Análise do sucesso dos IPOs 2018-2021 mediante indicadores financeiros precedentes

Abstract

This research examines the abnormal returns of 71 Initial Public Offerings (IPOs) conducted in Brazil between 2018 and 2021. The findings confirm, for this most recent IPO window, what previous studies had identified for earlier periods: generally, IPO stocks perform well on the first day of trading (short-term underpricing) and exhibit negative performance in the long term (long-term underperformance). Additionally, it was observed that among various analyzed financial indicators, Return on Invested Capital (ROIC) is the only one that demonstrates a positive and statistically significant association with the long-term abnormal returns of IPOs. This finding is particularly relevant, as few studies in the Brazilian context explore the relationship between profitability indicators and the long-term returns of IPOs, and when they do, they often use metrics such as Return on Assets (ROA) or Return on Equity (ROE).