This research is to explore Initial Return Stock on the Jakarta Stock Exchange period 2000,2001 and 2002. This study used two stage method, such as first stage is to analyze initial return using univariate regression, and second stage analyze factors affected initial return using cross section multivariate regression. This research found that there is no different average initial return between gross revenue IPO, percentage floating stocks and PER. But, this study found that there is different between age and debt to equity ratio for 36 months. In second stage, this study found that initial return affected by size company, utilization IPO proceed to working capital, and shareholder sale.