Performance and capital structure of IPOs in Pakistan from 2000 to 2015

Table 2 Descriptive Statistics of Initial Returns of Private and Privatizing IPOs

	Initial Raw Return			Initial Market adjusted Return
	All	Privatized	Private	All	Privatized	Private
Mean (p-value)	23.485 0.008***	27.323 0.687	22.792 0.033***	23.320 0.015***	27.652 0.654	22.539 0.048***
Mean Difference between public & private (p-value)			4.53 (0.75)			5.11 (0.72)
Median	9.198	20.943	8.158	8.940	19.763	6.956
Maximum	144.186	75.056	144.186	142.459	74.186	142.459
Minimum	−96.496	−9.531	−96.496	−98.101	−10.107	−98.101
Std.dev	43.114	26.333	45.616	43.377	27.022	45.835
Obs.	72	11	61	72	11	61

Note: To test mean difference between private and privatized IPOs initial returns in short run (first trading day) p-values are presented in the parenthesis. The *** and ** indicates significance at 1% and 5% level respectively