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There are fundamental consideration when investing in particular asset; return and risk. Both elements have strong correlation often indicated by the classic statement “high risk, high return” (Jogiyanto (2017). One type of investment that empirically able to provide high returns is stock in an Initial Public Offering (IPO). Based on (Ozdemir & Kizildag, 2017). The explanation of these phenomenon are caused by many factors; asymmetry information (Chhabra, et al., 2017), governance (Auliya & Januarti, 2015; Gunawan & Darmadi, 2013), information disclosure (Murugesu & Santhapparaj, 2010; Wasiuzzaman, et al., 2018) and other relevant factors. Basically, risk is inherent to many form of investments. If companies want to conduct an IPO, they needto disclose risk-related information to their potential investors. This disclosure is usually set forth in the prospectus. Prospectus is one of the required document that must be issued by companies which want to conduct an IPO. Prospectus is the main source of fundamental information for investor. Prospectus also provides various relevant company information such as the use of IPO fund, debt statement, financial summary, history of company, underwriter, and risk faced by investor. The axiomatic expression in the previous paragraph shows there is an essential relationship between corporate return and risk. Thus, the analysis of risk disclosures in the prospectus could present new contributions to underpricing studies, especially in Indonesia. The lack of research related to the disclosure of risk factors in prospectuses in Indonesia provides an opportunity for this study to add empirical evidence that can expand the literature on corporate disclosure and the phenomenon of underpricing. As the main source of information, prospectus contains a variety of the company’s latest operative and situative information. In the context of regulations in Indonesia, contents and forms of prospectus are regulated in Peraturan Otoritas Jasa Keuangan (OJK) Nomor 8/POJK.04/2017 concerning The Form and Content of Brief Prospectus and Prospectus in the Framework of Initial Public Offering. There are four risk classifications regulated ABSTRACT

Disclosure of Risk Factors on Prospectus and Initial Public Offerings (IPO) Performance: Evidence from Indonesia