are financing alternatives, one of which is to conduct an IPO or Initial Public Offering (IPO). When a company do IPO, underpricing occurs often indicated by a positive initial return. This research aims to analyze the influence of the exchange rate, industrial type and Basic Earning Power (BEP) against underpricing phenomenon in the IPO company. Population of this research areall companies which Go Public (Initial Public Offering) and listed in Indonesian Stock Exchange (IDX) in 2008-2014. Based on the criteria of sample, obtained 121 companies as samples which are underpriced.In analyze data, this research usedmultiple linier regression in SPSS. The result of this research is partially the industrial type and basic earning power have significant effect against underpricing phenomenon, but simultaneously exchange rate, industrial type and basic earning power have significant effect to underpricing phenomenon.