{"title":"印度中小企业ipo与主板ipo的抑价与认购比较分析","authors":"Dr. Sudesh Kumar Sharma, Makarand S. Wazal","doi":"10.2139/ssrn.3547863","DOIUrl":null,"url":null,"abstract":"SME (Small & Medium Enterprises) IPOs formally debuted in India in 2012 when BSE and NSE introduced SME Platform on their exchanges along with Main Board Platform (for non-SMEs). SEBI has eased the listing criteria for SMEs to make it more attractive. The focus of this study is to assess and compare efficiency of SME IPOs with respect to Main Board IPOs in terms of price discovery using underpricing analysis. The study is based on sample of 1110 IPOs which comprises 526 SME IPOs and 584 Main Board IPOs that got listed on BSE, NSE and on their SME Platform during the period 2000 to 2019. Outcome of this analysis suggests that SME IPOs are more efficient in terms of underpricing. Further, the demand levels in case of SMEIPOs are lower compared with their counterparts, even though the probability of listing day gains is high. This study will provide insight to the policymakers, investing community, issuers and also add to the body of the knowledge on SME IPOs which is still at the nascent stage amongst the research community.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2020-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Comparative Analysis of Underpricing and Subscription of SME IPOs and Main Board IPOs in India\",\"authors\":\"Dr. Sudesh Kumar Sharma, Makarand S. Wazal\",\"doi\":\"10.2139/ssrn.3547863\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"SME (Small & Medium Enterprises) IPOs formally debuted in India in 2012 when BSE and NSE introduced SME Platform on their exchanges along with Main Board Platform (for non-SMEs). SEBI has eased the listing criteria for SMEs to make it more attractive. The focus of this study is to assess and compare efficiency of SME IPOs with respect to Main Board IPOs in terms of price discovery using underpricing analysis. The study is based on sample of 1110 IPOs which comprises 526 SME IPOs and 584 Main Board IPOs that got listed on BSE, NSE and on their SME Platform during the period 2000 to 2019. Outcome of this analysis suggests that SME IPOs are more efficient in terms of underpricing. Further, the demand levels in case of SMEIPOs are lower compared with their counterparts, even though the probability of listing day gains is high. This study will provide insight to the policymakers, investing community, issuers and also add to the body of the knowledge on SME IPOs which is still at the nascent stage amongst the research community.\",\"PeriodicalId\":11881,\"journal\":{\"name\":\"Entrepreneurship & Finance eJournal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-02-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Entrepreneurship & Finance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3547863\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Entrepreneurship & Finance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3547863","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Comparative Analysis of Underpricing and Subscription of SME IPOs and Main Board IPOs in India
SME (Small & Medium Enterprises) IPOs formally debuted in India in 2012 when BSE and NSE introduced SME Platform on their exchanges along with Main Board Platform (for non-SMEs). SEBI has eased the listing criteria for SMEs to make it more attractive. The focus of this study is to assess and compare efficiency of SME IPOs with respect to Main Board IPOs in terms of price discovery using underpricing analysis. The study is based on sample of 1110 IPOs which comprises 526 SME IPOs and 584 Main Board IPOs that got listed on BSE, NSE and on their SME Platform during the period 2000 to 2019. Outcome of this analysis suggests that SME IPOs are more efficient in terms of underpricing. Further, the demand levels in case of SMEIPOs are lower compared with their counterparts, even though the probability of listing day gains is high. This study will provide insight to the policymakers, investing community, issuers and also add to the body of the knowledge on SME IPOs which is still at the nascent stage amongst the research community.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
