Abstract: The purpose of the present work is to determine the partial and simultaneous effect of debt to asset ratio (DAR), return on equity (ROE), and firm size on underpricing. It involved 52 non-financial companies that experienced underpricing during an IPO on the Indonesia Stock Exchange in the 2019-2020 period as the sample. Further, secondary data were used in this research. The collected data were analyzed by applying the multiple linear regression analysis.