The Factors Affecting the Initial Public Offering (IPO) Underpricing of the Stock Exchange Thailand (SET) During the COVID-19 Pandemic
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The purpose of this research was to study the underpriced stock or initial public offering (IPO) underpricing of the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) during the COVID-19 pandemic from the 2020 year to the 2023 year, with a total of 141 stock observations. Ordinary least squares were used to analyze the data in this research. The result showed that 1) financial factors such as asset turnover ratio and net profit margin affected the IPO underpricing in the same direction in the 2020 year and 2021 year, while the return on assets ratio (ROA) affected the IPO underpricing in the opposite direction in the 2020 year, and the company size affected the IPO underpricing in the opposite direction in the 2020 year and the 2022 year, 2) Non-financial factors such as the IPO offering price affected the IPO underpricing in the opposite direction in the 2021 year, and the number of securities per total securities ratio of the existing shareholders before the initial public offering (IPO) at the time of the offering for sale affected the IPO underpricing in the opposite direction in the 2023 year, while financial consulting companies did not affect the IPO underpricing. When considering the financial factors that affected the IPO underpricing in the 2020-year, 2021-year, and 2022-year as part of the non-financial factors that affected the IPO underpricing, especially in the 2023-year. According to the research results, they are beneficial information for investors to set the investment strategy for a short-term investment, and the underwriters can use this result to plan and prepare to be listed on the Stock Exchange of Thailand (SET).
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