اسفندیار ملکیان

The study aimed to examine factors affecting the pricing less than initial public offering of shares of the companies listed in Tehran Stock Exchange. The universe includes companies all with an initial offering of shares listed in Tehran Stock Exchange between 2009 and 2012; due to the limited statistical population of the study, purposive sampling method was used. 24 companies with initial offering of shares in the period of investigation were chosen. Software used in this study is Eviews 7. The results showed firm age, size, institutional investors, sales growth, return on assets and the ratio of price to earnings per share have a significant impact on the pricing less than initial public offering of the shares of companies listed in Tehran Stock Exchange. In contrast, the combination of ownership and financial leverage has no impact on it significantly.