Özet:

In this study, valuation approaches used in initial public offerings occured during the period from January 2008 to July 2013 in Borsa Istanbul and the concept of underpricing in the mentioned initial public offerings were analyzed. As a result of analysis, which was conducted by using a new dataset covering initial public offerings of 61 companies during the relevant period, firstly it was found that fair value estimations of intermediary institutions were statistically different from the real market values. Secondly, it was found that first trading day underpricing level was 8.30yüzde, the only variable which explained the concept of underpricing was initial public offering discount and initial public offering puzzle existed in Turkish capital markets.

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