FINA6000: Analysis of IPOs and Financial Performance in Australia
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This report provides a comprehensive analysis of Initial Public Offerings (IPOs) by Australian companies, focusing on the financial aspects of capital raising and its impact on firm performance. The analysis begins by evaluating the measures taken by three companies—National Storage, Sandon Capital Investments, and Pact Group—to initiate their IPOs, examining their fund-raising goals and the use of proceeds. The report then delves into the cost of equity calculations for these companies, assessing the minimum returns required post-IPO. A key aspect of the study is an analysis of the impact of underpricing in the Australian capital market, including an examination of first-day trading returns. Furthermore, the report investigates the relationship between IPO activities and the returns of the All Ordinaries Index, exploring how market performance influences IPOs. The returns provided by IPOs, both with and without dividends, are compared to assess the overall investment performance. The study concludes by synthesizing the key findings regarding the significance of IPOs in improving capital structure and financial accountability, offering insights for investors and companies alike.
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Running head: FINANCIAL MANAGEMENT
Financial Management
Name of the Student:
Name of the University:
Authors Note:
Financial Management
Name of the Student:
Name of the University:
Authors Note:
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1
Table of Contents
Introduction:...............................................................................................................................2
a. Evaluating the measures that were taken by the three companies for initiating the initial
public offerings:.........................................................................................................................2
b. Understanding the cost of equity that is conducted for long term finance:...........................4
c. Analysing and authenticating the impact of under-pricing in a capital market:....................5
d. Understanding the Australian IPO activity:...........................................................................6
e. Understanding the returns provided by IPO without dividends:............................................8
f. Understanding the returns provided by IPO with dividends:.................................................9
Conclusion:..............................................................................................................................10
References:...............................................................................................................................11
1
Table of Contents
Introduction:...............................................................................................................................2
a. Evaluating the measures that were taken by the three companies for initiating the initial
public offerings:.........................................................................................................................2
b. Understanding the cost of equity that is conducted for long term finance:...........................4
c. Analysing and authenticating the impact of under-pricing in a capital market:....................5
d. Understanding the Australian IPO activity:...........................................................................6
e. Understanding the returns provided by IPO without dividends:............................................8
f. Understanding the returns provided by IPO with dividends:.................................................9
Conclusion:..............................................................................................................................10
References:...............................................................................................................................11

FINANCIAL MANAGEMENT
2
Introduction:
Initial public offerings are considered to be one of the essential components or
technique, which is used by the organisation for adequately acquiring the required level of
funds from the capital market. This technique is used for generating the required level of
funds for supporting further activities and increases their financial capability in the long run.
The information regarding the cost of equity that has changed after the initial public offerings
are also discussed which helps in detecting the level of minimum returns that need to be
provided by organisation after their IPO. The significance and problems that was associated
with the under-pricing measure are adequately conducted to detect its impact on the
Australian capital market. Furthermost, the IPO activities are evaluated and compared with
the Australian capital market to understand its relationship. Lastly, the performance of the
IPOs is mainly compared with the ALL Ordinary Index to detect the level income that would
be enjoyed by investors if they tend to support investments during the Initial public offerings.
a. Evaluating the measures that were taken by the three companies for initiating the
initial public offerings:
Name of
the
company Industry
IPO
Date
Fund
intended
to raise
Fund
raised Main fund purpose
National
Storage
Real
Estate Dec-13 $240m $240m
The aim of the fund offer
was to support the issue of
new stapled securities, where
transfer of existing stapled
securities. The proceeds from
the IPO can be used for
Cash-Out facilities and
strengthened the financial
performance of the
organization.
Sandon
Capital
Investment
Diversifie
d financial Dec-13 $100m $100m
The investment scope will
eventually provide activist
investment strategy, which
2
Introduction:
Initial public offerings are considered to be one of the essential components or
technique, which is used by the organisation for adequately acquiring the required level of
funds from the capital market. This technique is used for generating the required level of
funds for supporting further activities and increases their financial capability in the long run.
The information regarding the cost of equity that has changed after the initial public offerings
are also discussed which helps in detecting the level of minimum returns that need to be
provided by organisation after their IPO. The significance and problems that was associated
with the under-pricing measure are adequately conducted to detect its impact on the
Australian capital market. Furthermost, the IPO activities are evaluated and compared with
the Australian capital market to understand its relationship. Lastly, the performance of the
IPOs is mainly compared with the ALL Ordinary Index to detect the level income that would
be enjoyed by investors if they tend to support investments during the Initial public offerings.
a. Evaluating the measures that were taken by the three companies for initiating the
initial public offerings:
Name of
the
company Industry
IPO
Date
Fund
intended
to raise
Fund
raised Main fund purpose
National
Storage
Real
Estate Dec-13 $240m $240m
The aim of the fund offer
was to support the issue of
new stapled securities, where
transfer of existing stapled
securities. The proceeds from
the IPO can be used for
Cash-Out facilities and
strengthened the financial
performance of the
organization.
Sandon
Capital
Investment
Diversifie
d financial Dec-13 $100m $100m
The investment scope will
eventually provide activist
investment strategy, which

FINANCIAL MANAGEMENT
3
s
would help in improving
their investment capacity. In
addition, the IPO would help
in delivering absolute
positive return over the
medium and long term
growth. The company aims
in generating high level of
dividends to the investors
who intend to generate high
level of return from
investment.
Pact Group Material Dec-13 $648.8m $648.8m
The main purpose of the
offer is to activate the listing
of the organization in ASX
and providing relevant option
for the liquid market. In
addition, the IPO would
provide financial flexibility
to pursue future growth
opportunities. This also
provide future access to
capital markets and realize a
portion of its investment,
while maintaining a
significant ongoing interest
in pact.
The above data has been derived from the prospectus of National Storage, Sandon
Capital Investments and Pact Group during the period of 2013. The prospectus directly
provided all the relevant information regarding the industry type, IPO date, funds intended to
raise and fund raised by the organization after the initial public offerings. Further analysis
was provided on the main purposes that were used by the management to initiate the public
offering, which is mainly required to provide relevant information to investors regarding the
main motive behind the public offerings (Asx.com.au, 2019).
The main reason behind the IPO of National Storage was to increase aim of the fund
offer was to support the issue of new stapled securities, where transfer of existing stapled
securities. The proceeds from the IPO can be used for Cash-Out facilities and improve the
3
s
would help in improving
their investment capacity. In
addition, the IPO would help
in delivering absolute
positive return over the
medium and long term
growth. The company aims
in generating high level of
dividends to the investors
who intend to generate high
level of return from
investment.
Pact Group Material Dec-13 $648.8m $648.8m
The main purpose of the
offer is to activate the listing
of the organization in ASX
and providing relevant option
for the liquid market. In
addition, the IPO would
provide financial flexibility
to pursue future growth
opportunities. This also
provide future access to
capital markets and realize a
portion of its investment,
while maintaining a
significant ongoing interest
in pact.
The above data has been derived from the prospectus of National Storage, Sandon
Capital Investments and Pact Group during the period of 2013. The prospectus directly
provided all the relevant information regarding the industry type, IPO date, funds intended to
raise and fund raised by the organization after the initial public offerings. Further analysis
was provided on the main purposes that were used by the management to initiate the public
offering, which is mainly required to provide relevant information to investors regarding the
main motive behind the public offerings (Asx.com.au, 2019).
The main reason behind the IPO of National Storage was to increase aim of the fund
offer was to support the issue of new stapled securities, where transfer of existing stapled
securities. The proceeds from the IPO can be used for Cash-Out facilities and improve the
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4
management’s capital financial opportunity. Furthermore, with Sandon Capital Investments
investment scope will eventually provide activist investment strategy and IPO would help in
delivering absolute positive return over the medium and long term growth. Therefore, the
company with the help of IPO was not to increase the level of returns that would be provided
to the investors over the period of time. Additionally, the Pact Group would initiate the IPO
for providing relevant option for the liquid market, which would help in financial flexibility
to pursue future growth opportunities. Thus, the management aims in increasing their capital
formation, which could help in generating high level of generating high level of income from
investment (Asx.com.au, 2019).
b. Understanding the cost of equity that is conducted for long term finance:
National Storage 2014
Rate 14.0%
Close price 0.99614
New dividends 0.038
Equity cost 17.8%
Sandon Capital Investments 2014
Rate 15.0%
Close price 0.95
New dividends 0.02
Equity cost 17.11%
Pact Group 2014
Rate 16.0%
Close price 3.20054
New dividends 0.095
Equity cost 19.0%
One of the major analyses that are conducted by the investors on the performance and
return requirements of the company is the derivation of cost of equity. This calculation
mainly helps in detecting the minimum level of returns that need to be attained by the
4
management’s capital financial opportunity. Furthermore, with Sandon Capital Investments
investment scope will eventually provide activist investment strategy and IPO would help in
delivering absolute positive return over the medium and long term growth. Therefore, the
company with the help of IPO was not to increase the level of returns that would be provided
to the investors over the period of time. Additionally, the Pact Group would initiate the IPO
for providing relevant option for the liquid market, which would help in financial flexibility
to pursue future growth opportunities. Thus, the management aims in increasing their capital
formation, which could help in generating high level of generating high level of income from
investment (Asx.com.au, 2019).
b. Understanding the cost of equity that is conducted for long term finance:
National Storage 2014
Rate 14.0%
Close price 0.99614
New dividends 0.038
Equity cost 17.8%
Sandon Capital Investments 2014
Rate 15.0%
Close price 0.95
New dividends 0.02
Equity cost 17.11%
Pact Group 2014
Rate 16.0%
Close price 3.20054
New dividends 0.095
Equity cost 19.0%
One of the major analyses that are conducted by the investors on the performance and
return requirements of the company is the derivation of cost of equity. This calculation
mainly helps in detecting the minimum level of returns that need to be attained by the

FINANCIAL MANAGEMENT
5
company to survive the dividend obligations from the capital market. The analysis has mainly
indicated that the overall cost of equity directly supports the organisation to understand the
level of minimum returns that could be generated from an investment. In the similar process
the overall cost of equity for each organisation depicted in the above table directly ranges
from 17% to 19%. Hoesli & MacGregor (2014) stated that with the help of equity cost
calculations organisation are able to understand the required rate of return, which needs to be
conducted for selecting the most appropriate investment options.
c. Analysing and authenticating the impact of under-pricing in a capital market:
Name of the company
National
Storage
Sandon Capital
Investments
Pact
Group
Industry Real Estate Diversified financial Material
Date of IPO 12/1/2013 12/1/2013 12/1/2013
Amount Raised $240m $100m $648.8m
Offer price $240m $100m $648.8m
Offer price 0.98 0.96 3.8
First day of trading (Closing
price) 0.95 0.95 3.34
First day of trading (Return) -3.06% -1.04% -12.11%
The calculations in the above table indicate about the returns that have been provided
during the first day of trade. The presence of under-pricing in the above IPO can be detected,
as the overall retune for the first day of trade has been negative, as investor tend to increase
the level of returns from their investment by reducing the actual share price value of the
company. The reduction in the share value mainly states that the investors are mainly focused
on getting the share at cheaper price, which could allow them to generate high level of return
in the long run. Therefore, the presence of under-pricing is mainly present in the capital
market of Australia, while its composition directly influences the fund generation capability
of the organisation. The analysis has mainly stated that there are relevant problems that are
faced by the organisation in form of low share price, as investors are keen on raising the level
5
company to survive the dividend obligations from the capital market. The analysis has mainly
indicated that the overall cost of equity directly supports the organisation to understand the
level of minimum returns that could be generated from an investment. In the similar process
the overall cost of equity for each organisation depicted in the above table directly ranges
from 17% to 19%. Hoesli & MacGregor (2014) stated that with the help of equity cost
calculations organisation are able to understand the required rate of return, which needs to be
conducted for selecting the most appropriate investment options.
c. Analysing and authenticating the impact of under-pricing in a capital market:
Name of the company
National
Storage
Sandon Capital
Investments
Pact
Group
Industry Real Estate Diversified financial Material
Date of IPO 12/1/2013 12/1/2013 12/1/2013
Amount Raised $240m $100m $648.8m
Offer price $240m $100m $648.8m
Offer price 0.98 0.96 3.8
First day of trading (Closing
price) 0.95 0.95 3.34
First day of trading (Return) -3.06% -1.04% -12.11%
The calculations in the above table indicate about the returns that have been provided
during the first day of trade. The presence of under-pricing in the above IPO can be detected,
as the overall retune for the first day of trade has been negative, as investor tend to increase
the level of returns from their investment by reducing the actual share price value of the
company. The reduction in the share value mainly states that the investors are mainly focused
on getting the share at cheaper price, which could allow them to generate high level of return
in the long run. Therefore, the presence of under-pricing is mainly present in the capital
market of Australia, while its composition directly influences the fund generation capability
of the organisation. The analysis has mainly stated that there are relevant problems that are
faced by the organisation in form of low share price, as investors are keen on raising the level

FINANCIAL MANAGEMENT
6
of returns from their initial investment. Hence, the analysis directly states that underprizing
plagues the capital market of Australia.
Underprizing method is mainly used by the undertaken of the shares, who intendeds
to compete the share price selling process during the IPO, as it allows the organisation to
obtain the required level of returns from investment. However, the intention of the
underwriter is to complete the IPO process and allow the organisation to obtained adequate
level of funds for the future activities. Hence, both the investors and companies benefit from
the underprizing menthe, as investors are able to increase the level of return from their
investment, while companies are able to gather the required funds quickly (Chandra, 2017).
d. Understanding the Australian IPO activity:
The IPO activities in Australia has been conducted since the formation the capital
market, as the companies use the measure for gathering the required level of funds for future
investments. The activities of IPO changes and the return of the ALL Ordinary Index has
been compared for understanding the relationship between each of the factor. This detection
has mainly indicated that there is a positive relation, where increment in the return generation
capability of the index motives the organisation to conduct IPO, as they would get better
investors during their share issue. The analysis helps in detecting whether IPOs in Australia is
directly influenced by the capital market.
6
of returns from their initial investment. Hence, the analysis directly states that underprizing
plagues the capital market of Australia.
Underprizing method is mainly used by the undertaken of the shares, who intendeds
to compete the share price selling process during the IPO, as it allows the organisation to
obtain the required level of returns from investment. However, the intention of the
underwriter is to complete the IPO process and allow the organisation to obtained adequate
level of funds for the future activities. Hence, both the investors and companies benefit from
the underprizing menthe, as investors are able to increase the level of return from their
investment, while companies are able to gather the required funds quickly (Chandra, 2017).
d. Understanding the Australian IPO activity:
The IPO activities in Australia has been conducted since the formation the capital
market, as the companies use the measure for gathering the required level of funds for future
investments. The activities of IPO changes and the return of the ALL Ordinary Index has
been compared for understanding the relationship between each of the factor. This detection
has mainly indicated that there is a positive relation, where increment in the return generation
capability of the index motives the organisation to conduct IPO, as they would get better
investors during their share issue. The analysis helps in detecting whether IPOs in Australia is
directly influenced by the capital market.
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-100.000%
-50.000%
0.000%
50.000%
100.000%
150.000%
-71.154%
-44.000%
135.714%
6.061%
-51.429%
19.608% 19.672%
32.877%
-3.093%
22.340%
-42.972%
33.433%
-0.733%
-15.183%
13.466% 14.760%
0.663% -0.817% 7.007% 7.837%
Australian IPO Activity Return Activity of IPO
Return ALL Ordinary Index
The values of the IPO have been depicted in the above figure, where it is understood
that return of the IPO is linked with the activities of the IPO. Hence, whenever the return of
the capital market increases the overall activities of the IPO increases drastically. The return
of the market from 2008 to 2009 mainly increased by 33.433%, which led to the increment in
IPO activities from -44.00% to 135.714%. Thus, it can be stated that whether the overall
returns of the capital market increase the following year the level of IPO activities in the
Australian country raises to new levels whomever due to the introduction of the financial
crisis during 2008 and 2012 the overall IPO activities would be seen to deteriorate. Thus, it
could be clinched that IPO activities is positively linked with the capital market returns and
upward movements (Low, Yao& Faff, 2016).
7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-100.000%
-50.000%
0.000%
50.000%
100.000%
150.000%
-71.154%
-44.000%
135.714%
6.061%
-51.429%
19.608% 19.672%
32.877%
-3.093%
22.340%
-42.972%
33.433%
-0.733%
-15.183%
13.466% 14.760%
0.663% -0.817% 7.007% 7.837%
Australian IPO Activity Return Activity of IPO
Return ALL Ordinary Index
The values of the IPO have been depicted in the above figure, where it is understood
that return of the IPO is linked with the activities of the IPO. Hence, whenever the return of
the capital market increases the overall activities of the IPO increases drastically. The return
of the market from 2008 to 2009 mainly increased by 33.433%, which led to the increment in
IPO activities from -44.00% to 135.714%. Thus, it can be stated that whether the overall
returns of the capital market increase the following year the level of IPO activities in the
Australian country raises to new levels whomever due to the introduction of the financial
crisis during 2008 and 2012 the overall IPO activities would be seen to deteriorate. Thus, it
could be clinched that IPO activities is positively linked with the capital market returns and
upward movements (Low, Yao& Faff, 2016).

FINANCIAL MANAGEMENT
8
e. Understanding the returns provided by IPO without dividends:
11/1/2013
1/1/2014
3/1/2014
5/1/2014
7/1/2014
9/1/2014
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
R eturn without dividends
All Ordinary Index National Storage
Sandon Capital Invetments Pact Group
The analysis of the above figure has mainly indicated that the return generation
capacity of the three IPOs listed during 2013 has mainly outperformed the market All
Ordinary Index. The All-ordinary Index is mainly considered to be one of the major
representor of the Australian capital market. The analysis has detected that All Ordinary
Index during three-year period was only able to generate 0.22%, while National Storage
incurred a return of 1.10%, Sandon Capital Investments generated a return of 0.33%, while
Pact Group obtained 1.91% during the period. The analysis has been detected that
performance of the all the three IPOs were adequate and could allow the investors to generate
high level of returns in the long run. Altuntas & Dereli (2015) stated that investors by using
the IPO issue are able to conduct relevant investments and grab stock at discount rate, which
might help in generating high level of returns in the long run.
8
e. Understanding the returns provided by IPO without dividends:
11/1/2013
1/1/2014
3/1/2014
5/1/2014
7/1/2014
9/1/2014
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
R eturn without dividends
All Ordinary Index National Storage
Sandon Capital Invetments Pact Group
The analysis of the above figure has mainly indicated that the return generation
capacity of the three IPOs listed during 2013 has mainly outperformed the market All
Ordinary Index. The All-ordinary Index is mainly considered to be one of the major
representor of the Australian capital market. The analysis has detected that All Ordinary
Index during three-year period was only able to generate 0.22%, while National Storage
incurred a return of 1.10%, Sandon Capital Investments generated a return of 0.33%, while
Pact Group obtained 1.91% during the period. The analysis has been detected that
performance of the all the three IPOs were adequate and could allow the investors to generate
high level of returns in the long run. Altuntas & Dereli (2015) stated that investors by using
the IPO issue are able to conduct relevant investments and grab stock at discount rate, which
might help in generating high level of returns in the long run.

FINANCIAL MANAGEMENT
9
f. Understanding the returns provided by IPO with dividends:
11/1/2013
1/1/2014
3/1/2014
5/1/2014
7/1/2014
9/1/2014
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
R eturn with dividends
National Storage Sandon Capital Invetments Pact Group
The above figure provides adequate returns of the IPO, which includes dividends and
capital growth of the share price. The inclusion of the share price directly provides adequate
information regarding the return that was actually provided by the organisation for generating
high level of returns in the long run. The analysis has mainly stated that the overall share
price return of the IPO after adding the relevant dividends have mainly increased due to the
positive level of dividends that has been provided by the company after their IPOs. The return
has mainly increased from 1.10% to 1.57% for National Storage and 0.33% to 0.68% for
Sandon Capital Investments.
Moreover, the comparison of the returns that has been generated by National Storage
with and without the dividends mainly states at the level of 43.18%. This mainly indicates
that with the inclusion of the dividend the company was able to provide a total return of
43.18% as dividends to investors. In the similar instance, Pact Group was able to provide a
return of 15.7% from their dividends to the investors over the period of 3 years. However, the
analysis has mainly indicated that Sandon Capital Investments have provided a total return of
108.32% in dividends, as compared to the return provided from the shares (Garg & Dua,
2014).
9
f. Understanding the returns provided by IPO with dividends:
11/1/2013
1/1/2014
3/1/2014
5/1/2014
7/1/2014
9/1/2014
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
R eturn with dividends
National Storage Sandon Capital Invetments Pact Group
The above figure provides adequate returns of the IPO, which includes dividends and
capital growth of the share price. The inclusion of the share price directly provides adequate
information regarding the return that was actually provided by the organisation for generating
high level of returns in the long run. The analysis has mainly stated that the overall share
price return of the IPO after adding the relevant dividends have mainly increased due to the
positive level of dividends that has been provided by the company after their IPOs. The return
has mainly increased from 1.10% to 1.57% for National Storage and 0.33% to 0.68% for
Sandon Capital Investments.
Moreover, the comparison of the returns that has been generated by National Storage
with and without the dividends mainly states at the level of 43.18%. This mainly indicates
that with the inclusion of the dividend the company was able to provide a total return of
43.18% as dividends to investors. In the similar instance, Pact Group was able to provide a
return of 15.7% from their dividends to the investors over the period of 3 years. However, the
analysis has mainly indicated that Sandon Capital Investments have provided a total return of
108.32% in dividends, as compared to the return provided from the shares (Garg & Dua,
2014).
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10
Conclusion:
The analysis has mainly stated that the share price of three organizations that has been
analyzed in the above assessment directly indicates about the significance of initial public
offering. The main reasons behind the overall public offering are to improve the capital
structure of the organization and reduce any kind of negative impact on its progress and
financial accountability. The cost of capital of the IPO used before the public offering was
relatively zero, as there is no calculation for identifying the relevant cost rate. However, the
analysis has indicated that it used in Australia mainly occurred when the capital market is in
uptrend, file reduction in the capital market returns directly to downfall on the IPO activities.
The share price performance of the IPS is relatively evaluated for the three year period after
the initial public offering. This analysis directly indicated that the IPO had provided high
level of returns in comparison to the market index of Australia. This relatively indicates that
the IPOs conducted in Australia could eventually allow investors to generate high level of
returns from investment in the long run.
10
Conclusion:
The analysis has mainly stated that the share price of three organizations that has been
analyzed in the above assessment directly indicates about the significance of initial public
offering. The main reasons behind the overall public offering are to improve the capital
structure of the organization and reduce any kind of negative impact on its progress and
financial accountability. The cost of capital of the IPO used before the public offering was
relatively zero, as there is no calculation for identifying the relevant cost rate. However, the
analysis has indicated that it used in Australia mainly occurred when the capital market is in
uptrend, file reduction in the capital market returns directly to downfall on the IPO activities.
The share price performance of the IPS is relatively evaluated for the three year period after
the initial public offering. This analysis directly indicated that the IPO had provided high
level of returns in comparison to the market index of Australia. This relatively indicates that
the IPOs conducted in Australia could eventually allow investors to generate high level of
returns from investment in the long run.

FINANCIAL MANAGEMENT
11
References:
Altuntas, S., & Dereli, T. (2015). A novel approach based on DEMATEL method and patent
citation analysis for prioritizing a portfolio of investment projects. Expert systems
with Applications, 42(3), 1003-1012.
Asx.com.au. (2019). Asx.com.au. Retrieved 15 August 2019, from
https://www.asx.com.au/asxpdf/20131205/pdf/42ldz93ntc44s5.pdf
Asx.com.au. (2019). Asx.com.au. Retrieved 15 August 2019, from
https://www.asx.com.au/asxpdf/20131216/pdf/42ln422bn34l8l.pdf
Bauer, R., & Smeets, P. (2015). Social identification and investment decisions. Journal of
Economic Behavior & Organization, 117, 121-134.
Chandra, P. (2017). Investment analysis and portfolio management. McGraw-Hill Education.
DeFusco, R. A., McLeavey, D. W., Pinto, J. E., Runkle, D. E., & Anson, M. J.
(2015). Quantitative investment analysis. John Wiley & Sons.
Finance.yahoo.com. (2019). Finance.yahoo.com. Retrieved 15 August 2019, from
https://finance.yahoo.com/
Fundsfocus.com.au. (2019). Fundsfocus.com.au. Retrieved 15 August 2019, from
http://www.fundsfocus.com.au/managed-funds/pdfs/ipo/sandon-prospectus.pdf
Garg, R., & Dua, P. (2014). Foreign portfolio investment flows to India: determinants and
analysis. World Development, 59, 16-28.
11
References:
Altuntas, S., & Dereli, T. (2015). A novel approach based on DEMATEL method and patent
citation analysis for prioritizing a portfolio of investment projects. Expert systems
with Applications, 42(3), 1003-1012.
Asx.com.au. (2019). Asx.com.au. Retrieved 15 August 2019, from
https://www.asx.com.au/asxpdf/20131205/pdf/42ldz93ntc44s5.pdf
Asx.com.au. (2019). Asx.com.au. Retrieved 15 August 2019, from
https://www.asx.com.au/asxpdf/20131216/pdf/42ln422bn34l8l.pdf
Bauer, R., & Smeets, P. (2015). Social identification and investment decisions. Journal of
Economic Behavior & Organization, 117, 121-134.
Chandra, P. (2017). Investment analysis and portfolio management. McGraw-Hill Education.
DeFusco, R. A., McLeavey, D. W., Pinto, J. E., Runkle, D. E., & Anson, M. J.
(2015). Quantitative investment analysis. John Wiley & Sons.
Finance.yahoo.com. (2019). Finance.yahoo.com. Retrieved 15 August 2019, from
https://finance.yahoo.com/
Fundsfocus.com.au. (2019). Fundsfocus.com.au. Retrieved 15 August 2019, from
http://www.fundsfocus.com.au/managed-funds/pdfs/ipo/sandon-prospectus.pdf
Garg, R., & Dua, P. (2014). Foreign portfolio investment flows to India: determinants and
analysis. World Development, 59, 16-28.

FINANCIAL MANAGEMENT
12
Hammoudeh, S., Nguyen, D. K., Reboredo, J. C., & Wen, X. (2014). Dependence of stock
and commodity futures markets in China: Implications for portfolio
investment. Emerging Markets Review, 21, 183-200.
Hoesli, M., & MacGregor, B. D. (2014). Property investment: principles and practice of
portfolio management. Routledge.
Ilin, I. V., Koposov, V. I., & Levina, A. I. (2014). Model of asset portfolio improvement in
structured investment products. Life Science Journal, 11(11), 265-269.
Jappelli, T., & Padula, M. (2015). Investment in financial literacy, social security, and
portfolio choice. Journal of Pension Economics & Finance, 14(4), 369-411.
Low, R. K. Y., Yao, Y., & Faff, R. (2016). Diamonds vs. precious metals: What shines
brightest in your investment portfolio?. International Review of Financial
Analysis, 43, 1-14.
Schindler, D. E., Armstrong, J. B., & Reed, T. E. (2015). The portfolio concept in ecology
and evolution. Frontiers in Ecology and the Environment, 13(5), 257-263.
Smith, C. (2015). Portfolio Management. Wiley Encyclopedia of Management, 1-3.
12
Hammoudeh, S., Nguyen, D. K., Reboredo, J. C., & Wen, X. (2014). Dependence of stock
and commodity futures markets in China: Implications for portfolio
investment. Emerging Markets Review, 21, 183-200.
Hoesli, M., & MacGregor, B. D. (2014). Property investment: principles and practice of
portfolio management. Routledge.
Ilin, I. V., Koposov, V. I., & Levina, A. I. (2014). Model of asset portfolio improvement in
structured investment products. Life Science Journal, 11(11), 265-269.
Jappelli, T., & Padula, M. (2015). Investment in financial literacy, social security, and
portfolio choice. Journal of Pension Economics & Finance, 14(4), 369-411.
Low, R. K. Y., Yao, Y., & Faff, R. (2016). Diamonds vs. precious metals: What shines
brightest in your investment portfolio?. International Review of Financial
Analysis, 43, 1-14.
Schindler, D. E., Armstrong, J. B., & Reed, T. E. (2015). The portfolio concept in ecology
and evolution. Frontiers in Ecology and the Environment, 13(5), 257-263.
Smith, C. (2015). Portfolio Management. Wiley Encyclopedia of Management, 1-3.
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