This study aims to examine the influence of risk variable on the initial returns of ipos (initial public offerings). ipos of listed companies on idx (indonesian stock exchange) for the year 2016-2018. the risk variables dispersed into risk disclosure, financial leverage, and underwriter reputation. risk disclosure measured by 33 risk indicators developed by wasiuzzaman et al. (2017). purposive sampling technique was applied to select the sample of this study and 91 companies were chosen for data observation. multiple linear regression analysis is utilized for the hypothesis testing within the study. the result of this study revealed that all independent variables are simultaneously influenced the dependent variable. partially, risk disclosure and underwriter reputation found negatively influence the initial returns of ipos, but there is no a significant impact for financial leverage on the initial returns of ipos. keywords: initial return, risk disclosure, financial leverage,