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The Journal of Private Equity

The Journal of Private Equity

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Article

Performance of Private Equity Backed Initial Public Offerings: Empirical Evidence from India

Raviraj Gohil and Vijay Vyas
The Journal of Private Equity Fall 2015, 18 (4) 56-64; DOI: https://doi.org/10.3905/jpe.2015.18.4.056
Raviraj Gohil
is a PhD scholar in the Department of Management at RK University Rajkot and faculty at Shanti Business School in Gujarat, India.
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  • For correspondence: ravirajgohil@gmail.com
Vijay Vyas
is a professor and head of the Department of Management at Atmiya Institute of Technology and Science in Gujarat, India.
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  • For correspondence: drvijayvyas@gmail.com
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Abstract

This article investigates the initial and long-term performance of private equity (PE) backed initial public offerings (IPOs) in India. Using the data of IPOs listed on the Bombay stock exchange from 2009 to 2012, the authors investigate the initial performance of the IPO on listing day for both PE equity backed IPOs and non-PE backed IPOs and documented that PE backed IPOs show less underpricing than non-PE backed IPOs. Then, they compared the long-term performance of PE and non-PE backed IPOs for two years post-listing and documented less underperformance of PE backed IPOs compared with non-PE backed IPOs. Finally, the authors confirmed “fads” in Indian IPOs market but also recorded that the degree of fads was less in PE backed IPOs than in non-PE backed IPOs.

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The Journal of Private Equity: 18 (4)
The Journal of Private Equity
Vol. 18, Issue 4
Fall 2015
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Performance of Private Equity Backed Initial Public Offerings: Empirical Evidence from India
Raviraj Gohil, Vijay Vyas
The Journal of Private Equity Aug 2015, 18 (4) 56-64; DOI: 10.3905/jpe.2015.18.4.056

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Performance of Private Equity Backed Initial Public Offerings: Empirical Evidence from India
Raviraj Gohil, Vijay Vyas
The Journal of Private Equity Aug 2015, 18 (4) 56-64; DOI: 10.3905/jpe.2015.18.4.056
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