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IPO underpricing is defined as (first-day (IPO day) closing price - offer price)/offer price (offer price - second-day (IPO day+1) closing price)/offer price (offer price

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IPO underpricing is defined as (first-day (IPO day) closing price - offer price)/offer price (offer price - second-day (IPO day+1) closing price)/offer price (offer price - first-day (IPO day) closing price)/first-day (IPO day) closing price (first-day (IPO day) closing price - offer price)/first-day (IPO day) closing price None of the above

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