Abstract
Abstract This paper presents the findings of a study on the performance of the initial public offerings (IPO) of shares listed on the Hong Kong Stock Exchange (HKEx), which has been the largest IPO market in the world since 2009. One indicator of the success of an IPO is its subscription rate, which can be used as a proxy for the level of investor confidence in the stock being offered. This paper examines the relationship between the performance of an IPO and its subscription rate, and the corporate factors that may affect an investor's decision to subscribe to an IPO. The Hong Kong evidence can help shed light on the importance of agency cost in the pricing of IPOs.
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