion, företagsvärdering, underprissättning

Publication info

Dokument id / Document id:
Program:/ Programme Informationsekonomi/Business Administration in Strategic Systems Management
Registreringsdatum / Date of registration: 09/16/2004
Uppsatstyp / Type of thesis: C-Uppsats

Context

Handledare / Supervisor: Anders Hederstierna
ahe@iem.hk-r.se
Examinator / Examiner: Anders Hederstierna, Eva Wittbom
Organisation / Organisation: Blekinge Institute of Technology
Institution / School: Inst. för ekonomi och management/Dept. of Business Administration and Management
Inst. för ekonomi och management S-372 25 Ronneby
+46 455 780 00
http://www.iem.bth.se/
Anmärkningar / Comments:


Henrik tel. 073 - 62 63 554
Mikael tel. 0702 - 46 28 94

Files & Access

Bifogad uppsats fil(er) / Files attached: ipo.doc (6174 kB, öppnas i nytt fönster)