The purpose of this study is to determine the effect of financial information on underpricing in companies that conduct Initial Public Offering. The variables used in this study include Return on Assets (ROA), Firm Size (FS), Earning Per Share (EPS), and Debt to Equity Ratio (DER). The population studied involved companies that conducted IPOs and were listed on the Indonesia Stock Exchange in 2018-2022. Sampling was carried out using purposive sampling method, with a total of 195 companies as samples. Data analysis was carried out through multiple linear regression and MRA tests using Eviews 10 software. The results showed that Return On Asset and Firm Size have a negative effect on Underpricing. While Earning Per Share has a positive effect on Underpricing. In addition, Debt To Equity Ratio can moderate the effect of Return On Asset and Earning Per Share on Underpricing, but cannot moderate the effect of Firm Size on Underpricing. Simultaneous test results show that the variables Return On Asset, Firm Size, and Earning Per Share simultaneously affect Underpricing.