Investors and IPOs who invest by buying shares in the capital market will analyze the condition of the company first so that the investment made can provide benefits. In conducting an analysis of stocks, there are many types of analysis that are carried out, especially in terms of buying shares that will conduct the IPO itself. Limited information in the analysis of stocks conducting IPOs often occurs which is where this information is very much needed in determining decisions later. One of them is increasing the number of shareholdings by issuing new shares. This can be done, among others, by selling its shares to the general public through a stock exchange called the go public process. The initial public offering transaction is called and IPO (Initial Public Offering). This study aims to determine what factors are thought to influence the level of under pricing of shares of a company that conducts an IPO on the Indonesia stock exchange. The research method used is descriptive analysis, where the research sample is companies conducting IPOs that have an impact on IPO funds at the time of the IPO on the IDX for the 2019-2021 period. The data used is secondary data obtained from perpektus reports of companies conducting IPOs on the Indonesia stock exchange. The data analysis used in this research is multiple linear regression analysis and also assumption test. The results of this study indicate that the company age and public ownership has negative impact to IPO initial return and in the other way, company size, return on investment, and over subscription has positive significance impact to IPO Initial return.