This research is an empirical study to examine the influence of the variables ROA, EPS, financial leverage, and board size on the underpricing of initial public offerings on the Indonesia Stock Exchange with the 2015-2019 observation period. The data used is secondary data by collecting company data listed on the IDX. Determination of the sample using purposive sampling technique through certain criteria in order to obtain a sample of 108 samples of observation. The analysis technique used in this research is descriptive statistical test, classic assumption tests which includes normality test, multicollinearity test, heteroscedasticity test, autocorrelation test, multiple linear regression analysis and hypothesis testing. The analysis shows that ROA, EPS and financial leverage have no effect on underpricing while board size has a negative effect on underpricing.