TABLE OF CONTENTS

S. NO CONTENT PAGE NO
Bonafide Certificate i
Declaration ii
Acknowledgement iii
Abstract iv
Table of Contents v
List of Tables vii
1 INTRODUCTION 01
1.1 Introduction of the Study 01
1.2 Capital Market 02
1.2.1 Indian Capital Market – An Overview 02
1.2.1.1 Primary Market 04
1.2.1.2 Secondary Market 05
1.2.2 Capital Market Participants 05
1.3 Indian Stock Market 05
1.3.1 National Stock Exchange 07
1.3.2 Bombay Stock Exchange 08
1.4 Different Kinds of Issues in Primary Market 09
1.4.1 Public Issue 10
1.4.1.1 Initial Public Offer (IPO) 10
1.4.1.2 Further Public Offer (FPO) 11
1.4.2 Rights Issue (RI) 11
1.4.3 Bonus Issue 12
1.4.4 Private Placement 12
1.4.4.1 Preferential Allotment 12
1.4.4.2 Qualified Institutions Placement (QIP) 12
2 REVIEW OF LITERATURE 13
2.1 Reviews related to Initial Return 13
2.2 Reviews related to Underpricing/Overpricing 13
2.3 Reviews related to Short-Run Performance of IPO 15
2.4 Reviews related to Long-Run Performance of IPO 16
3 RESEARCH DESIGN 20
3.1 Statement of the Problem 20
3.2 Objectives of the Study 20
3.3 Research Methodology 21
3.3.1 Time Duration of Study 21
3.3.2 Data Collection 21
3.3.3 Sample Selection 21

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 3.3.4 Scope of the Study 22
3.3.5 Data Analysis Method 22
3.3.5.1 Percentage Change in Issue Price and Listing 22
Price
3.3.5.2 Measurement of Short-Run Performance 23
3.3.5.3 Measurement of Long-Run Performance 25
3.3.5.4 Holding Period Returns (HPR) 26
3.3.5.5 Hypothesis 26
3.3.5.6 Multiple Regression Analysis 27
3.3.5.7 Explanation of Independent Variables 28
3.3.5.8 Diagnostic Tests for Multiple Regression Models 28
3.4 Limitations of the Study 29
4 DATA ANALYSIS AND INTERPRETATION 30
4.1 Performance of IPO Companies 30
4.2 Initial Return Analysis 36
4.3 Short-Run Performance 41
4.4 Long-Run Performance 49
4.5 Holding Period Returns 53
4.6 Descriptive Statistics and Regression Analysis 58
5 SUMMARY OF FINDINGS, SUGGESTIONS AND 66
CONCLUSION
5.1 Findings 66
5.2 Suggestions 72
5.3 Conclusion 73
6 BIBLIOGRAPHY 74

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 LIST OF TABLES
S. NO PARTICULARS PAGE
NO
2.1 Tabulation of Review of Literature 18
3.1 Number of Companies by Listing year and Issue year 22
4.1 Performance of IPO Companies issued for the year 2015 30
4.2 Performance of IPO Companies issued for the year 2016 31
4.3 Performance of IPO Companies issued for the year 2017 32
4.4 Performance of IPO Companies issued for the year 2018 34
4.5 Initial Return of IPO Companies listed in the year 2015 36
4.6 Initial Return of IPO Companies listed in the year 2016 37
4.7 Initial Return of IPO Companies listed in the year 2017 38
4.8 Initial Return of IPO Companies listed in the year 2018 39
4.9 Market Adjusted Short – Run Performance of IPO 41
Companies listed in the year 2015
4.10 Market Adjusted Short – Run Performance of IPO 42
Companies listed in the year 2016
4.11 Market Adjusted Short – Run Performance of IPO 44
Companies listed in the year 2017
4.12 Market Adjusted Short – Run Performance of IPO 47
Companies listed in the year 2018
4.13 Market Adjusted Long – Run Performance of IPO 49
Companies listed in the year 2015
4.14 Market Adjusted Long – Run Performance of IPO 50
Companies listed in the year 2016
4.15 Market Adjusted Long – Run Performance of IPO 51
Companies listed in the year 2017
4.16 Holding Period Returns of IPO Companies listed in the 53
year 2015
4.17 Holding Period Returns of IPO Companies listed in the 54
year 2016
4.18 Holding Period Returns of IPO Companies listed in the 55
year 2017
4.19 Holding Period Returns of IPO Companies listed in the 56
year 2018
4.20 Issue price, Issue size, Issue oversubscription and Market 58
index return of IPOs Listed in NSE during year 2015 -
2018

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 4.21 Descriptive Statistics of Variables for the year 2015 - 62
2018
4.22 Regression Result of all sample IPOs during the period 64
2015 to 2018

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