Hasil Review Article Analysis of Factors Which Affect CompanyShares Underpricing Level at Initial publicoffering (IPO) on the Indonesia StockExchange Period 2013-2018

HASIL REVIEW ARTIKLE: Alternative funding from an external company is through an inclusion mechanism that is generally done by selling company shares to the public or often known by going public terms. If the Company already decided to take Go Public at the beginning, have to start their initial company share known as Initial Public Offering (IPO). The absence of an observable previous market price to be used as a bid determination makes the initial stock price determination at IPO very difficult. If the price of shares on the primary market (IPO) is lower than shares price on the secondary market on the first day, then there will be a phenomenon of low prices on the initial offering market, which is referred to as Underpricing. Several factors affect the Underpricing, which are Underwriter Reputation, The Age of Company, The Company Size, and Return on Asset.