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Initial public offerings and listing costs: is there a difference between venture and non venture capital Ipos?

Antonio Meles
October 2009 - n°10
Jel codes: G23; G24; G32; G34

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are consistent with the hypothesis because total costs of going public are lower for Vb compared to Nvb.