ANALISIS DETERMINAN UNDERPRICING SAHAM PADA SAAT INITIAL PUBLIC OFFERING (IPO) DI PERUSAHAAN SEKTOR MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020–2024

Reynardi Risyad Raytama, Marwan Asri, Prof., M.B.A., Ph.D

2025 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Fenomena underpricing dalam penawaran umum perdana (IPO) terjadi ketika

harga saham perdana lebih rendah dibandingkan harga penutupan hari pertama,

memberikan keuntungan awal bagi investor namun merugikan emiten akibat hilangnya

potensi dana (money left on the table). Di pasar modal Indonesia, underpricing cukup

tinggi dengan rata-rata initial return sekitar 23–30%, yang mencerminkan adanya

asimetri informasi antara emiten dan investor. Penelitian ini menganalisis faktor-faktor

yang memengaruhi underpricing pada 44 perusahaan sektor manufaktur yang IPO di

Bursa Efek Indonesia periode 2020–2024, menggunakan variabel independen, yaitu:

ROE, DER, PER, ukuran dan umur perusahaan, serta reputasi underwriter. Metode

analisis yang digunakan adalah regresi linear berganda. Hasil penelitian menunjukkan

bahwa ROE, PER, dan ukuran perusahaan berpengaruh negatif signifikan terhadap

underpricing, sedangkan DER berpengaruh positif signifikan. Sementara itu, umur

perusahaan dan reputasi underwriter tidak memiliki pengaruh signifikan. Model

regresi yang digunakan terbukti signifikan dengan nilai adjusted R² sebesar 56%,

menunjukkan bahwa sebagian besar variasi underpricing dapat dijelaskan oleh

variabel-variabel tersebut. Temuan ini mendukung signaling theory, di mana

perusahaan yang kuat secara fundamental dan berukuran besar cenderung mengurangi

asimetri informasi, sehingga underpricing lebih rendah. Sebaliknya, tingkat leverage

yang tinggi meningkatkan persepsi risiko dan mendorong underpricing. Secara praktis,

hasil ini menyarankan agar perusahaan yang akan IPO meningkatkan kinerja

keuangannya, dan bagi investor maupun regulator, faktor-faktor tersebut dapat

dijadikan acuan dalam mengevaluasi kualitas IPO.

The phenomenon of underpricing in initial public offerings (IPOs) occurs when

the offering price is lower than the closing price on the first trading day, resulting in

positive initial returns for early investors but causing issuers to lose potential capital

(money left on the table). In the Indonesian capital market, underpricing is prevalent,

with an average initial return of around 23–30%, reflecting information asymmetry

between issuers and investors. This study analyzes the determinants of IPO

underpricing among 44 manufacturing companies listed on the Indonesia Stock

Exchange between 2020 and 2024. Independent variables include profitability (return

on equity/ROE), solvency (debt to equity ratio/DER), valuation (price earnings

ratio/PER), firm size, firm age, and underwriter reputation. Secondary data were

analyzed using multiple linear regression. The results show that ROE, PER, and firm

size have a significant negative effect on underpricing, while DER has a significant

positive effect. Meanwhile, firm age and underwriter reputation do not have a

significant impact. The regression model is statistically significant, with an adjusted R²

of approximately 56%, indicating that the variables explain a substantial portion of the

variation in IPO underpricing. These findings are consistent with signaling theory,

suggesting that firms with strong fundamentals and larger size signal lower risk and

reduce information asymmetry, thus lowering underpricing. In contrast, high leverage

increases perceived investor risk and leads to higher underpricing. Practically, the

study implies that firms preparing for IPOs should strengthen financial performance,

and both investors and regulators should consider these factors when evaluating IPO

quality.

Kata Kunci : IPO, Underpricing, ROE, DER, PER, Ukuran Perusahaan, Umur Perusahaan, Reputasi Underwriter.