Abstract
The firm’s decision to become a public firm is very interesting to analyze and reveal its performance. This study aims to reveal the firm’s performance in the short and medium term after conducting an initial public offering (IPO). In addition, the choice of the IPO strategy, that are share-only IPO (SIPO) or package IPO (PIPO) also affects the firm’s performance. Annual reports of up to 3 years of 155 companies conducting IPOs from 2010 to 2016 are used to examine the short-term and medium-term impacts of the IPO process. A very surprising result of this study is that IPO companies cannot show better performance in the short and medium term after the IPO, including State-Owned Enterprises (SOE), it gets worse if the company decides to use PIPO as a strategy during the IPO.
 Keywords: initial public offering, firm performance, share-only IPO, package IPO
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