Most large of companies are choosing to do the issuance of new shares through an initial public offering (IPO) to raise capital. This study aims to analyze the influence of company’s characteristic, company’s performance who seen from one year before the IPO, and intellectual capital disclosure towards the phenomenon of underpricing. Indpeneden variables used in the study include auditor reputation, underwriter reputation that characterize the company, the variable return on assets, earnings per share, and leverage as an appraiser on the company's performance, intellectual capital disclosure, and the control variables are age and size of the company. This research was conducted using secondary data. Sampling technique used was purposive sampling. From 117 companies that did IPOs during the period 2011-2015, samples used in the research as much as 71companies. The data analysis methods used is multiple linier regression analysis The result of this research show that auditor reputation, underwriter reputation, Return on Asset and leverage have no significant effect to undepricing. Control variable are firm’s age and firm’s size have no significant effect to undepricing. While Earning Per Share variabel have negative significant effect to underpricing.