MODEL PENETAPAN HARGA IPO BERDASARKAN VALUATION

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