| dc.description.abstract | This thesis examines the performance of initial public offerings (IPOs) in the
Nordic region, specifically focusing on the influence of private equity (PE)
backing. The analysis is based on a sample of 825 IPOs listed on the stock
exchanges of Denmark, Finland, Iceland, Norway, and Sweden from January
2001 to February 2023. Contrary to expectations, the findings reveal that PEbacked
IPOs do not demonstrate lower underpricing on average compared to
venture capital (VC)-backed and nonsponsored IPOs. Additionally, the analysis
contradicts the assumption that PE-backed IPOs involve more underwriters
and engage prestigious investment banks as global coordinators.
Furthermore, PE-backed firms exhibit significant underperformance relative to
the market and do not outperform non-sponsored and venture capital-backed
IPOs in the aftermarket, contrary to previous research. Additionally, there is
no clear evidence to support the notion that PE-backed IPOs outperform their
industry peers. These findings provide valuable insights into the performance
of IPOs in the Nordic region, emphasizing the need to reassess assumptions
about the impact of PE backing on underpricing and long-run performance.
The results contribute to the existing literature and highlight the complexities
of IPO dynamics in the context of private equity involvement in the Nordic
IPO market. | en_US |
