This study examines the short term performance
of initial public offering (IPO) in capital market of Thailand
from 2003-2013. The daily price data is used in this study to
identify the short term returns of IPO of the first trading day
until the day that abnormal return cannot be earned. The
results confirm the abnormal returns of the first trading day of
IPO and also identify that their outperformance returns remain
until day 246 after the market. IPO of four industries which are
financial, service, resources, and technology outperform the
market, while the other four industries which are agro and
food, consumer products, industrials, and property and
construction do not provide significant abnormal returns.