Review of the Underpricing Phenomena in Companies Conducting IPO on the Indonesian Stock Exchange During the Pandemic Situation to the Endemic Covid-19

The Covid-19 pandemic impacts health, education and the economy. Companies need a large source of funds to survive in a pandemic situation, therefore companies sell shares to the public by conducting an Initial Public Offering (IPO). The phenomenon of underpricing often occurs when conducting an IPO. This study tries to find factors that can affect the level of underpricing in companies that conduct IPOs during the pandemic situation until the end of the Covid-19 pandemic from 2019 to 2021. There are several internal factors that affect underpricing such as operating cash flow, financial leverage, capital structure, accounts receivable turnover, inventory turnover, and total asset turnover. The sampling technique used a purposive sampling method with 160 populations that met the criteria of 60 data, after outliers there are 47 samples use in this study. The analysis method used is multiple linear regression analysis. The research provides results that financial leverage, capital structure, accounts receivable turnover, and total asset turnover affect underpricing, meanwhile operating cash flow and inventory turnover have no effect on underpricing