The Profits Of Companies After Initial Public Offering: Evidence From Turkey
The purpose of this study is to research whether the operation results of non-financial companies offered to public
in 2005-2012 periods and trading in Borsa Istanbul (BIST) are different before and after initial public offering (IPO) and
some features about IPO have effects on these differences or not. In the study, data from IPO prospectuses and financial
statements of 31 companies were analyzed. According to analysis results, it was seen that return on assets (ROA), return on
equity (ROE) and net sale returns of the companies significantly decreased in post IPO period and some features about IPO
had also an effect on return rates. Findings of this study have some implications to investors, academicians and policy
Key Words- Initial Public Offering (IPO), Profit, Stock Exchange, Investor Rights.