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The purpose of this study is to analyze the effect of Return on Assets, Debt to Equity Ratio, and Firm Size on the level of underpricing in non-financial companies conducting Initial Public Offering (IPO) on the Indonesia Stock Exchange in the period 2014 - 2017. The large population of this study was 74, and the samples obtained were 25 non- financial companies that experienced underpricing and met the requirements for sampling using purposive sampling. The results of simultaneous testing using the F test showed an F value of 2.141 and a significance level of 0.125, which means ROA, DER, and firm size together affect the level of underpricing but not significantly. R Square value obtained is 0.234, meaning 23.4% of the level of underpricing can be explained by ROA, DER, and firm size, while the rest can be explained by other variables. The t table value in this study is known to be 2.079. The value of t Calculate ROA is equal to -1.426 with a significance level of 0.169, ROA has no significant negative effect on the level of underpricing. The t-test value of DER is -0.841 with a significance level of 0.41, meaning that DER has no significant negative effect on the level of underpricing. Firm size is known to have a t table value of - 2.266 with a significance level of 0.034, meaning that the firm size has a negative and significant effect on the level of underpricing.

Changes in Underpricing Due to Changes in Return on Assets, Debt to Equity Ratio, and Firm Size Analysis