The literature on Initial Public Offerings (IPO) is still little
explored in Brazil, since the significant growth in the stock market
occurred only recently. The purpose of this study is to identify the
determining factors for the IPO of Brazilian companies, based on logistic
regression methods and using a sample with private and public Brazilian
companies. The results indicate that firms that undertook their IPO in the
period were those that had been making significant investments, those that
had the highest level of profitability and/or those that increased their
level of indebtedness. The IPO was an alternative to improve the capital
structure and/or raise funds to continue investing in their growth. The
companies that went public were those that seized the opportunity offered in
the period and the size of the companies was not significant for the
IPO