Ägarförhållandets påverkan på börsintroduktioner : En studie om underprissättning kopplat till handelsplattformen First North under perioden 2017- 2021

Sammanfattning: Title: Ownership influence on IPOs degree of underpricing linked to the trading platform First North during the period 2017 - 2021. Seminar Date: August 15, 2022. Course: Independent essay work in business administration - FÖ6021, 15 credits. Authors: Kevin Brandt & Hannes Danielsson. Supervisor: Özgün Imre. Advisor: Magnus Söderberg. Keywords: IPO, First North, IPO, Underpricing, Ownership, Family Ownership, Private Equity. Purpose: The purpose is based on analyzing how the ownership relationship affected the degree of underpricing on the trading platform First North during the period 2017 - 2021, this with a focus on how family companies performed compared to PE companies after the first day of trading at a completed IPO. Methodology: The study was carried out using a quantitative method with a deductive approach when analyzing the collected data. Calculation of underpricing after a completed IPO was carried out using the statistical program SPSS Statistics. The collected data was analyzed and processed, then a regression analysis was carried out. Theoretical perspectives: The study's theoretical framework is based on previous studies and research in the subject of IPOs with a focus on ownership in the Swedish and global stock market. Empirical data: Compilation of the price development after the first trading day after a completed IPO for 194 listed companies on the trading platform First North. A comparison was made against the index First North All-Share SEK to find trends and patterns. Conclusion: In the study's sample of 194 IPOs on the Swedish trading platform First North between 2017 and 2021, a significant relationship between the degree of underpricing and industry affiliation is demonstrated. The result shows that the ownership relationship had a small impact on the price development after the first trading day and that the control variable index had an important role in demonstrating a significant relationship between the dependent variable underpricing and the independent variable industry