Measuring the Financial Performance Prior and After the Initial Public Offering (IPO) of Companies Listed in the Indonesian Stock Exchange (IDX)

IPO or Initial Public Offering is securities offering for the first time to the general public through the capital market. After becoming a public company, the community hopes that there will be an increase in the company's performance including its financial performance. This study aims to find out how the financial performance of companies listed on the IDX both before and after the IPO. From the data of 37 companies listed on the IDX that conducted an IPO for the 2014-2016 period using the paired t test and the Wilcoxon signed rating test, it was found that simultaneously there are significant differences in all financial performance indicators studied, both before and after the IPO. Whereas partially there are significant differences in Return on Common Equity (ROCE), Return on Net Operating Asset (RNOA), Asset Turnover (ATO), Financial Leverage (FLEV), Current Ratio (CR), Debt to Equity Ratio (DER) and Return on Assets (ROA) before and after the IPO. However, there is no significant difference in Profit Margin (PM) and Net Borrowing Cost (NBC).