Purpose

Anchor investor (AI) regulation was introduced in 2009 by the Indian market regulator Securities and Exchange Board of India to facilitate the price discovery process during the book-building mechanism. This study aims to examine the aftermarket pricing performance of initial public offering (IPO) firms over the long-run period of up to 36 months after the listing date in the anchor investor regime.

Design/methodology/approach

The post-issue performance of 129 Indian IPOs issued from 2009 to 2014 is studied by using buy and hold abnormal returns, cumulative abnormal returns and wealth relatives approaches. This study presents the aftermarket performance indicators of Indian IPOs along with the comparative analysis between anchor-backed and non-anchor-backed IPO categories. Using multiple regression analysis, this study identifies the firm-level variables and issue characteristics that can explain long-term IPO performance.

Findings

This study reports that Indian IPOs continue to underperform in the long run in the anchor regulation era as well. However, anchor-backed IPOs are reported to underperform lesser than the IPOs not backed by anchor investment. Additionally, this study documents that the variables, i.e. offer size, grade, post-issue promoter holding and IPOs issued during hot IPO periods, are significant in explaining the 36-month aftermarket performance.

Originality/value

This study investigates the long-run aftermarket pricing performance of anchor affiliated IPOs in the Indian market context. Thus, it contributes to the limited primary markets’ research from emerging economies. Further, the results provide fresh evidence reaffirming the credibility of AI as an institutional investor for attestation of quality of the issues.

中文翻译：

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锚定投资者会影响长期表现吗？来自印度IPO市场的证据

目的

印度市场监管机构印度证券交易委员会于 2009 年引入了锚定投资者 (AI) 监管，以促进簿记建立机制期间的价格发现过程。本研究旨在检查在锚定投资者制度下上市日期后长达 36 个月的长期内首次公开募股 (IPO) 公司的售后定价表现。

设计/方法/方法

采用买入持有超额收益法、累积超额收益法和财富亲属法研究了2009-2014年印度129只IPO的发行后表现。本研究介绍了印度 IPO 的售后市场绩效指标以及锚定支持和非锚定支持 IPO 类别之间的比较分析。本研究使用多元回归分析确定了可以解释长期 IPO 表现的公司层面变量和发行特征。

发现

该研究报告称，从长远来看，印度 IPO 在锚定监管时代也继续表现不佳。然而，据报道，由锚定投资支持的 IPO 表现不如没有锚定投资支持的 IPO。此外，本研究表明，发行规模、等级、发行后发起人持股和热门 IPO 期间发行的 IPO 等变量对于解释 36 个月的售后市场表现具有重要意义。

原创性/价值

本研究调查了印度市场背景下锚定附属 IPO 的长期售后市场定价表现。因此，它有助于新兴经济体有限的一级市场研究。此外，结果提供了新的证据，重申了人工智能作为机构投资者证明问题质量的可信度。