Fatores Determinantes para a Realização de Ofertas Iniciais de Ações (IPO) de Empresas Brasileiras

The literature on Initial Public Offerings (IPO) is still littleexplored in Brazil, since the significant growth in the stock marketoccurred only recently. The purpose of this study is to identify thedetermining factors for the IPO of Brazilian companies, based on logisticregression methods and using a sample with private and public Braziliancompanies. The results indicate that firms that undertook their IPO in theperiod were those that had been making significant investments, those thathad the highest level of profitability and/or those that increased theirlevel of indebtedness. The IPO was an alternative to improve the capitalstructure and/or raise funds to continue investing in their growth. Thecompanies that went public were those that seized the opportunity offered inthe period and the size of the companies was not significant for theIPO