Initial Public Offerings at Nordic Multilateral Trading Facilities during Covid-19 : An empirical study of IPOs at Nordic MTF markets during Covid-19 and its performance compared to peers.
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- Master Thesis 
This thesis contributes to the IPO literature on Nordic MTF markets from the 1st of January 2011 to the 17th of November 2021. The thesis will emphasize the impact the Covid-19 pandemic has played on the IPO performance by answering our research question; “How do the IPOs on the Nordic MTF markets during Covid-19 distinguish from the IPOs before Covid-19 and the leading exchanges?”. From our dataset of 344 observations, we find that IPO-activity in the Nordic countries has been greater than usual. The IPOs at Nordic MTF markets have had greater underpricing and higher long-term performance compared to IPOs issued before Covid-19 and compared to the leading exchanges. By this means, we find the puzzle of underpricing to be valid, but not long-term underperformance for the Nordic market. Additionally, we create an asymmetric information-proxy explaining the excessive performance among the IPOs; we find this proxy to be a better explanatory factor than firm-specific characteristics.