A study of the initial returns and the aftermarket performance of initial public offerings of demutualized building societies in the UK

This article examines the initial returns and the aftermarket performance of initial public offerings (IPOs) of demutualized building societies in the UK. The size of the IPOs and the unusual features of the process involved allow for the testing of a number of hypotheses developed from established theories regarding IPOs and mutual to stock conversions. In broad terms, the findings of the study are in accordance with the previous literature.