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Post-Listing Performance of IPOs in India's Financial Services Sector (2021–2024): An Industry-Specific Empirical Study
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Author(s): Hiren Harikumar (Christ University, India)
Copyright: 2026
Pages: 40
Source title:
Risks, Innovations, and Corporate Social Responsibility in Finance and Accounting
Source Author(s)/Editor(s): Maizaitulaidawati Md Husin (Universiti Teknologi Malaysia, Malaysia), Muslim Amin (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Haliyana Khalid (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Nor Aiza Mohd Zamil (Universiti Teknologi Malaysia, Malaysia)and Mustafa Nourallah (Mid Sweden University, Sweden)
DOI: 10.4018/979-8-3373-5047-9.ch005
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Abstract
The number of initial public offerings (IPOs) made in the Indian financial services sector between 2021-2024 has increased, due to heightened investor activity. Although the volume of IPO issues has increased, there is limited research on their short-term performance, particularly in the context of industry-specific analysis. This paper will evaluate the performance of IPOs that issue financial services companies in India during the listing period of 20 days using the event study methodology. The daily returns of IPOs and the index (NIFTY 50) are taken to compute market-adjusted short-run performance (MASRP), wealth relative (WR), abnormal returns (AR), and cumulative abnormal returns (CAR). The regression analysis shows that only oversubscription can have a significant effect on the revenue of an IPO in terms of returns. This research has added value by using sector-specific evidence, which may be useful to investors, issuers, and regulators when evaluating short-run IPO efficiencies.
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