Several studies correlate accounting information and stock market prices - which is called value relevance. The goal of this study is to evaluate the relevance of the accounting information related to stockholders' equity, net income and EBITDA in the stock price formation process of initial public offerings held at BM&F Bovespa between 2004 and 2012. In order to achieve the goals of the study, we performed regressions using the market value of the companies (obtained by multiplying the number of shares by the market value of these at the date of the IPO) as dependent variables and accounting variables as independent or explanatory variables. We were able to verify that, among the accounting variables surveyed, only one of them (Ebitda) was significant at the 10% level when evaluated alone and with a control variable, showing that it contributes to stock price formation. The other variables - net income and shareholders' equity - failed to present relevance for the Brazilian capital market.