This study endeavors to elucidate the influence of geographic and asset type concentrations on the valuation of Initial Public Offerings (IPOs) in the Real Estate Investment Trust (REIT) industry. It analyzes a dataset of 83 REIT IPOs in the US, UK, and EU from 2000 to 2022. The research aims to get a comprehensive understanding of the complex factors that influence the success of initial public offerings (IPOs) in the real estate investment trust (REIT) market. This will be accomplished through conducting an in-depth investigation that combines conventional and creative methods. An important finding of the inquiry is the identification of a strong positive association between a company's market size and the first returns of its IPO. This suggests that the market has a tendency to favor larger organizations. In contrast, the analysis reveals an inverse correlation between the Price to Book (P/B) ratio before to the IPO quarter and initial returns. This indicates that firms with greater valuations compared to their book value just before going public generally have lower initial returns. Contrary to commonly accepted beliefs, the research results suggest that the Herfindahl Index (HHI_GEO) for geographic concentration and the HHI_ASSET for asset type concentration do not have a substantial impact on IPO initial returns. This study suggests that investors might minimize the significance of geographical or asset type diversity in REIT IPOs, possibly because of the distinct characteristics and market dynamics associated with real estate investments. The research also examines the impact of strategic investment preferences, such as concentrated investment in certain property types, substantial investment in core property types, and a preference for investments inside the state where the headquarters is based. Nevertheless, these strategic orientations do not demonstrate a substantial influence on IPO initial returns, emphasizing that broader market dynamics and company-specific features have a more crucial effect in predicting IPO success than the strategy emphasis alone. The incorporation of business-level and market-level control variables, such as the firm's age at IPO, total proceeds, and market circumstances, seeks to conduct a comprehensive assessment of the factors that impact IPO success. However, these characteristics do not exhibit a statistically significant link with IPO beginning returns, emphasizing the intricate interaction of factors influencing IPO results and the difficulties in identifying specific drivers of success.     «

This study endeavors to elucidate the influence of geographic and asset type concentrations on the valuation of Initial Public Offerings (IPOs) in the Real Estate Investment Trust (REIT) industry. It analyzes a dataset of 83 REIT IPOs in the US, UK, and EU from 2000 to 2022. The research aims to get a comprehensive understanding of the complex factors that influence the success of initial public offerings (IPOs) in the real estate investment trust (REIT) market. This will be accomplished through...     »