DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA
This study investigates factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs from Indonesia Sharia Stock Index, this study uses ordinary least squares and quantile regression to test the formulated hypothesis from 2011 to 2020. This study finds that issue price and issue size negatively affect IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO oversubscription. The findings of this study offer implications for companies especially related to go public subscription. This study can be reference for investors as well when engaging in IPO related activities for Islamic stocks.
Journal of Islamic Monetary Economics and Finance is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.