This thesis carries out an empirical research of the Nigerian stock market using known finance theories for further insight into how this market event occurs. The study aims at establishing if initial public offer underpricing exists in the Nigerian market and how these IPOs perform when it goes...

We investigate the level of underpricing and the long-term stock market performance of financial exchange initial public offerings (IPOs) and find that, despite being more underpriced, the financial exchange IPOs significantly outperform the market indexes and a control sample of regular IPOs....