Banca de DEFESA: ISAAC BARROS DIAS FREIRE

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : ISAAC BARROS DIAS FREIRE
DATE: 05/06/2025
TIME: 09:00
LOCAL: https://meet.google.com/jmu-uuxb-fvp
TITLE:

Ipo withdrawal in the Brazilian stock market: determinants and consequences

KEY WORDS:

IPO, IPO withdrawal, Initial Public Offering

PAGES: 65
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

This research examines the withdrawal of initial public offerings (IPOs) in the Brazilian stock market, analyzing the occurrence and the factors related to this decision. The study explores the reasons why companies choose to cancel their IPOs and the consequences of this withdrawal for future capital launches. Based on a sample of 220 IPOs initiated between 2016 and 2023, of which 58% were canceled, the research employs a logistic regression model to identify the factors that increase the likelihood of cancellation, such as board independence, company size, profitability, and market conditions. Additionally, the study evaluates the impact of withdrawal on subsequent capital-raising attempts, showing that companies that cancel their IPOs may face greater challenges in future issuances, including longer timelines and smaller amounts raised when compared to similar emissions. The research identified that governance structure is a key factor influencing withdrawal, while a history of cancellation reduces the raised capital in reissuances. The study contributes to the literature by filling the gap regarding canceled IPOs in Brazil and providing insights for investors and managers about the risks and benefits of this decision.

COMMITTEE MEMBERS:
Presidente - 4966048 - RAIMUNDO MARCIANO DE FREITAS NETO
Interno - ***.462.764-** - MARCELO DANIEL ARAUJO ERMEL - NÃO INFORMADO
Externo à Instituição - LUCAS AYRES BARREIRA DE CAMPOS BARROS - USP