Abertura de capital: uma análise das ofertas públicas iniciais no período de 2009 a 2018

Abstract

As an alternative to raising funds, companies often decide to enter the capital market. In this regard, the public offerings that took place between 2009 and 2018 will be evaluated, exploring, from the moment of the opening, the amounts up to the participation of brokers and investors. A total of 54 openings were obtained for the period studied and an assessment was made of the returns and risks of companies that went public making a comparison with the B3 index. It has been noted that the increase in the number of companies that recently went public has provided a prominent change in the country's economy. Most of the companies surveyed elected the New Market among the levels of corporate governance. Regarding the behavior on the first day, it was found that the average returns of IPO companies are much higher than the B3 averages. For the years in which companies brought a negative return (2012, 2014, 2016), the possibility of underpricing is possible, that is, returns lower than expected by investors. Companies that went public between 2009 and 2018, after their first year of launch, show an increase in stock returns, except in 2012, when there was a devaluation of 29.27% and in 2016 with 15 , 14%. For a better evaluation of each IPO, new studies are suggested, aiming at a greater detailing of returns and risks, including daily variations, as well as a detailed analysis of specific characteristics such as governance practices, sector and others.