This research is aimed to examine the effect of underwriter reputation, auditor’s reputation, and corporate governance on the level of underpricing of initial public offering shares, The dependent variable used in this research is the level of underpricing which is proxied (UNDERPRICING), while the independent variables are the reputation of the underwriter (UWR), auditor reputation (AUD), finamcial leverage (LEV), company size (SIZE), company age (AGE) and return on asset (ROA). The sample in this research is manufactur companies listed on the indonesia stock exchange fpr the period 2009-2018. The sampling technique in this research was using purposive sampling and 42 observation samples. The data analysis method used is multiple linear analysis method. The analysis shows that the variable the reputation of the underwriter, financial leverage, company age and return on asset do not effect the level of underpricing, while the underwriter reputation and the size of company has a positive effect on the level of underpricing