We empirically examine the effects of venture capital (VC) firms on VC-backed listed companies in Singapore. While previous studies have shown the VC value-added in lower underpricing and better post-IPO operational performance of VC-backed IPOs, we find the effects of venture capitalists’ participation are very complicated. Most significantly, the post-IPO operating performance of VC-backed companies is inferior though they are less underpriced. The finding supports both the certification model and the adverse selection model. Furthermore, we find that IPOs backed by older VC firms perform better, supporting the grandstanding model that younger VC firms bring their portfolios to the market prematurely.