In initial public offerings (IPOs), underpricing refers to pricing the issue at a price lower than its fair value which results in the listing price being much higher than the issue price. This higher information asymmetry results in more underpricing. To reduce such asymmetry, the Securities and Exchange Board of India (SEBI) introduced IPO grading and anchor investor participation in India. This article aims to assess the impact of these two factors on the underpricing of Indian IPOs over 2007–2017. This study uses multivariate regression analysis to compare the impact of graded versus ungraded IPOs and of anchor-backed versus non-anchor backed IPOs on underpricing; it finds that IPO grading and anchor investment do not have a significant overall impact on underpricing. These results justify the scrapping of mandatory IPO grading. Although insignificant, IPO grading has a greater influence on underpricing than anchor investor participation. Furthermore, the current study also analyses the subscription patterns of qualified institutional buyers (QIBs), non-institutional investors (NIIs) and retail individual investors (RIIs) and their influence on one another. Accordingly, it reveals that QIB subscription influences both NII and RII subscriptions.

在首次公开募股（IPO）中，抑价是指以低于其公允价值的价格对发行进行定价，导致上市价格远高于发行价格。这种更高的信息不对称导致更多的定价过低。为了减少这种不对称，印度证券交易委员会 (SEBI) 在印度引入了 IPO 评级和锚定投资者参与。本文旨在评估这两个因素对 2007-2017 年印度 IPO 定价偏低的影响。本研究使用多元回归分析来比较分级与未分级 IPO 以及锚定与非锚定 IPO 对抑价的影响；它发现 IPO 评级和锚定投资对抑价没有显着的整体影响。这些结果证明取消强制性 IPO 评级是合理的。尽管无关紧要，但与锚定投资者参与相比，IPO 评级对抑价的影响更大。此外，本研究还分析了合格机构买家 (QIB)、非机构投资者 (NII) 和散户个人投资者 (RII) 的认购模式及其相互影响。因此，它表明 QIB 订阅影响 NII 和 RII 订阅。