Performance evaluation of ipo stocks in the electricity industry during the Covid- 19 pandemic in Turkey

The high return expectation brought an increase in the number of investors, and in April 2023 this figure increased to 4.77 million people. As a result of the analyzes, although the initial public offerings returns could not be superior to BIST returns in a year, there was a visible increase in the number of investors along with the public offering madness psychology. The purpose of this study is to monitor the performance on unit risk by comparing the Ipos available stocks with the index data for the first time. For this purpose, the annual values of the shares of the electricity sector, which was offered to the public between 2020-2022 in Turkish, were taken as BIST 100 input for daily closing prices and BIST data and 248-253 for each analysis calculated using observation. Sharpe Rate, which calculates according to the total risk that hosts systematic and non-systematic risks, only Treynor Rate, which performs performance calculation according to systematic risk, Comparing the performance of the portfolio with the performance of an indicator BIST with the same systematic risk, the Jensens Alpha criterion was calculated and interpreted comparatively for each analysis. In general, although the IPOs performance in 2020, the first year of Pandemic, were seen to be more successful in the face of BIST data, the number of IPOs that did not exceed the index performance in 2021 is in the majority. Although the performance on IPOs were mostly superior in 2022 compared to BIST performance and IPO performance, it is not until 2020. Keywords: IPOs, unit risk, return, stock performance, risk measurement.