The Initial Performance of Ipos: Evidence from Athens Stock Exchange

51 Pages Posted: 19 Jun 2003 Last revised: 15 Mar 2021

Date Written: May 14, 2003


This paper empirically analyses the initial performance of the Greek Initial Public Offerings
(IPOs) to provide a market case of international evidence on performances of IPOs. The sample
consists of 225 firms listed on the Athens Stock Exchange for the period January 1990 until December of 2001. The study shows that Greek IPOs are on average underpriced by 63.92% with 30 IPOs (13.3%) to be overpriced. The initial underpricing is 67.14% for industrial firms, 54.55% for finance firms and 56.19% for other firms. Results suggest that the IPO market on Greece is ‘good’ only for large offerings. Investigation of factors influencing the initial performance show that market condition, demand multiple, cold-hot issue periods, and offer price independence are significant determinants of underpricing.

Keywords: IPO Underpricing, Price support, Initial Public Offerings, Information, Athens Stock Exchange

Suggested Citation

Gounopoulos, Dimitrios, The Initial Performance of Ipos: Evidence from Athens Stock Exchange (May 14, 2003). EFMA 2003 Helsinki Meetings, Available at SSRN: or

Dimitrios Gounopoulos (Contact Author)

University of Bath ( email )

School of Management,
Wessex House, Claverton Down
Bath, BA2 7AY
United Kingdom

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