The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties about the firm as evidenced by the smaller underpricing in IPOs marketed using fixed offer prices, and the IPOs where underwriters signed on for firm commitment also prove important. Underpricing also proves smaller in larger IPO firms.

中文翻译：

---

不断变化的监管和经济环境中的土耳其首次公开募股

伊斯坦布尔证交所成立后最初几年的较大抑价（15%）表明投资者、中介机构和公司内部人士了解公司在有组织的股票市场中的交易和定价的重要性。近年来（从 2010 年到 2020 年）的抑价幅度平均为 5%。关于公司的微观层面的不确定性，如使用固定发售价格进行营销的 IPO 中较小的抑价证明，以及承销商签署坚定承诺的 IPO 也证明是重要的。在较大的 IPO 公司中，抑价也被证明较小。