• Azwar Aulia Rasyad Islamic Economics Department, Faculty of Economics and Business, Universitas Airlangga, Indonesia
  • Bayu Arie Fianto Islamic Economics Department, Faculty of Economics and Business, Universitas Airlangga, Indonesia
  • Rogier Busser Amsterdam School of International Business, Amsterdam University of Applied Science, Amsterdam, Netherlands
Keywords: Oversubscription, IPO, Islamic stocks, OLS, Quantile regression, Economic growth.


This study aims to investigate factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study uses ordinary least squaresand 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 forcompanies especially related to go public subscription. This study can be reference for investors as well when engage in IPO related activities for Islamic stocks.


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How to Cite
Rasyad, A. A., Fianto, B. A., & Busser, R. (2022). DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA. Journal of Islamic Monetary Economics and Finance, 8(3), 485 - 500.