The study investigates the syndicates for 154 Initial Public Offerings (IPOs) issued during the period 2002-07. The findings indicate that the syndicate size is significantly influenced by the prestige of the investment banks, initial day return, leverage, offer size, and ex ante uncertainty....

This paper is motivated by the apparent belief that risk and uncertainty surrounding an Initial Public Offering (IPO) have significant impact on underpricing. IPOs are underpriced on initial day to compensate for the risk inherent in it. While a list of risk proxies are suggested in literature,...