Capital market is one of the market collector institute fund from the public. In the capital market to meet those who have the capital or long-term fund investors and called parties who need capital or long term funds is a company with a risk of profit or loss. Initial Public Offering (IPO) is activity company in order to public offer of primary share sale. Underpricing is conditions which show that stocks price at primary market was to low than secondary market.
The purpose of study is to analyse influence variabel-variabel which have an impact to underpricing at mining sector in Indonesian stock exchange during 2008-2011. The factor were Long Term Debt to Equity Rasio, Return On Assets, Earning per Share. were 11 issuer in mining sector generaly used in study that is Elnusa Tbk, Indika Energy Tbk, Adaro Energy Tbk, Pelat Timah Nusantara Tbk, Benakat Petroleum Energy Tbk, Harum Energy Tbk, Krakatau Steel (Persero) Tbk, Borneo Lumbung Energi & Metal Tbk, Atlas Resources Tbk, Golden Energy Mines Tbk, Saranacentral Bajatama Tbk. Data types and sources of data examined used by the author using secondary data used by the other come from the company site adan the official site to download from the indonesian stock exchange www.idx.co.id.
Analysis was done by using financial ratios, statistical test and the test statistic T and F. The objective of this research to test the impact of variabel such as Long Term Debt to Equity Rato, Return On Assets, Earning per Share to underpricing. Result of parsial regression analysis indicate that only Long Term Debt to Equity Rasio having a significant effect to underpricing. While by simultan obtained result of Long Term Debt to Equity Rasio ,Return On Assets, Earning per Share have no significant effect to underpricing.
Keyword : Initial Public Offering, Underpricing, Long Term Debt To Equity Ratio, Return On Asset, Earning Per Share