Initial public offering puzzle: new evidence from turkish capital markets

Year 2013, Volume: 24 Issue: 87, 79 - 97, 01.04.2013

Sözer Jale Oran Yusuf Aytürk Caner Akbaba

Abstract

In this study, valuation approaches used in initial public offerings occured during the period from January 2008 to July 2013 in Borsa Istanbul and the concept of underpricing in the mentioned initial public offerings were analyzed. As a result of analysis, which was conducted by using a new dataset covering initial public offerings of 61 companies during the relevant period, firstly it was found that fair value estimations of intermediary institutions were statistically different from the real market values. Secondly, it was found that first trading day underpricing level was 8.30yüzde, the only variable which explained the concept of underpricing was initial public offering discount and initial public offering puzzle existed in Turkish capital markets.

Keywords

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İlk halka arz bilmecesi: Türk sermaye piyasasından güncel bulgular

Abstract

Bu çalışmada Borsa İstanbul'da Ocak 2008-Temmuz 2013 dönemi içerisinde gerçekleşen ilk halka arzlarda kullanılan değerleme yaklaşımları ve söz konusu halka arzlardaki düşük fiyatlandırma olgusu analiz edilmiştir. İlgili dönemde gerçekleşen 61 şirketin ilk halka arz verilerini kapsayan yeni bir veri setiyle yapılan analizler sonucunda, ilk olarak aracı kurumlar tarafından yapılan gerçeğe uygun değer tahminlerinin istatistiksel olarak gerçek piyasa değerinden farklı olduğu tespit edilmiştir. İkinci olarak, söz konusu ilk halka arzlarda birinci işlem günü düşük fiyatlandırma düzeyinin yüzde8,30 olduğu, düşük fiyatlandırma olgusunu açıklayan tek değişkenin halka arz iskontosu olduğu ve ilk halka arz bilmecesinin Türk sermaye piyasalarında var olduğu sonucuna ulaşılmıştır.

Keywords

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