Abstract: This study aims to determine the factors influencing the level of underpricing of Financial and Manufacturing companies listed in Indonesia Stock Exchange within 2011-2016. Variables examined include underwriter reputation, auditor reputation, firm age, financial leverage, ROA, and ownership concentration. This research was carried out through the analysis of multiple linear regression with a 5% significance level, Data collection tool that used is observation and literature study with purposive sampling method. This research used 40 selected samples from 140 firms available in population. The research concluded that first underwriter reputation and auditor reputation succeed to show a negative significant effect on the level of underpricing. Second, firm age, financial leverage, ROA and ownership concentration failed to show a significant influence on the level of underpricing,