The low interest rate and growing market liquidity have increased interest in the IPOs, bringing record competition rates and trillions of money into the subscription increase. In this study, we examine the factors affecting the price-related return rate of companies in the early stage of the listing procedures, such as the relative advantage of institutional investors in information asymmetry, and the early underpricing of the IPOs. In addition, the initial underpricing of IPOs is observed by taking into account the number of guaranteed quota subscriptions by institutional investors in order to secure large amounts. We also analyse the initial underpring and long-term higher price by measuring the yield rate by period. As a results, we find that the participation competition rate of institutional investors affected the depreciation of initial public offering companies and the rate of institutional commitment, which could be considered attractive, is also affected by the depreciation of initial public offering. In particular, the competition rate of individual subscription has the highest and most continuous impact on the rate of public offering, which is selected by individual investors as the ratio of institutional investor’s subscription competition and guarantee. This research is different from the previous study regarding factors that affects undervalued IPOs through non-financial entities (institutional and individual competition rate) and attractiveness (rate of guarantee). In particular, there are positive effects on the IPO market and efficiency of investment decision of the general investor who are in the relative disadvantage through the form of investment by institutional investors with asymmetric information advantage.