ABSTRAK This paper explores whether price of IPO BUMN stock was over or underpricing. The result underpricing for issuer (Government) was fund accepted from IPO fewer than shloud be but for underwriter even good because there aren’t risk to bear of stock IPO not sales. In addition to the investors succed to buying stock in primary market will get profit whenever they sell their stock in secondary market immediately. Kusuma (2001) and Febriana (2004) said that underpricing price stock IPO was effected by financial and non financial factors. This paper finds 15 BUMN was go-public 80% underpricing and 20% overpricing. In the long run 60% performs very good (positip return) and 40% not so good (negatip return) with assumsion regargless stock splits. Key Words: overpricing, underpricing, emiten, underwriter.