There are several IPO regulatory changes implemented in Taiwan stock markets since 2005. One of those new mechanisms is to release the stock IPO pricing rules to underwriters. This study intends to explore the ranks of bargain factors, in underwriters’ opinions, that will affect the IPO negotiated price. The Analytic Hierarchy Process (AHP) will be utilized to test the primary data surveyed from 10 experts from 3 Taiwan securities underwriting department. According to the results, it has found the major proportion of IPO price determinants is the market situation rather than the financial performance of the issuing firms and reputation of underwriters. Besides, the predominant of bargain factors is ranked by the order of market factor, industrial factor, financial factor, underwriters’ operation risk.