The objective of this research is to examine the effect of corporate governance on underpricing level at Initial Public Offering. and this research is to empirically examine about the market reaction, intra industry effect of underpricing announcement. The corporate governance factors tested include board size, proportion of board independence, the existence of audit committee, auditor qualit  The companies which choosed are underpricing and non underpricing firms 2016-2019 technique of analysis data used multiple regression and one sample t test  analysis. Based on the results of the research showed that the number of board size and quality auditor  has a negative significant impact on the underpricing level, while board independent and comitte auditte do not have a significant efeect on the underpricing level. this research can not prove intra industry transfer on the event window periods.

Key words : IPO, underpricing, corporate governance, board size, proportion of board independence, audit committee, auditor quality, intra industry transfer.