Analisis Tingkat Underpricing Saham Pada Saat Penawaran Umum Perdana Di Bursa Efek Indonesia
LAMPIRAN 1
Tingkat Underpricing Perusahaan Sampel
Pada Tahun 2010-2014
A. Perusahaan Non-Keuangan Harga Tingkat Tahun Nama Harga Penutupan No KodeUnderpricing
IPO Perusahaan
IPO hari I pasar (%) sekunder
1. 2010 PTPP PP (Persero) 560 580 3,57 Tbk
2. 2010 ROTI Nippon Indosari 1275 1490 16,86 Corpindo Tbk
3. 2010 SKYB Skybee 375 560 49,33 Tbk
4. 2010 GOLD Golden Retailindo 350 520 48,57 Tbk
5. 2010
IPOL Indopoly Swakarsa Industry 210 235 11,90 Tbk
6. 2010 GREN Evergreen 105 178 69,52 Invesco Tbk
7. 2010 BUVA PT Bukit Uluwatu 260 310 19,23 Villa Tbk
8. 2010 BRAU Berau Coal 400 445 11,25 Energy Tbk
9. 2010 HRUM Harum Energy 5200 5450 4,80 Tbk
10. 2010
ICBP Indofood CBP Sukses Makmur 5395 5950 10,28 Tbk
11. 2010 TBIG PT Tower Bersama 2025 2400 18,51 Infrastruktur Tbk
12. 2010 KRAS Krakatau Steel 850 1270 49,41 (Persero) Tbk
13. 2010 APLN Agung Podomoro 365 410 12,32 Land Tbk
14. 2010 BORN Borneo Lumbung Energi & Metal 1170 1280 9,40 Tbk
15. 2010 MIDI Midi Utama 275 410 49,09 Indonesia Tbk
16. 2010 BRMS Bumi Resources 635 660 3,93 Minerals Tbk
17. 2010 MFMI Multifiling Mitra Indonesia 200 320
60 Tbk 18. 2011 MBSS Mitrabahtera 1600 1700 6,25
Segara Sejati Tbk 19. 2011 SRAJ Sejahteraraya 120 200 66,6
Anugrahjaya Tbk
No Tahun
2012 NELY Pelayaran
Tbk 1520 1540 1,31
35.
2012 ALTO Tri Banyan Tirta
Tbk 210 315 50 36.
2012
IBST Inti Bangun Sejahtera Tbk 105 500 376,1
37.
2012 PALM Provident Agro
Tbk 450 470 4,44
38.
Nelly Dwi Putri Tbk 168 205
Tractors Tbk 400 520 30 34.
22 39. 2012
TAXI Express Transindo Utama Tbk 560 630 12,5
40.
2012 ASSA Adi Sarana
Armada Tbk 390 490 25,64
41.
2012 WIIM Wismilak Inti
Makmur Tbk 650 800 23,07
42.
2012 WSKT Waskita Karya
2012 MSKY MNC Sky Vision
2012 KOBX Kobexindo
IPO Kode Nama Perusahaan Harga
VIVA PT Visi Media Asia Tbk 300 450
IPO Harga Penutupan hari I pasar sekunder Tingkat Underpricing
(%)
20. 2011 BULL Buana Listya Tama Tbk 155 160 3,22
21. 2011 SIMP Salim Ivomas Pratama Tbk 1100 1250 13,63
22. 2011 ALDO Alkindo Naratama Tbk 225 250 11,11
23. 2011 SDMU Sidomulyo Selaras Tbk 225 240 6,66
24. 2011 PTIS Indo Straits Tbk 950 1000 5,26 25. 2011 SUPR Solusi Tunas
Pratama Tbk 3400 3700 8,82 26. 2011 GEMS Golden Energy
Mines Tbk 2500 2725
9 27. 2011
50 28. 2011 BAJA Saranacentral
Lestari Tbk 500 670 34 33.
Bajatama Tbk 250 310
24 29. 2012
TELE Tiphone Mobile Indonesia Tbk 310 325 4,83
30.
2012 ESSA Surya Esa Perkasa
Tbk 610 1190 95 31.
2012 BEST Bekasi Fajar
Industrial Estate Tbk 170 285 67,64
32.
2012 RANC Supra Boga
(Persero) Tbk 380 445 17,10
No Tahun Kode Nama Harga Tingkat
IPO Perusahaan Harga Penutupan Underpricing
IPO hari I pasar (%) sekunder
43. 2013 HOTL Saraswati Griya 185 200 8,10 Lestari Tbk
44. SAME Sarana Meditama 2013 400 455 13,75
Metropolitan Tbk
45. TPMA Trans Power 2013 230 365 58,69
Marine Tbk
46. DYAN PT Dyandra 2013
Media 350 385
10 International Tbk. 47. 2013 DSNG PT Dharma Satya 375 430 14,66
Nusantara Tbk.
48. SRIL PT Sri Rejeki 2013 1850 1870 1,08
Isman Tbk
49. ACST PT Acset 2013 2500 2825
13 Indonusa Tbk.
50. NRCA PT Nusa Raya 2013 850 1270 49,41
Cipta Tbk.
51. SMBR PT Semen 2013
Baturaja (Persero) 560 570 1,78 Tbk
52. MLPT PT Multipolar 2013 480 720
50 Technology Tbk.
53. SILO PT Siloam 2013
International 9000 9650 7,2 Hospitals Tbk.
54. APII PT Arita Prima 2013 220 330 45,45
Indonesia Tbk.
55. KRAH PT Grand Kartech 2013 275 410 49,09
Tbk 56.
IMJS PT Indomobil 2013 500 540
8 Multi Jasa Tbk.
57. SSMS PT Sawit 2013
Sumbermas 670 720 7,46 Sarana Tbk.
58. SIDO PT Industri Jamu 2013 dan Farmasi Sido 580 700 20,68
Muncul Tbk 59. 2014 BALI PT Bali
Towerindo Sentra 400 600 50% Tbk
60. 2014 BLTZ PT Graha Layar 3000 3400 13.33% Prima Tbk. 61. 2014 DAJK PT Dwi Aneka
Jaya Kemasindo 470 530 12.76% Tbk. 62. 2014
IMPC PT Impack Pratama Industri 4300 5700 32.55% Tbk
B. Perusahaan Keuangan
No Tahun Kode Nama Harga Harga Tingkat
IPO Perusahaan
IPO Penutupan Underpricing hari I pasar (%) sekunder
63. 2010 BJBR Bank Pembangunan Daerah Jawa Barat 600 900
50 dan Banten Tbk 64. 2010 BSIM Bank Sinarmas 150 255
70 Tbk 65. 2011 HDFA HD Finance 200 230
15 Tbk 66. 2011 TIFA Tifa Finance 200 310
55 Tbk 67. 2011 ABMM ABM Investama 3750 3825
2 Tbk 68. 2012 PADI Minna Padi
Investama 395 550 39,24 Tbk
69. NOBU PT Bank 2013 375 430 14,66
Nationalnobu Tbk 70.
VICO PT Victoria 2013 125 210
68 Investama Tbk.
71. BBMD PT Bank Mestika 2013 1380 1560 13,04
Dharma Tbk
72. NAGA PT Bank 2013 180 305 69,44
Mitraniaga Tbk. 73. 2014 ASMI PT Asuransi Mitra 270 405 50%
Maparya Tbk 74. 2014 BINA PT Bank Ina 100 270 17%
Perdana Tbk 75. 2014 AGRS PT Bank Agris 165 187 13.33%
Tbk 76. 2014
IBFN PT Intan Baruprana 286 290 3.49% Finance Tbk
LAMPIRAN 2
Data Variabel Jumlah Saham yang Ditawarkan,
Total Asset, Kapitalisasi Pasar dan ROA Perusahaan Sampel
No EMITEN LN OFFER LN21.87
18.42
25.68 24.76 6.22% 28. PTIS
19.28
25.62 24.34 3.85% 27. SDMU
16.52
20.42 25.17 3.80% 26. ALDO
19.44
25. TIFA
16.86 23.62 6.62%
21.76 21.29 0.23% 24. SIMP
29. SUPR
22.61
20.45 26.59 1.64% 23. BULL
21.15
22. HDFA
27.31 21.53 0.82%
20.43
27.94 21.14 14.05% 21. SRAJ
18.98
24.99 25.13 11.75% 20. MBSS
19.36
17.83 26.96 7.82%
18.42
15.89 26.73 0.60%
26.22 25.82 5.98%
19.56
38. RANC
27.80 26.94 10.07%
21.29
18.11 26.41 18.60% 37. BEST
19.33
13.98 26.80 12.3% 36. ESSA
21.02
35. TELE
19.51
28.21 21.65 0.02% 30. GEMS
26.98 25.54 0.98 % 34. PADI
19.80
15.40 28.37 2.60% 33. BAJA
20.12
32. ABMM
21.46 22.80 0.17%
21.23
VIVA
27.74 23.49 3.03% 31.
20.59
19. MFMI
21.19
SIZE LN M.Cap ROA 1.
21.60
27.03 26.30 0.83%
20.56
8. BUVA
26.44 26.59 16.48%
21.41
14.34 27.01 5.52 % 7. GREN
21.55
IPOL
17.29 28.41 2.18% 6.
5. BJBR
21.94
24.27 24.52 14.54%
18.26
23.82 25.6 15.14% 4. GOLD
19.27
26.57 26.14 16,46% 3. SKYB
18.83
2. ROTI
29.04 27.12 3.95 %
20.76
PTPP
9. BRAU
16.44 23.60 6.15 % 10. HRUM
18. BSIM
22.53
23.44 24.86 0.013%
21.91
26.93 20.82 0.66% 17. BRMS
19.88
16. MIDI
15.28 23.88 2.29 %
22.21
15. BORN
29.11 22.78 7.96 %
16.36 23.66 3.86 % 14. APLN
20.12
21.87
12.92 13. KRAS
23.15
14.43
20.12
12. TBIG
16.14 29.56 2.08%
20.87
ICBP
14.64 23.91 33.53% 11.
26.72 28.37 5.42%
No EMITEN LN OFFER LN SIZE LN M.Cap ROA 39.
27.67 26.92 0.36% 63. SILO
22.18
IMJS
26.15 26.71 6.40% 66.
20.69
65. KRAH
25.90 26.59 10.98%
20.79
28.09 26.59 3.27% 64. APII
20.86
21.20
22.97
62. NAGA
29.62 29.47 3.67%
22.12
61. BBMD
27.37 28.06 12.51%
22.71
VICO
20.72 27.93 2.83% 60.
21.35
29.36 28.47 2.05% 67. SSMS
21.47 29.55 26.57%
20.90 29.35 24.90%
21.63
21.87
IBFN
28.55 33.78 5.03% 76.
22.15
75. AGRS
28.12 36.77 8.11 %
19.99
IMPC
20.84 27.11 6,02% 74.
27.17 35.31 -8.01% 73. DAJK
68. SIDO
19.63
72. BLTZ
27.21 33.61 0.13%
20.21
27.96 33.56 0.05% 71. BALI
21.45
26.68 32.68 0.023 % 70. BINA
21.05
14.58 29.98 18,01% 69. ASMI
23.43
59. MLPT
23.00
KOBX
19.67
48. WSKT
27.33 26.94 17.47%
20.26
27.98 27.22 0.69% 47. WIIM
21.03
20.72 27.21 6.02% 46. ASSA
20.77
45. TAXI
26.44 24.99 18.94%
21.75 26.45 24.63% 44. NELY
29.26 27.94 3.37% 49. HOTL
20.30
28.09 25.06 5.15% 43. PALM
18.85
IBST
26.08 25.27 1.52% 42.
19.51
15.05 28.40 1.89% 41. ALTO
21.06
18.64 25.67 8.27% 40. MSKY
19.42
21.84
20.12
58. SMBR
14.01 28.19 0.22% 54. DSNG
27.45 28.77 10.98%
21.63
27.34 27.97 69.2% 57. NRCA
20.03
29.03 31.17 5.35% 56. ACST
23.64
55. SRIL
15.45 29.7 4.90%
21.47
22.13
27.46 25.42 2.03% 50. SAME
27.98 28.12 4.57% 53. NOBU
22.17
52. DYAN
10.63
25.69
18.18
19.79
51. TPMA
26.39 25.12 8%
19.00
28.48 34.15 0.01%
LAMPIRAN 3
Statistik Deskriptif Sebelum Transformasi
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation UDP
76 1.08 376.10 31.0966 46.07664 OFFER
76
16.52 23.64 20.7339 1.34208 SIZE
76
13.98 29.62 23.4264 5.11290 M.CAP
76
20.82 36.77 26.8849 3.25646 ROA 76 -8.01 69.20 7.7351 10.24842 Valid N (listwise)
76 Statistik Deskriptif Sesudah Transformasi
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation LnUDP 76 .08 4.30 2.8158 1.04713 OFFER
76
16.52 23.64 20.7339 1.34208 LnSIZE 76 .04 4.15 2.7058 .73672 M.CAP
76
20.82 36.77 26.8849 3.25646 LnROA 76 -4.61 4.24 1.0106 1.97561 Valid N (listwise)
76
LAMPIRAN 4
Hasil Uji Normalitas Sebelum Transformasi
One-Sample Kolmogorov-Smirnov Test
76 Normal Parameters
Kolmogorov-Smirnov Z 1.108
Absolute .127 Positive .127 Negative -.106
Most Extreme Differences
Mean .7577 Std. Deviation .56826
a,b
76 Normal Parameters
ABS_RES N
One-Sample Kolmogorov-Smirnov Test
b. Calculated from data.
Kolmogorov-Smirnov Z 1.066 .506 1.135 1.019 1.230 Asymp. Sig. (2-tailed) .206 .960 .152 .250 .097 a. Test distribution is Normal.
Most Extreme Differences Absolute .122 .058 .130 .117 .141 Positive .078 .045 .130 .117 .090 Negative -.122 -.058 -.121 -.059 -.141
Mean 2.8158 20.7339 2.7058 26.8849 1.0106 Std. Deviation 1.04713 1.34208 .73672 3.25646 1.97561
a,b
76
UDP OFFER SIZE M.CAP ROA N
76
76
76
LnUDP OFFER LnSIZE M.CAP LnROA N
Hasil Uji Normalitas Sesudah Transformasi
One-Sample Kolmogorov-Smirnov Test
Kolmogorov-Smirnov Z 2.244 .506 1.906 1.019 1.851 Asymp. Sig. (2-tailed) .000 .960 .001 .250 .002
Most Extreme Differences Absolute .257 .058 .219 .117 .212 Positive .196 .045 .113 .117 .190 Negative -.257 -.058 -.219 -.059 -.212
Mean 31.0966 20.7339 23.4264 26.8849 7.7351 Std. Deviation 46.07664 1.34208 5.11290 3.25646 10.24842
a,b
76 Normal Parameters
76
76
76
76
Asymp. Sig. (2-tailed) .171 a. Test distribution is Normal.
LAMPIRAN 5
Hasil Uji Heteroskedastisitas
1 (Constant) 3.797 2.046 1.856 .068 OFFER -.124 .089 -.159 -1.391 .168 LnSIZE .508 .158 .357 3.204 .002 M.CAP .006 .037 .018 .157 .876 LnROA .062 .061 .116 1.016 .313
76
76 Std. Residual -2.789 2.136 .000 .973
76 Std. Predicted Value -3.390 1.831 .000 1.000
76 Residual -2.72649 2.08819 .00000 .95113
Minimum Maximum Mean Std. Deviation N Predicted Value 1.3309 3.6179 2.8158 .43799
Residuals Statistics
aa. Dependent Variable: LnUDP
Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta
ANOVA
a Model Sum of Squares df Mean Square F Sig.
Coefficients
ab. Predictors: (Constant), LnROA, LnSIZE, OFFER, M.CAP
a. Dependent Variable: LnUDP
75
Residual 67.848 71 .956 Total 82.236
b
1 Regression 14.388 4 3.597 3.764 .008
a. Dependent Variable: LnUDP