Analiza inicijalnih javnih ponuda dionica na Zagrebačkoj burzi

master's thesis

• Title (english): Analysis of initial public offerings of shares on the Zagreb Stock Exchange
• Author: Marko Miletić
• Mentor: Ena Pecina (mentor); MBZ: 332850
• Committee member: Ena Pecina (predsjednik povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2020-07-07, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Financiranje putem inicijalne javne ponude dionica (eng. IPO – initial public offering) jedan je od načina prikupljanja sredstava za tekuće ili razvojne potrebe društva. IPO predstavlja prvu javnu ponudu dionica nekog društva potencijalnim investitorima i odvija se na primarnom tržištu kapitala, odnosno burzi. Predmet diplomskog rada odnosi se na analizu inicijalnih javnih ponuda na Zagrebačkoj burzi. Cilj rada bio je analizirati sve relevantne činjenice o inicijalnoj javnoj ponudi dionica, identificirati motive zbog kojih se društva odlučuju na IPO te analizirati efikasnost pet najvećih IPO-ova provedenih na Zagrebačkoj burzi prema sumi prikupljenog kapitala. U istraživanju su korištene metode analize, sinteze, komparacije, kompilacije, kao i odabrani alati poslovne i financijske analize. Primarno su korišteni sekundarni izvori podataka, poput znanstvene i stručne literature, te javno dostupnih statističkih baza i podataka sa službenih stranica Zagrebačke burze. Analize efikasnosti pet najvećih IPO-ova na Zagrebačkoj burzi pokazala je podcijenjenost u tri od pet analiziranih slučajeva. U preostala dva analizirana slučaja cijena upisa bila je preciznije postavljena tijekom IPO-a što je rezultiralo efikasnijim prikupljanjem potrebnog kapitala.

Abstract (english)

Financing through Initial public offering (IPO) is one of the ways of raising funds for the operational or development needs of the company. An IPO is the first public offering of a company's shares to potential investors and it takes place on the primary capital market, that is the stock exchange. The subject of the final thesis refers to the analysis of initial public offers on the Zagreb Stock Exchange. The objective of this paper was to analyze all relevant facts about the initial public offering, to identify the motives of companies to financing through IPOs and to analyze the efficiency of the five largest IPOs conducted on the Zagreb Stock Exchange by amount of capital raised. The following methods were used in the research: analysis, synthesis, comparison, compilation, as well as selected tools of business and financial analysis. Secondary data sources were primarly used, such as scientific and professional literature, as well as publicly available statistical databases and data from the official website of the Zagreb Stock Exchange. The analysis of the effectiveness for five largest IPOs on the Zagreb Stock Exchange showed underpricing in three of the five analyzed cases. In the remaining two cases that were analyzed, the stock price was set more precisely during the IPO, which resulted in a more efficient collection of the required capital.

• Keywords: inicijalna javna ponuda dionica (IPO); dionice; tržište kapitala; Zagrebačka burza
• Keywords (english): Initial Public Offering (IPO); Shares; Capital Market; Zagreb Stock Exchange
• Language: croatian
• URN:NBN: urn:nbn:hr:148:929468
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2020-07-08 14:11:03