Abstract
The Croatian company under state ownership that underwent the process of an introduction to the capital market was the leading regional petrochemical company, INA Oil Industry. The process of introduction to the capital market started in 2006 when the Croatian government announced that it will sell 15% of INA shares to small investors, Croatian citizens with some pre - emptive rights and under special conditions. In the text, the authors describe the short-term and long-term performance of shares, factors that influence the perception of privatized companies and the phenomenon of underpricing of shareholder issues. Finally, the introduction to the capital market of INA shares is briefly presented as a case study. This paper reports the research results of a survey of the perception of INA company and of the introduction to the capital market of INA's shares by the potential small investors and the influence of those perceptions on stock purchase motivation.