The under-pricing of Initial Public Offerings (IPO) speaks to one of the inconsistencies seen in essential markets (primary market) worldwide, however, the profundity and broadness of its shift from nation to nation. In this context, the study is a posteriori analysis of the short-run performance of Indian IPOs in the National Stock Exchange (NSE). The study aims to determine the relationship between the returns of IPOs and NIFTY50 (benchmark index) using correlation and regression analysis. To determine the performance of the IPOs, whether they are outperforming or underperforming using Wealth Relative Model. As the investors look for attractive returns through primary market opportunities, therefore, historical returns of trading days 1, 5, 10, 15 and 20 are taken into consideration. The study uses data of 114 Indian IPOs that were listed in the NSE during the period 2014–2018 as part of secondary data, however, a total of 71 under-priced IPOs listed in the NSE are utilized for analysis. The study concludes there is a significant under-pricing of IPOs with trading day 15th showing the highest initial returns.

中文翻译：

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定价过低的印度 IPO 的短期业绩评估

首次公开募股 (IPO) 的定价过低说明了全球基本市场（初级市场）存在的不一致之处之一，然而，其从一个国家到另一个国家的转变具有深刻性和广度。在此背景下，该研究是对印度 IPO 在国家证券交易所 (NSE) 的短期表现的后验分析。该研究旨在使用相关性和回归分析确定 IPO 的回报与 NIFTY50（基准指数）之间的关系。使用财富相对模型来确定 IPO 的表现，它们是表现优异还是表现不佳。由于投资者通过一级市场机会寻找有吸引力的回报，因此考虑了第1、5、10、15和20个交易日的历史回报。该研究使用了 2014 年至 2018 年期间在 NSE 上市的 114 家印度 IPO 的数据作为二手数据的一部分，但是，共有 71 家在 NSE 上市的定价过低的 IPO 被用于分析。该研究得出的结论是，IPO 的定价严重偏低，第 15 个交易日的初始回报最高。