On average, UK IPOs have an initial return of 16% and a median initial return of 8.6%
which is coherent with prior empirical findings that showed similar results (Engelen and
Essen, 2010; Boulton et al., 2010; Hopp and Dreher, 2007).
The large range (lower limit = -98,9%; upper limit = 518%) implies a high standard deviation of the sample of
48.8%, which is coherent with the researchers predictions as consequence of the large
proportion of highly speculative Penny Stocks in the sample. As a result it can be said
that initial returns in the UK are highly uncertain.