The initial return on initial public offering (IPO) in Indonesian Stock Exchange (ISX) was stated to be under- pricing. However,the underpricing of initial return was still inconclusive. Some ofthe previous findings showed that the initial return on IPO tended to be under-priced and the expectation of initial returnto being over-pricing still could not be achieved. This study state that the initial listing price has not been related to initial return to achieve the expecting price in the long run. The infuence ofage of listed companies and the excess of paid in capital on an initial return of the IPO were significant, this is because theunder writer's pressure on listed companies to put their listing price below the expecting price.

Imbal balik perdana atas perusahaan-perusahaan yang menawarkan saham perdana [Initial Public Offering (IPO)] di Bursa Efek Indonesia (BEI) ditetapkan di bawah harga perdana. Akan tetapi penetapan di bawah harga terhadap imbal balik atas saham perdana masih diragukan. Temuan-temuan sebelumnya menunjukkan bahwa imbal balik perdana atas saham IPO cenderung ditetapkan di atas harga perdana belum terealisasi. Hasil penelitian yang menyatakan bahwa penetapan harga perdana tidak terkait dengan imbal balik perdana yang ditujukan untuk ekspektasi imbal balik dalam jangka panjang. Pengaruh lamanya proses emisi dan ekses ekuitas terhadap imbal balik perdana adalah signifikan karena adanya tekanan under writer terhadap emiten untuk menetapkan harga perdana di bawah harga yang diharapkan.