Pricing strategy for selling shares of petrochemical and refining companies subject to divestment

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Tahmasebi Aghbelaghi Dariush; Bahrami Adel; Asgari Abiyaneh Alireza

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Journal Paper

Paper Information

Journal: Advertising and Sales Management Journal Year:2024 | Volume:5 | Issue:4 Page(s): 1-19

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Information Journal Paper

Title

Pricing strategy for selling shares of petrochemical and refining companies subject to divestment

Author(s)

Tahmasebi Aghbelaghi Dariush | Bahrami Adel | Asgari Abiyaneh Alireza | Issue Writer Certificate

Keywords

Strategy

short-term abnormal returns

long-term abnormal returns

Valuation

Stocks

Abstract

Objective: The aim of this study is to investigate the underpricing and long-term performance of initial public offerings of shares of state-owned petrochemical and refining companies transferred within the framework of the general policies of Principle 44, and to evaluate their pricing mechanism in initial sales by comparing these two factors with other state-owned companies as well as petrochemical and refining companies. Method: To evaluate short-term performance, accumulated abnormal returns were used, and for the long-term, abnormal buy-and-hold returns were used, and the quantitative method - one-sample and independent T-test was used. Findings: The findings show that state-owned petrochemical and refining companies transferred have positive abnormal returns in the short term and higher than the abnormal returns of other state-owned companies and private sector petrochemical and refining companies. The long-term abnormal returns for divested state-owned petrochemical and refining companies are not positive and higher than the long-term abnormal returns for other state-owned companies and private sector petrochemical and refining companies. The positive adjusted performance of short-term and long-term IPOs confirms that most of the IPO returns are due to underpricing.ConclusionIn the Iranian capital market, undervaluation is higher than overvaluation, and the most important reason for this could be the existence of a price fluctuation range that does not allow excessive price increases on the day of the offering; therefore, when deciding to amend the laws of initial public offerings.

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