To operationalize the proposition on the influence of "offer for sale", this study splits the investors' reaction in the IPO immediate aftermarket into two-dimensional aspects; changes in prices (or return) and trading volume.
This study proposes that IPO firms that go public and allocate its shares mainly through "offer for sale" activity will receive less demand during the IPO from the potential investors.
(2012) using a sample of 384 IPOs listed on Bursa Malaysia from 1999 to 2008 report that IPOs which are highly participated by institutional investors through private placement exercise during the IPO allocation produce lower initial return relative to firms which their shares are offered via methods other than private placement (e.g., offer for sale).
All rare type IPOs (i.e., restricted offer for sale, restricted public issue, restricted for sale to eligible employees, special and restricted issue to Bumiputra investors, tender offer and special issue) and IPOs with missing value were omitted from analysis of this study.
The main independent variable of this study, offer for sale (OHL4LE), is defined as the selling down one or more shareholdings by existing shareholders during IPO (Espinasse, 2011) and is measured by the ratio of total number of shares offered or sold by existing shareholders to total shares offered in an IPO (Bildik & Yilmaz, 2008).
Where, [NOFSA.sub.i] - offer for sale of the Jth issuer, and [NOSHI.sub.i] - total number of shares offered for the ith issuer at the IPO.
The main explanatory variable of this study, the mean of offer for sale ratio, is 25.10 percent which ranges from a minimum of nil to a maximum of 100 percent.
Seacrest Towers, a Sheepshead Bay, Brooklyn, co-operative apartment complex, will
offer for sale 39 fully refurbished residences at a public auction on June 26, it was announced.
(ESG) to
offer for sale the 14-story, 266,315 square-foot Sloane House YMCA branch al 356 West 34th Street, Manhattan, and an adjoining two-story former city YMCA headquarters building at 422 Ninth Avenue, it was announced.
In one of the largest, most sweeping public auctions of luxury real estate ever to be held on eastern Long Island, Sheldon Good & Company will
offer for sale scores of single- and two-family homes, condominiums, and choice homesites in the Hamptons, Shelter Island, Eastport, Port Jefferson Village and other Suffolk County communities on Saturday, Aug.