Hari ini di bursa efek indonesia kehadiran dua emiten baru yang listing di hari yg sama. Kedua emiten ini diapresiasi oleh market dengan lonjakan harga di hari perdana, emiten ITIC naik 50% sedangkan emiten KAYU naik 66.33%.
Kenaikan harga saham IPO di hari pertama perdagangan disebut UNDERPRICING. Yaitu perbedaan harga antara harga IPO lebih rendah dari harga penutupan di hari pertama perdagangan.
Fenomena harga saham IPO perusahaan-perusahaan baru yang listing di bursa saham melonjak di hari pertama perdagangan di bursa bukan hal baru terjadi, dan bukan terjadi hanya di Indonesia.
Fenomena ini sudah lama diriset oleh para scholar di seluruh dunia.
Apa kata Mereka ttg IPO Underpricing?
When the stock starts trading, a common reaction is that the stock price increase a lot during its first day of trading (Ibbotson, 1975)
This could for the single case signal that the market has a different view on the company, but its commonness indicates that the stock has in fact been underpriced intentionally (Logue, 1973), (Jegadeesh, Weinstein & Welch, 1993).
The level of underpricing, that is defined as the difference between the IPO-price and the closing price on the first day of trading (Ritter, 1984)
The higher the uncertainty about a firm’s true value, the higher the underpricing and in turn the higher the aggregated demand for shares as investors who knows the firm’s true value will increase their investments in an IPO (Rock, 1986).
