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Offer Price and Ownership Structure: A Study of Shareholders in Swedish IPOs 2006–2016
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.ORCID iD: 0000-0002-6418-326X
2019 (English)In: Southwestern Finance Association Annual Meeting / [ed] Prof. Thomas Thompson, Houston, 2019Conference paper, Published paper (Refereed)
Abstract [en]

This paper analyzes the relationship between initial public offerings (IPOs) and the post-IPO ownership structure of these firms. The study uses the stock ownership records of Swedish firms together with hand-collected IPO data to analyze the nominal offer prices of IPO shares and the relationship with their post-IPO ownership structure. The results show that for IPO stocks with low offer prices, individual investors hold a relatively large fraction of the shares compared with IPO stocks with higher offer prices. Furthermore, for low-priced IPOs, there is a negative relationship between offer price and breadth of ownership. However, there is also a size effect, with the breadth of ownership being higher for larger firms. Overall, this study shows that firms can affect their post-IPO ownership structure when setting their offer price.

Place, publisher, year, edition, pages
Houston, 2019.
Keywords [en]
IPO, Ownership Structure, Corporate Finance, Sweden
National Category
Business Administration
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:uu:diva-379783OAI: oai:DiVA.org:uu-379783DiVA, id: diva2:1297786
Conference
Southwestern Finance Association, Annual Meeting 2019, Houston, Texas
Available from: 2019-03-21 Created: 2019-03-21 Last updated: 2019-03-21

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CiteExportLink to record
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Citation style
  • apa
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Language
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Output format
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