Venture backed IPOs in the Philippines: Underpricing, performance, and issues of certification from 1994-2012

Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Management of Financial Institutions

Subject Categories

Finance and Financial Management


Ramon V. Del Rosario College of Business


Financial Management Department

Thesis Adviser

Alfredo Santoyo

Defense Panel Chair

Patrick Caoile

Defense Panel Member

Preeti Kumari

Rosvie Gonzales

Kenneth Yumang


This study examines the difference between venture capital backed and non-venture backed IPO in terms of underpricing, determine if venture backed companies do better after listing in terms of monthly returns and if the presence of venture capitalists in the board signal IPO certification of quality. Linear regression is used to test for the underpricing and performance while logistics regresssion is used to test for the certification of quality. Amongst all the variables used in the three models, only the variable LDELAY yielded significant. It was concluded that VC backed IPOs differ from non-VC backed IPOs in terms of underpricing due to the VC backed IPOs having wider access to information to offer its potential investors, VC backed IPOs do not outperform non-VC backed IPOs but they have a stable growth for the span of three months, and the presence of venture capitalists on the board does not signal IPO certification of quality due to companies going public through the Philippine Stock Exchange are required to have a certification regardless of its composition.

Abstract Format






Accession Number


Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

87, [45] leaves : illustrations (some color) ; 28 cm.


Going public (Securities)--Philippines; Corporations--Finance

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