Private equity-finansiering och dess påverkan på underprissättning - En studie av IPO:s i Norden
Sammanfattning: Abstract Title: Private equity-finansiering och dess påverkan på underprissättning - En studie av IPO:s i Norden. Seminar date: 2019-06-05. Course: FEKH89, Corporate Finance Degree Project, Undergraduate level, 15 ECTS. Authors: Henrik Sundström, Fredrik von Plomgren and Sebastian Wigartz. Advisor: Maria Gårdängen. Key words: Initial Public Offering, Underpricing, Private equity, Information asymmetry, Nordics. Purpose: This report aims to examine how PE-companies affect the underpricing on Nordic IPO:s, where the countries Sweden, Denmark, Norway and Finland are included. The study is conducted by scrutinizing whether the underpricing is higher or lower depending on if the IPO is PE-funded or not. Methodology: The authors has conducted a quantitative study according to a deductive approach. The secondary data gathered comprises Nordic IPO:s listed during the time period 2010-2018. The underpricing that is examined is later related to how Nordic IPO:s are financed. Theoretical perspectives: Previous research and existing theory comprises the subject underpricing in general and how the ownership before an IPO could affect the pricing of a company that becomes listed. Since the study relates underpricing to the Nordic PE-industry, research and theory concerning this subject is also presented. Empirical foundation: The sample in the study consists of 262 companies that has been listed during the inquired time period. The company listings have been collected from the following stock markets: Nasdaq Stockholm, Nasdaq Copenhagen, Nasdaq Helsinki, Oslo Børs, First North Stockholm, First North Sweden, First North Denmark and First North Finland. The data has mainly been collected from Bloomberg, Yahoo Finance and the inquired companies’ official websites. Conclusion: The study shows that Nordic IPO:s on average are underpriced. Moreover, the study concludes that PE-funded IPO:s on the Nordic market on average are less underpriced than non PE- funded IPO:s.
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