Abstract:

In this study, first day returns and short - term performances of 121 growth stocks, which are public offered as a first time in Borsa İstanbul equity market between January 2008 - July 2013, were analyzed by calculating abnormal and cumulative abnormal returns. In this study’s content, the 2008 global financial crisis and its aftermath in Borsa İstanbul cheap price cases are investigated. According to this; Initial Public Offerings (IPO) took place in Borsa İstanbul equity market, abnormal return on first day of the market (1,16%) is obtained. Of stocks offered to the public while the 21-day shortterm performance is realized at the level of 5,89%. According to the result obtained, the first time in Borsa Istanbul IPO underpricing of stocks and provide high performance can be said that in the short term. This situation parallels with the findings of other studies in the literature indicate. However, the impact of lower pricing declined in recent years and Borsa Istanbul equity market has been found to become more efficient market.

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