Pre-IPO dividend and IPO underpricing: evidence in Thailand

This study explores the relationship between pre-IPO dividend distributions and IPO underpricing within the context of the Thai market, utilizing manually collected data from IPO firms spanning the period from 2014 to 2023. The findings reveal a negative correlation between pre-IPO dividends and IPO underpricing, indicating that firms initiating dividend distributions prior to their IPOs tend to experience lower levels of underpricing. However, the results do not exhibit statistical significance.