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The impact of institutional backing on initial public offering valuation: a comparative analysis of venture capital and private equity
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Resumo(s)
This thesis examines how institutional investor backing influences IPO valuations across 1,530 European listings from 2005 to 2024. PE-backed firms command 78% valuation premiums while VC-backed firms show 60% premiums. However, the PE premium concentrates in five
exceptional deals, implying that observed effects may not be generalizable to the median firm. In contrast, the VC premium persists across the broader portfolio, suggesting a systematic certification effect. Hot market periods increase premiums by 31%, while industry effects
prioritize transformation potential over R&D intensity. Still, existing evidence suggests that these premiums may not translate into long-term post-IPO outperformance.
Descrição
Palavras-chave
Certification hypothesis Growth expectations Valuation multiples Institutional ownership