Determinanter av Börsintroduktioners Första-Dagsavkastning: En Multipel Regressionsanalys av Nordiska Börsintroduktioner

This study investigates the determinants of first-day returns in initial public offerings (IPOs)on the Nordic equity market between 2017 and 2024. Using a regression approach, the analysisexamines how factors such as underwriter tier, market sentiment, overall economic trend, listingvenue, and industry sector affect initial returns. The results indicate that larger and moreprestigious underwriters are associated with higher first-day returns, suggesting a credibilitypremium. Market sentiment, proxied by daily changes in the OMXSPI index, shows a modestnegative effect, with IPOs performing slightly better on days when the broader market declines.Additionally, listings on more regulated markets are linked to stronger first-day performance,and consumer-oriented firms tend to generate higher returns, possibly due to their broader retailappeal. While the model explains only a limited portion of the variation in returns, the findingsoffer practical insights for issuers, investors, and advisors involved in IPO planning, executionand evaluation.