We examine whether the presence of a minority CEO affects a firm’s IPO outcomes. We find a stylized fact that minority-helmed companies experience higher initial returns, upward price revisions, and post-IPO stock return volatility. Excessive IPO underpricing with minority CEOs can attract subscription from heterogeneous investors and correspond to the uncertainty surrounding the valuation of firms. The evidence in this paper conforms with the uncertainty models and book building models of IPO underpricing. The higher cost for going public, however, is not associated with the difference in post-IPO firm performance and auxiliary services.