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This study presents a comparative analysis of under-pricing and short-term performance of IPOs issued during the COVID-19 pandemic period and the pre-pandemic tranquil decade (2009 to 2019) in a cross-country setup. We find evidence of higher underpricing of IPOs issued during COVID-19 which, however, gets corrected shortly. Factors, such as underwriter reputation, percentage of the net proceeds to the company, new shareholder participation, industry affiliation of the issuing firm and the severity of the pandemic in respective countries seem to affect these patterns. Our results are robust and remain mostly unaltered through a series of robustness tests.

IPO Underpricing and Short-Term Performance: A Comparative Analysis During the COVID-19 Pandemic and Tranquil Periods in a Cross-Country Setting