This Study is an empirical study to test the effect of variable intellectual capital, institutional ownership, earning per share, company size, return on equity to underpricing of initial public offering on the Indonesian Stock Exchange with the observation period 2012-2017. The samples using purposive sampling technique through certain criteria in order to obtain a sample of 59 companies observations. The analysis technique used in this research is multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and f-statistic to test the feasibility of the research model with a level of sinificance of 5%. It also made the classic assumption test including normality test, multicollinearity, heteroscedasticity test, and autocorrelation test. The analysis showed that the intellectual capital no effect on underpricing, institutional ownership no effect on underpricing, earning per share no effect on underpricing, while the company size negative effect on underpricing, and return on equity negative effect on underpricing.