Purpose The study aims to measure the subscription level and examine the determinants of oversubscription of small and medium enterprise (SME) initial public offerings (IPOs) in India Design/methodology/approach The study employs cross sectional data to analyze 403 SME IPOs issued from Feb 2012 to May 2018 and listed on Bombay Stock Exchange's small and medium enterprise (BSE SME) platform and National Stock Exchange (NSE) EMERGE to investigate the determinants of oversubscription of SME IPOs Hence, the study makes use of ordinary least square regression and quantile regression to test the hypotheses formulated for the determinants of oversubscription Findings The main findings unveil that while issue price, pricing mechanism, listing delay negatively influence oversubscription;firm size, underwriter reputation, hot market and underpricing have been divulged to positively influence oversubscription However, issue size emerged out to be significant in quantile regression at 25th, 50th and 75th quantiles Research limitations/implications The present study is confined to limited number of variables in understanding the factors impacting oversubscription Future studies could include macroeconomic variables like gross domestic product (GDP), inflation rate, industry specific variable, i e technology/nontechnology industry, financial/nonfinancial industry for better understanding Cross country analysis is suggested in future studies to validate the findings of current study Future studies are advised to conduct the study examining the factors affecting oversubscription in light of COVID-19 pandemic Practical implications The findings of the present study offer implications to academicians, investors, investment advisors and regulators It provides useful insights to researchers by listing the factors that contribute to variation in subscription levels in emerging economy like India thereby, paving the way for future researches in SME IPOs in countries with different institutional settings For investors, the study provides additional and novel information useful for IPO valuation and informed investment decisions In addition, the findings put investment advisors in better place to guide potential investors regarding investment in good quality SME stocks (i e highly subscribed stocks) in more informative manner Last but not the least, as this study would assist the regulators in handling future IPOs in a way that augments the chances of success of SME IPOs Originality/value This study is a novel contribution in widening the IPO literature by examining the relationship between pre-IPO firm actions like issue price, pricing mechanism, issue size, firm size, listing delay, underwriter reputation, hot market, underpricing and oversubscription in unexplored settings of Indian SME IPOs

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印度中小企业IPO超额认购的决定因素：分位数回归的证据

目的本研究旨在衡量认购水平，并研究印度中小型企业（SME）首次公开发行（IPO）的超额认购设计/方法/方法该研究采用横截面数据来分析自2月以来发行的403家SME IPO 2012年至2018年5月并在孟买证券交易所的中小企业（BSE SME）平台和国家证券交易所（NSE）的EMERGE上市，以调查中小企业IPO超额认购的决定因素。因此，该研究利用了普通最小二乘回归和分位数回归测试用于确定超额认购决定因素的假设主要发现表明，发行价格，定价机制，上市延迟对超额认购产生负面影响；公司规模，承销商声誉，热点市场和定价偏低已被揭示可以对超额认购产生积极影响，但是，在第25、50和75位分位数上，问题大小在分位数回归中显得很重要。研究局限/含义本研究仅限于了解影响超额认购因素的变量数量有限未来的研究可能包括宏观经济变量，例如国内生产总值（GDP），通货膨胀率，行业特定变量，例如技术/非技术行业，金融/非金融行业，以更好地理解我们建议在未来的研究中进行跨国分析，以验证当前研究的结果。建议根据COVID-19大流行对未来的研究进行研究，以研究影响超额认购的因素实际意义本研究的结果通过列出影响印度等新兴经济体认购水平变化的因素，从而为研究人员，投资者，投资顾问和监管机构提供有益的见解，从而为具有不同机构设置的国家中的中小企业IPO的未来研究铺平道路对于投资者而言，该研究提供了其他新颖的信息，可用于IPO估值和明智的投资决策。此外，研究结果使投资顾问处于更好的位置，以更丰富的信息方式指导潜在投资者以优质的中小型股（即高认购股票）进行投资，因为该研究将帮助监管机构以某种方式处理未来的IPO。通过研究IPO前公司行为（如发行价格，定价机制，发行规模，公司规模，上市延迟，承销商声誉）之间的关系，增加了中小企业IPO成功的机会独创性/价值本研究是在拓宽IPO文献方面的新颖贡献。印度中小企业IPO的未开发环境中的市场，热点市场，定价偏低和超额认购因为这项研究将有助于监管机构以增加中小企业IPO成功的机会的方式来处理未来的IPO。原创性/价值本研究通过研究IPO前公司行为（例如发行价）之间的关系，为拓宽IPO文献提供了新的贡献。 ，定价机制，发行规模，公司规模，上市延迟，承销商声誉，热门市场，印度中小企业IPO的定价不足和超额认购因为这项研究将有助于监管机构以增加中小企业IPO成功的机会的方式来处理未来的IPO。原创性/价值本研究通过研究IPO前公司行为（例如发行价）之间的关系，为拓宽IPO文献提供了新的贡献。 ，定价机制，发行规模，公司规模，上市延迟，承销商声誉，热销市场，印度中小企业IPO的未定价环境中的定价不足和超额认购印度中小企业IPO的未开发环境中的定价不足和超额认购印度中小企业IPO的未开发环境中的定价不足和超额认购