“…In contrast to Beatty and Ritter (1986), Johnson and Miller (1988), Reutzel and Belsito (2015), Dhamija and Arora (2017), Sundarasen et al (2018) which reported negative relationship and Beatty and Welch (1996), Mitchell Van der Zahn, Singh, and Singh (2008), Chahine and Tohmé (2009), Liu and Ritter (2011), Thorsell and Issakson (2014),Gao et al (2015), Alvarez-Otero and Lopez-Iturriaga (2018) which reported positive relationship between underwriter reputation and underpricing, various other studies such as Shin (2010), Tian (2012), Anderson, Chi, and Wang (2015), Velamuri and Liu (2017), Bhattacharya (2017), Badru and Ahmad-Zaluki (2018) reported insignificant relation between the two. In the context of our study in Indian setting in case of SMEs, the positive relation between underwriter reputation and underpricing has been hypothesized in present study.…”