MODEL PENETAPAN HARGA IPO BERDASARKAN VALUATION

Abstract

Abstract : The process of initial public offering of a company to the investors called
IPO (Initial Public Offering). .At time the company do an IPO, the shares price at IPO
was an agreement between the company and its underwriter. The phenomenon that
occurs is the shares price at IPO lower than the intrinsic shares price based on
valuation, after the shares has been traded on the stock exchange, the phenomenon that
occurs is IPO share price lower than the closing price on the first day. The purpose of
this research is to create a model of how to set the share price at the time the company
will conduct IPO based on intrinsic share price valuation results. The valuation method
used is the Price to Earning Ratio. Research carried out on companies that did an IPO
in 2000 - 2014 with a purposive sampling of 240 companies. The results showed there
was a difference between intrinsic shares prices based on the valuation and the shares
price that set at the time of IPO. After the shares listed in the secondary market, there
was a difference between IPO share price and the closing price on the first day.
Meanwhile, there is no difference between the intrinsic shares price and the closing
price on the first day, so in order to avoid underpricing, the IPO price can be predicted
based on intrinsic shares price valuation.