Background: Underpricing is a global phenomenon that occurs in every country, including Indonesia. The underpricing phenomenon indicates that the efficient conditions of the capital market are not fully met under the EMH. This phenomenon also made the company can't get the full amount of money and left money on the table.

Objective: This research aims to examine the impact of DER, ROE, NPM, company size, underwriter reputation, number of underwriters, ownership concentration, and managerial ownership on IPO underpricing on BEI during the 2021-2025 period

Research Methods: The study employs Quantile Regression at the median quantile (0.5) with Huber-Sandwich standard errors. This method was selected because it is non-parametric and does not require normality assumptions, making it more robust to the characteristics of IPO data. The research sample consists of 248 companies selected via purposive sampling.

Research Results: The model is significant, with a Prob(Quasi-LR) of 0.035 and a Pseudo R² of 5.96%. Individually, DER has a significant positive effect, while NPM and UNUM have significant negative effects on underpricing; the remaining five variables show no significant impact. Additional analysis of market euphoria conditions (0.70) reveals heterogeneity in market responses, in which the debt risk signal (DER) loses statistical relevance, while NPM and UNUM become increasingly dominant.

Originality/Novelty of Research: These findings confirm signaling theory under normal market conditions and contribute to the Behavioral Finance literature by demonstrating that investors respond to prospectus signals selectively and asymmetrically during instances of extreme underpricing

Underpricing; Initial Public Offering; Quantile Regression; Signaling Theory; Emerging Market

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