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Mispricing of Private Equity-Backed Initial Public Offerings

Rodvang, Henrik Larsson; Ulsrud, Steffen Grue
Master thesis
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URI
http://hdl.handle.net/11250/2622396
Date
2019
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  • Master of Science [1117]
Abstract
This thesis investigates whether private equity-backed initial public offerings (IPOs) are

systematically less underpriced than non-private equity-backed IPOs, whether the lower

underpricing can be accounted for by lower post-IPO dispersion in returns and whether the

lower dispersion in returns may be related to the quality of the leading private equity firm.

By researching these questions we have aimed at finding an explanation for why investors

can be indifferent between investing in private equity-backed IPOs and non-private equity

backed IPOs. We found that private equity-backed IPOs on average are less underpriced

than non-private equity-backed IPOs and the dispersion in the returns of buyout-backed

IPOs is smaller than for non-private equity-backed IPOs. Further, we find that the average

return of IPOs, where a high quality private equity firm is the leading private equity shareholder,

was more underpriced than the average non-private equity-backed IPO
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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