MAPPING THE EVOLUTION AND RELEVANCE OF IPO UNDERPRICING: A BIBLIOMETRIC PERSPECTIVE

An Initial Public Offering (IPO) marks a significant step in a company’s growth and has been the subject of extensive research by numerous scholars. The success of IPO ventures is vital to the stability and functioning of financial markets. IPOs attract new investors by offering companies access to growth capital and are considered indicators of the health of capital markets. As a result, IPOs have drawn the attention of academics, practitioners, and investors in both developed and developing countries, especially due to the widespread occurrence of the “under-pricing phenomenon.” To explore the challenges and opportunities in studying IPO under-pricing, we carried out a comprehensive bibliometric analysis – utilizing co-citation, and bibliographic coupling, methods – on 628 studies published between 1992 and 2024. This analysis identifies key elements of the existing literature, such as influential journals, frequently cited articles, prominent authors, research themes, variables, and more. Building on current knowledge, we propose several directions for future research to fill existing gaps. Our findings reveal meaningful connections and strong relationships among various theories and researchers addressing IPO-related issues across different stock markets. We also discuss the implications of these insights for future academic work and practical application.