The aim of the paper is to analyze the influence of the benefit corporation (BC) status on Initial Public Offering (IPO) underpricing. Since this phenomenon is strongly linked to information asymmetries, the Authors want to test if companies that disclose impact reports and show stronger commitment about environmental, social and governance (ESG) issues are perceived as more transparent and, consequently, show lower levels of underpricing compared to ordinary firms. The research was based on IPOs realized between 2021 and 2023 on the Italian stock Exchange. Data from 2 years before the IPO have been gathered, using the status of benefit corporation as a dummy variable to check its influence on first-day underpricing. The Authors also employed some financial metrics as control variables, to test their impact on underpricing over time. Underpricing has mostly been analyzed from a purely financial perspective, even though a few studies investigating its link with ESG and sustainability performance have been carried out. However, to the best of our knowledge, none of them have examined the role of benefit corporation status on IPO outcomes. The findings of the research prove that the status of Benefit corporation helps companies reduce underpricing, providing useful insights for companies and investors in dealing with sustainability and ESG disclosure before going public, to suffer from less severe underpricing and leave less “money on the table”. The study is limited by the size of the sample and by the exclusive focus on Italian firms. Further research should perform a broader analysis encompassing more companies listed on different stock markets.