The distinct regulatory design of Indian IPOs permits an empirical evaluation of IPO underpricing models against those that model IPO initial returns as a consequence of overpricing. Characteristics of the Indian bookbuilding process allow us to study the timing and subscription patterns of...

We examine the determinants of an initial public offering (IPO) firm's choice to trade on a when-issued market and find that better quality firms are more likely to trade on this market. Our ‘what-if' analysis shows that for companies choosing when-issued trading, the actual offer price is...