• Initial Public Offering https://store.theartofservice.com/the-initial-public- offering-toolkit.html
• Initial Public Offering
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Accenture Initial public offering
1 On July 19, 2001, Accenture offered initial public offering (IPO) at the
price of $14.50 per share in New York Stock Exchange (NYSE); Goldman
Sachs and Morgan Stanley served as its lead underwriters. Accenture
stock closed the day at $15.17, with the day's high at $15.25. On the first
day of the IPO, Accenture raised nearly $1.7 billion.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 Some analysts claim that Groupon operates "like" a Ponzi scheme,
according to interpretation of Initial public offering (IPO) documentation, because it has publicly disclosed that
it is losing approximately US$100 million per quarter, has a net
negative balance of $230 million, and is using later investors' money to
pay off earlier investors.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 On August 10, 2011, Groupon updated its IPO filing, after facing
scrutiny from regulators and analysts over its use of a non-standard
accounting metric called Adjusted Consolidated Segment Operating
Income
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 Analysts also criticized Groupon's decision to pay out over $940 million of the $1.12 billion in venture capital Groupon had raised before the IPO -
over 84% of its venture capital raised - as cash payouts to its 3 founders and early backers, rather than into
the money-losing company
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 On October 21, 2011, Groupon set terms for its IPO on NASDAQ,
planning to offer 30 million shares at $16–18. The terms implied a dealsize
of $510 million and a valuation of $11.2 billion. On November 4,
Groupon raised $700 million, 30 percent more than it sought, valuing
them at about $12.7 billion.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 As of 4 November 2011 Groupon was valued at $13 billion and the float
was at 35 million shares going at $20 each whereas they were last priced at between $16 and $18. On their
opening on Nasdaq, Groupon shares jumped more than 50 percent to a
high of $29.52. However, on November 22, 2011 the stock price
fell below its IPO level.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Groupon - Initial public offering filing
1 On Wednesday, July 11, 2012, just eight months after the company went public, Groupon's stock hit its lowest level since
IPO at $7.72 and closed at $7.77. On Tuesday, August 14, 2012, Groupon's
stock price dropped 27% and fell as low as $5.49. On Tuesday, September 3, 2012,
Groupon's stock price closed at another all time low at $4.15 dropping almost 80%
below Groupon's IPO price ($20).
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook
1 Initial public offering of Facebook
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook
1 The social networking company Facebook held its initial public
offering (IPO) on May 18, 2012. The IPO was one of the biggest in
technology, and the biggest in Internet history, with a peak market capitalization of over $104 billion. Media pundits called it a "cultural
touchstone."
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Context
1 For years Facebook, and Zuckerberg, resisted both buyouts and taking the
company public. The main reason that the company decided to go public is because it crossed the threshold of 500 shareholders, according to Reuters financial
blogger Felix Salmon.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Context
1 Facebook reportedly turned down a $750 million offer from Viacom in
2006. That same year, Yahoo! attempted to buy the company for $1 billion but founder Mark Zuckerberg
refused. Also that year, BusinessWeek reported a $2 billion
valuation for the company.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Context
1 Facebook did accept investments from companies, and these
investments suggested fluctuating valuations for the firm
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Context
1 Zuckerberg wanted to wait to conduct an initial public offering,
saying in 2010 that "we are definitely in no rush."
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Filing and roadshow
1 Facebook filed for an initial public offering on February 1, 2012 by filing their S1 document
with the Securities and Exchange Commission (SEC). The preliminary
prospectus announced that the company had 845 million active monthly users and that its
website featured 2.7 billion daily likes and comments. The filing did note that the
company's increases in membership, as well as its incomes, were slowing and that the
deceleration was likely to continue.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Filing and roadshow
1 To ensure that early investors would retain control of the company, Facebook in 2009
instituted a dual-class stock structure. After the IPO, Zuckerberg was to retain a 22% ownership share in Facebook and was to
own 57% of the voting shares. The document also stated that the company was seeking to raise US$5 billion, which would make it one of the largest IPOs in tech history and the biggest in Internet
history.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Filing and roadshow
1 The roadshow faced a "rough start" initially. Zuckerberg raised controversy for wearing a hoodie (rather than a customary business
suit) to the first meeting with investors. Wedbush Securities analyst Michael Pachter called it a "mark of immaturity." A half-hour long video played during that meeting also frustrated investors who wanted to discuss more technical details, and was dropped for
future meetings.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 Prior to the official valuation, the target price of the stock steadily
increased. In early May, the company was aiming for a valuation
somewhere from $28 to $35 per share ($77 billion to $96 billion). On May 14, it raised the targets from
$34 to $38 per share. Some investors even suggested a $40 valuation,
although a dip in the stock market on the day before the IPO canned such
speculation.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 Strong demand, especially from retail investors, suggested Facebook could
choose a relatively high offering price. Ultimately underwriters settled
on a price of $38 per share, at the top of its target range. This price
valued the company at $104 billion, the largest valuation to date for a
newly public company.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 On May 16, two days before the IPO, Facebook announced that it would
sell 25% more shares than originally planned due to high demand. This meant the stock would debut with
421 million shares.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 The Facebook IPO brought inevitable comparisons with other technology company offerings. Some investors expressed keen interest in Facebook because they felt they had missed
out on the massive gains Google saw in the wake of its IPO. LinkedIn stock, meanwhile, had doubled on its first
day.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 At $26.81 per share, which Facebook closed at a week after its IPO,
Facebook was valued like "an ultra-growth company," according to
Robert Leclerc of the Financial Post. Its PE ratio was 85, despite a decline in both earnings and revenue in the
first quarter of 2012.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Valuation
1 A number of commentators argued retrospectively that Facebook had
been heavily overvalued because of an illiquid private market on
SecondMarket, where trades of stock were minimal and thus pricing
unstable
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Price targets
1 Prior to the IPO, several investors set price targets for
the company
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Price targets
1 Early investors themselves were said to express similar
skepticism
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Analysis of fundamentals
1 Striking an optimistic tone, The New York Times predicted that the offering
would overcome questions about Facebook's difficulties in attracting
advertisers to transform the company into a "must-own stock".
Jimmy Lee of JPMorgan Chase described it as "the next great blue-
chip".
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Analysis of fundamentals
1 Some analysts expressed concern over Facebook's revenue model; namely, its
advertising practices
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Public trading
1 In the immediate build-up to the offering, public interest swelled.
Some said it is "as much a cultural phenomenon as it is a business
story." Meanwhile, Facebook itself celebrated the occasion with an all-
night "hackathon" on the night before the IPO. Zuckerberg rang a
bell from Hacker Square on Facebook campus in Menlo Park, California, to
announce the offering, as is customary for CEOs on the day their
companies go public.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - First day
1 Trading was to begin at 11:00am Eastern Time on Friday, May 18,
2012. However, trading was delayed until 11:30am Eastern Time due to
technical problems with the NASDAQ exchange. Those early jitters would foretell ongoing problems; the first
day of trading was marred by numerous technical glitches that
prevented orders from going through, or even confused investors as to whether or not their orders were
successful.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - First day
1 Initial trading saw the stock shoot up to as much as $45. Yet the early rally
was unsustainable. The stock struggled to stay above the IPO price
for most of the day, forcing underwriters to buy back shares to
support the price. Only the aforementioned technical glitches and underwriter support prevented
the stock price from falling below the IPO price on the first day of trading.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - First day
1 At closing bell, shares were valued at $38.23, only $0.23 above the IPO
price and down $3.82 from the opening bell value. The opening was
widely described by the financial press as a disappointment.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - First day
1 Despite technical problems and a relatively low closing value, the stock set a new record for trading volume
of an IPO (460 million shares)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Subsequent days
1 Facebook's share value fell during nine of the next thirteen trading
days, posting gains during just four
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Subsequent days
1 Price targets for the new stock ranged considerably. On June 4,
seven of fifteen analysts polled by FactSet Research suggested prices above the stock's price, effectively
advising a "buy." Four of fifteen suggested a "hold," while another
four of fifteen suggested "sell." Bernstein was the lowest of the group, pegging the stock at $25.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Financial
1 The IPO had immediate impacts on the stock market
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Financial
1 The IPO impacted both Facebook investors and
the company itself
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Financial
1 Some suggested implications for
companies other than Facebook specifically
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Financial
1 While expected to provide significant benefits to Nasdaq, the IPO resulted in a strained relationship between
Facebook and the exchange. Facebook has considered moving its
listing to a competing exchange.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Legal
1 More than 40 lawsuits were filed in the month following the Facebook
IPO.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Legal
1 Reuters' Alistair Barr reported that Facebook's lead underwriters,
Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the IPO
roadshow
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Legal
1 Additionally, a class-action lawsuit is being prepared[by whom?] due to the trading glitches, which led to botched orders. Apparently, the glitches prevented a number of investors from selling the stock
during the first day of trading while the stock price was falling - forcing them to incur bigger losses when their trades finally went through.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Legal
1 In June 2012, Facebook asked for all the lawsuits to be consolidated into
one, because of overlap in their content.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Regulatory
1 Facebook's IPO is now under investigation and has been compared to pump and dump
schemes
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Secondary exchanges
1 Before the creation of secondary market exchanges like SecondMarket
and SharesPost, shares of private companies had very little liquidity; however, this is no longer the case.
Facebook employees had been finding private buyers to unload their
shares as early as 2007, and when SharesPost launched in 2009, early
employees started exiting en masse. Class B shares of Facebook traded as high as $44.50/share ($46.30/share after commissions) on SharesPost
prior to the IPO.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Reputational
1 The reputation of both Morgan Stanley, the primary IPO underwriter,
and NASDAQ were damaged in the fallout from the botched offering.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Reputational
1 In interviews with the media, bankers seemed sanguine about the outcome. "We think Morgan has done pretty well on the deal," one person at a bank that
was one of Facebook's other underwriters told CNN Money. "Reputation of the bank aside, Facebook hasn't been a bad trade for Morgan." This is because even as the share prices dropped Morgan "racked up
big profits" trading the shares.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering of Facebook - Reputational
1 Morgan's reputation in technology IPOs was "in trouble" after the Facebook offering
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Goldman Sachs - Initial public offering kickback bribes
1 Documents under seal in a decade-long lawsuit concerning eToys.com's
initial public offering (IPO) but released accidentally to the New York
Times show that IPOs managed by Goldman Sachs often involved asking
for kickback bribes from their underwriting clients who made large profits flipping stocks which Goldman
had intentionally undervaluedhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering
1 Initial public offerings are used by companies to raise expansion
capital, to possibly monetize the investments of early private
investors, and to become publicly traded enterprises
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - History
1 Mere evidence remains of the prices for which partes were sold, the
nature of initial public offerings, or a description of stock market behavior
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - History
1 In March 1602 the “Vereenigde Oost-Indische Compagnie (VOC), or Dutch East India
Company was formed
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - History
1 In the United States, the first IPO was the public offering of Bank of North America
around 1783.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 When a company lists its securities on a public exchange, the money
paid by the investing public for the newly issued shares goes directly to the company (primary offering) as
well as to any early private investors who opt to sell all or a portion of their holdings (secondary offering) as part
of the larger IPO
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering. This method provides capital
for various corporate purposes through the issuance of equity (see stock dilution)
without incurring any debt. This ability to quickly raise potentially large amounts of
capital from the marketplace is a key reason many companies seek to go public.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 An IPO accords several benefits to
the previously private company:
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 Increasing exposure, prestige, and public
image
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 Attracting and retaining better management and employees through liquid equity
participation
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 Facilitating acquisitions (potentially in return for
shares of stock)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advantages
1 Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans,
etc.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 There are several disadvantages to
completing an initial public offering:
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 Significant legal, accounting and
marketing costs, many of which are ongoing
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 Requirement to disclose financial and business
information
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 Meaningful time, effort and attention required of senior
management
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 Risk that required funding will not be
raised
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Disadvantages
1 Public dissemination of information which may be useful to competitors, suppliers and
customers.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Advance planning
1 Planning is crucial to a successful IPO. One book suggests the following
7 advance planning steps: (1) develop an impressive management and professional team; (2) grow the company's business with an eye to the public marketplace; (3) obtain audited financial statements using
IPO-accepted accounting principles; (4) clean up the company's act; (5) establish antitakeover defences; (6) develop good corporate governance;
(7) create insider bail-out opportunities and take advantage of
IPO windows.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Retention of underwriters
1 IPOs generally involve one or more investment banks known as
"underwriters". The company offering its shares, called the "issuer", enters
into a contract with a lead underwriter to sell its shares to the
public. The underwriter then approaches investors with offers to
sell those shares.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Retention of underwriters
1 Components of an underwriting spread in an initial public offering
(IPO) typically include the following (on a per share basis): Manager's fee, Underwriting fee—earned by
members of the syndicate, and the Concession—earned by the broker-
dealer selling the shares
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Retention of underwriters
1 Multinational IPOs may have many syndicates to deal with differing legal
requirements in both the issuer's domestic market and other regions. For example, an issuer based in the
E.U. may be represented by the main selling syndicate in its domestic market, Europe, in addition to
separate syndicates or selling groups for US/Canada and for Asia. Usually,
the lead underwriter in the main selling group is also the lead bank in
the other selling groups.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Retention of underwriters
1 Because of the wide array of legal requirements and because it is an
expensive process, IPOs also typically involve one or more law
firms with major practices in securities law, such as the Magic
Circle firms of London and the white shoe firms of New York City.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Retention of underwriters
1 Financial historians Richard Sylla and Robert E
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Allocation and pricing
1 The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Allocation and pricing
1 Public offerings are sold to both institutional investors and retail clients of the underwriters
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Allocation and pricing
1 The issuer usually allows the underwriters an option to increase
the size of the offering by up to 15% under certain circumstance known as
the greenshoe or overallotment option. This option is always
exercised when the offering is considered a "hot" issue, by virtue of
being oversubscribed.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Allocation and pricing
1 In the USA, clients are given a preliminary prospectus, known as a red herring prospectus, during the
initial quiet period
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Allocation and pricing
1 Before legal actions initiated by New York Attorney General Eliot Spitzer, which later became known as the Global Settlement enforcement
agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid Corporate Finance departments and retail divisions engaged in the
marketing of new issueshttps://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Pricing of IPO
1 A company planning an IPO typically appoints a lead manager, known as a
bookrunner, to help it arrive at an appropriate price at which the shares
should be issued. There are two primary ways in which the price of an
IPO can be determined. Either the company, with the help of its lead
managers, fixes a price ("fixed price method"), or the price can be
determined through analysis of confidential investor demand data compiled by the bookrunner ("book
building").
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Pricing of IPO
1 Historically, some IPOs both globally and in the United States have been underpriced
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Pricing of IPO
1 The danger of overpricing is also an important consideration
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Pricing of IPO
1 Underwriters, therefore, take many factors into consideration when
pricing an IPO, and attempt to reach an offering price that is low enough
to stimulate interest in the stock, but high enough to raise an adequate amount of capital for the company.
The process of determining an optimal price usually involves the
underwriters ("syndicate") arranging share purchase commitments from
leading institutional investors.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Pricing of IPO
1 Some researchers (e.g. Geoffrey C., and C. Swift, 2009) believe that the
underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, than the result
of an over-reaction on the part of investors (Friesen & Swift, 2009).
One potential method for determining underpricing is through
the use of IPO Underpricing Algorithms.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Dutch auction
1 A Dutch Auction allows shares of an initial public offering to be allocated based only on price aggressiveness,
with all successful bidders paying the same price per share
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Dutch auction
1 In 2004, Google used the Dutch Auction system for its Initial Public Offering
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Dutch auction
1 In determining the success or failure of a Dutch Auction, one must consider competing
objectives
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Dutch auction
1 In addition to the extensive international evidence that auctions
have not been popular for IPOs, there is no U.S
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Quiet period
1 Under American securities law, there are two time windows commonly
referred to as "quiet periods" during an IPO's history. The first and the one
linked above is the period of time following the filing of the company's S-1 but before SEC staff declare the
registration statement effective. During this time, issuers, company insiders, analysts, and other parties
are legally restricted in their ability to discuss or promote the upcoming IPO
(U.S. Securities and Exchange Commission, 2005).
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Quiet period
1 The other "quiet period" refers to a period of 40 calendar days following an IPO's first day of public trading
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Delivery of shares
1 Not all IPOs are eligible for delivery settlement through the DTC system, which would then either require the
physical delivery of the stock certificates to the clearing agent bank's custodian, or a delivery
versus payment (DVP) arrangement with the selling group brokerage firm.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Stag profit (flipping)
1 "Stag profit" is a situation in the stock market before and immediately
after a company's Initial public offering (or any new issue of shares)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Stag profit (flipping)
1 Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times Wall Street Business columnist Joe Nocera alleged that IPOs managed
by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional
clients who made large profits flipping IPOs which Goldman had
intentionally undervaluedhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Largest IPOs
1 Industrial and Commercial Bank of China US$21.9 billion
(2006)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Largest IPOs
1 American International
Assurance US$20.5 billion (2010)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Largest IPOs
1 General Motors US$18.15 billion (2010)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Largest IPOs
1 Facebook, Inc. US$16 billion (2012)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Largest IPO markets
1 Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however,
China (Shanghai, Shenzhen and Hong Kong) has been the leading issuer, raising $73 billion (almost
double the amount of money raised on the New York Stock Exchange and NASDAQ combined) up to the end of
November 2011. The Hong Kong Stock Exchange raised 30.9 billion in 2011 as the top course for the third year in a row, while New York raised
30.7 billion.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Gregoriou, Greg (2006). Initial Public Offerings (IPOs). Butterworth-
Heineman, an imprint of Elsevier. ISBN 0-7506-7975-1.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Goergen, M.; Khurshed, A.; Mudambi, R. (2007). "The Long-run
Performance of UK IPOs: Can it be Predicted?". Managerial Finance 33
(6): 401–419. doi:10.1108/03074350710748759.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Loughran, T.; Ritter, J. R. (2004). "Why Has IPO Underpricing Changed Over Time?". Financial Management
33 (3): 5–37.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Loughran, T.; Ritter, J. R. (2002). "Why Don't Issuers Get Upset About
Leaving Money on the Table in IPOs?". Review of Financial Studies
15 (2): 413–443. doi:10.1093/rfs/15.2.413.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Khurshed, A.; Mudambi, R. (2002). "The Short Run Price Performance of Investment Trust IPOs on the UK Main Market". Applied Financial Economics
12 (10): 697–706. doi:10.1080/09603100010025706.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Bradley, D. J.; Jordan, B. D.; Ritter, J. R. (2003). "The Quiet Period Goes
Out with a Bang". Journal of Finance 58 (1): 1–36. doi:10.1111/1540-
6261.00517.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Goergen, M.; Khurshed, A.; Mudambi, R. (2006). "The Strategy of Going
Public: How UK Firms Choose Their Listing Contracts". Journal of
Business Finance and Accounting 33 (1&2): 306–328. SSRN 886408.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Mudambi, R.; Treichel, M. Z. (2005). "Cash Crisis in Newly Public Internet-based Firms: An Empirical Analysis". Journal of Business Venturing 20 (4):
543–571. doi:10.1016/j.jbusvent.2004.03.003.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. Handbook of Corporate Finance 1. Boston: Elsevier. ISBN 978-0-444-
50898-0.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 "IPO Definitions". IPO Initial Public Offerings. Retrieved 14 September 2011.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Mondo Visione web site: Chambers, Clem. "Who needs stock exchanges?"
Exchanges Handbook. Published 2006-07-14. Accessed 21 September
2011
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Friesen, Geoffrey C.; Swift, Christopher (2009). "Overreaction in the thrift IPO aftermarket". Journal of
Banking & Finance 33 (7): 1285–1298.
doi:10.1016/j.jbankfin.2009.01.002.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Anderlini, Jamil (August 13, 2010). "AgBank IPO officially the world’s
biggest". Financial Times. Retrieved 2010-08-13.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 Hu, Bei and Vannucci, Cecile. Bloomberg.com Published 2010-10-29. Retrieved 2011-09-21
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 "Pricing the 'biggest IPO in history'". Published 2006-09-29. Accessed 2011-09-21
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Initial public offering - Further reading
1 "Quiet Period"
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
World Wrestling Entertainment - Initial public offerings
1 On the back of the success of the Attitude Era, several new advances and products were
launched
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
World Wrestling Entertainment - Initial public offerings
1 On April 29, 1999, the WWF made its return to terrestrial television by
launching a special program known as WWE SmackDown|SmackDown! on the fledgling UPN network. The
Thursday night show became a weekly series on August 26, 1999. The show led to further TV ratings competition with WCW, up against
WCW Thunder.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
World Wrestling Entertainment - Initial public offerings
1 In 2000 the WWF, in collaboration with television network NBC,
announced the creation of the XFL, a new professional American football|football league that debuted in 2001
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Facebook, Inc. - Initial public offering
1 The company applied for a 5 billion initial public offering (IPO); one of the biggest in the history of technology and the biggest in Internet history
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Facebook, Inc. - Initial public offering
1 It was revealed later that Facebook's lead underwriters, Morgan Stanley (MS),
JPMorgan Chase|JP Morgan (JPM), and Goldman Sachs (GS) cut their earnings
forecasts for the company in the middle of the IPO
roadshow.[http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-
facebook-revenue-estimates-middle-133648905.html Facebook bankers secretly
cut Facebook revenue estimates middle]https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Facebook, Inc. - Initial public offering
1 Facebooks' IPO is now under investigation and has been compared
to pump and dump schemes.[http://www.sfgate.com/cgi-
bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL Facebook IPO
underscores shutting out the masses]
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Facebook, Inc. - Initial public offering
1 Lawsuits have been filed alleging that an underwriter for Morgan
Stanley selectively revealed adjusted earnings estimates to preferred
clients
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Facebook, Inc. - Initial public offering
1 By the end of May 2012, the stock lost over a quarter of its starting
value, which led to the Wall Street Journal calling the IPO a fiasco.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google Inc. - Financing and initial public offering
1 The first funding for Google was an August 1998 contribution of from Andy Bechtolsheim, co-founder of Sun Microsystems, given before
Google was incorporated
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google Inc. - Financing and initial public offering
1 Google's initial public offering (IPO) took place five years later on August 19, 2004
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google Inc. - Financing and initial public offering
1 There were concerns that Google's IPO would lead to changes in company culture
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google Inc. - Financing and initial public offering
1 The stock performed well after the IPO, with shares hitting $700 for the first time on October 31, 2007, primarily because of strong sales and earnings in the online
advertising market. The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds. The company is listed on the NASDAQ stock exchange under the ticker symbol GOOG and on the Frankfurt Stock Exchange under the ticker symbol GGQ1.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Tesla Motors - 2010 initial public offering
1 Securities and Exchange Commission, as a preliminary
prospectus (finance)|prospectus indicating its intention to file an
initial public offering (IPO) underwritten by Goldman Sachs,
Morgan Stanley, J
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Tesla Motors - 2010 initial public offering
1 On June 29, 2010 Tesla Motors launched its initial public offering on
NASDAQ. The IPO raised for the company. It was the first American
car maker to go public since the Ford Motor Company had its IPO in 1956.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Tweeting - Initial public offering (IPO)
1 On September 12, 2013, Twitter announced that it had filed papers with the U.S.
Securities and Exchange Commission ahead of a planned Initial public offering|stock market listing. It revealed its Prospectus
(finance)|prospectus in an 800-page filing. Twitter planned to raise US$1 billion as the basis for its stock market debut. The IPO filing states that 200,000,000+ monthly
active users access Twitter and 500,000,000+ tweets per day are posted.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Tweeting - Initial public offering (IPO)
1 In a September 15, 2013 amendment to their Securities and Exchange
Commission|SEC Form S-1|S-1 filing,, Twitter declared that they would list
on the New York Stock Exchange|New York Stock Exchange (NYSE),
quashing speculation that their stock would trade on the NASDAQ
exchange. This decision was widely viewed to be a reaction to the
botched initial public offering of Facebook. On November 6, 2013, 70 million shares were priced at US$26
and issued by lead underwriter Goldman Sachs.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Tweeting - Initial public offering (IPO)
1 On November 7, 2013, the first day of trading on the NYSE, Twitter shares opened at $26.00 and closed at US$44.90, giving the company a valuation of around US$31 billion. This was
$18.90 above the initial offering price and Twitter ended with a market capitalization of
$24.46 billion. The paperwork from November 7 shows that among the founders,
Williams received a sum of US$2.56 billion and Dorsey received US$1.05 billion, while
Costolo's payment was US$345 million.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Reuters Group - Initial public offering (IPO)
1 Reuters was financed as a public company in 1984 on the London
Stock Exchange and on the NASDAQ in the United States
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Reuters Group - Initial public offering (IPO)
1 Further protecting Reuters from owner actions that might threaten its
independence is Reuters Founders Share Company Limited, formed in
1984 as part of the share float
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
TIBCO Software - Initial public offering
1 In 1997, Ranadivé founded TIBCO (The Information Bus Company).Black, Debra
(January 26, 2012)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
TIBCO Software - Initial public offering
1 The company's initial public offering (IPO) of stock was made in July 1999 with a range value of $9 to $11.At
Issue: IPOs This Week
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
TIBCO Software - Initial public offering
1 In 2000, Yahoo! introduced Corporate Yahoo, a platform developed using TIBCO Software
that allowed companies to develop customized communications between
computers. Corporate Yahoo contained early examples of bundled e-mail, calendars, stock
prices, and news displayed on intranet homepages. Hewlett-Packard was one of the partners in the software's development.Daily
Briefing: Home Edition. The Atlanta Constitution. June 27, 2000.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
TIBCO - Initial public offering
1 In 1997, Ranadivé founded TIBCO (The Information Bus Company).Black, Debra
(January 26, 2012)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
TIBCO - Initial public offering
1 The company's initial public offering (IPO) of stock was made in July 1999 with a range value of $9 to $11.At
Issue: IPOs This Week
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Newegg - Initial Public Offering (IPO)
1 On September 28, 2009, Newegg Inc filed for an IPO (initial public offering) with the U.S
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google Blog - Financing and initial public offering
1 There were concerns that Google's IPO would lead to changes in company culture
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Geeknet - Initial public offering
1 VA Linux Systems took its stock public in an initial public offering
(IPO) on 9 December 1999, under the stock symbol LNUX
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Geeknet - Initial public offering
1 Many authors of free software were invited to buy shares at the initial
price offering as part of a friends and family deal.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Geeknet - Initial public offering
1 On 3 February 2000, the company announced that it was acquiring
'Andover.net' (which had recently conducted its own initial public
offering).[http://www.zdnet.com.au/news/soa/VA-Linux-acquires-Andover-
net-/0,139023165,120102822,00.htm VA Linux acquires Andover.net], ZDNet
Australia, 13 October 2000 This acquisition gave VA Linux popular online media properties such as
Slashdot, Andover News Network, Freshmeat, NewsForge (became a
mirror of linux.com in 2007, mirrors geeknet.com since 2010), linux.com,
and a variety of online software development resources, as well as a stable of writers such as Rob Malda, Roblimo|Robin Miller, Jack Bryar, Rod
Amis, Jon Katz, and CowboyNeal
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Geeknet - Initial public offering
1 The acquisition was controversial within the Linux community. Bryar, in particular, wrote multiple articles suggesting that most Linux-oriented businesses were poorly thought out. He cautioned that the excitement over Linux was little more than another Internet bubble.
Nonetheless, this acquisition eventually allowed the company to shift its business model from Linux-based product sales to
specialty media and software development support.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
E.M. Warburg & Co. - Initial public offerings
1 Warburg Pincus has completed more initial public offerings with its
companies than any other global private equity firm
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
List of Dutch inventions and discoveries - Initial public offering (1602)
1 In 1602, the Dutch East India Company (VOC) became the first
modern company to issue shares to the public, thus launching the first
initial public offering (IPO). The VOC held the first public offering of shares in history shortly after its founding.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 The first funding for Google as a company was secured in August
1998 in the form of a US$100,000 contribution from Andy
Bechtolsheim, co-founder of Sun Microsystems, given to a corporation
which did not yet exist.Kopytoff, Verne; Fost, Dan.
[http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/
2004/04/29/MNGLD6CFND34.DTL For early Googlers, key word is $$$]. San Francisco Chronicle. April 29, 2004.
Retrieved on February 25, 2007.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 On June 7, 1999, a round of equity funding totalling $25million was
announced;. Retrieved on August 1, 2014. the major investors being rival venture capital firms Kleiner Perkins Caufield Byers and Sequoia Capital.
While Google still needed more funding for their further expansion, Brin and Page were hesitant to take the company public, despite their
financial issues. They were not ready to give up control over Google.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 Following the closing of the $25million financing round, Sequoia encouraged Brin and Page to hire a
CEO. Brin and Page ultimately acquiesced and hired Eric Schmidt as
Google’s first CEO in March 2001.Eppel, Thomas. Google.
PowerPoint presentation. Management 10. University of
California, Irvine. Irvine, CA. February 2, 2011.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 In October 2003, while discussing a possible initial public offering of
shares (IPO), Microsoft approached the company about a possible
partnership or merger.Fisher, Ken
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 Google's initial public offering took place on August 19,
2004
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Google IPO - Financing and initial public offering
1 After reporting earnings on the 17th of October 2013, the stock price of GOOG closed above $1,000.00 for
the first time in its history of trading on the NASDAQ.Edwards, Julia.
[http://www.reuters.com/article/2013/10/18/us-markets-stocks-
idUSBRE99C0DH20131018 SP breaks record, Google's stock tops $1,000 on earnings]. Reuters. October 18,
2013. Retrieved on October 30, 2013https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Auchan - Initial public offering
1 Sun Art Retail Group Ltd., the Chinese hypermarket operator
backed by Auchan will go Public in Hong Kong at 15 July 2011 with hope
to raise about $1 billion.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Nielsen Media Research - Initial public offering
1 Nielsen went in for an IPO () in January 2011 and was the largest public offer in the United States in
the previous four years
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Numericable - Initial Public Offering
1 While the name of the group was Numericable, the management
remained legally administered by two separate companies: Numericable SAS and NC Numericable (formerly
known as Noos)
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Numericable - Initial Public Offering
1 On September 19 2013, Numericable Group announced the launch of a
legal and financial process aimed at the company’s Initial Public Offering
on the Euronext Paris|Paris stock exchange, regulated by NYSE
Euronext. The declared objective was to obtain new financial resources to
invest in French fiber-optic development. The shares were offered on 7 November 2013.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
PSINet - Initial public offering
1 PSINet eventually took venture capital investment from Matrix Partners, Sigma Partners, and
Amerindo as a private entity to grow the company throughout the US and then outside of the country. On May
1, 1995, the initial public offering listed its shares on the NASDAQ stock
exchange under symbol PSIX.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
PSINet - Initial public offering
1 It was the second Internet company to go public following Netscape, a dialup Internet provider which had restrictive software that ran on an
individual PC, similar to the original AOL Software.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Virgin Mobile USA - Initial public offering
1 In May 2007, Virgin Mobile USA, Inc. initiated an initial public offering
(IPO) by filing with the United States Securities and Exchange
Commission.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Virgin Mobile USA - Initial public offering
1 On October 10, 2007, Virgin Mobile's sold 27.5 million shares at US$15 per share, at the low end of the original
$15–$17 prediction.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Virgin Mobile USA - Initial public offering
1 On November 15, 2007, approximately one month after the IPO, Virgin Mobile USA announced
earnings for the three-month period ended September 30, 2007
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Virgin Mobile USA - Initial public offering
1 The company reported in 2007 that it held an exclusive license for the Virgin Mobile brand in the United
States, U.S. Virgin Islands and Puerto Rico until the end of 2027. In
exchange, Virgin Mobile USA agreed to pay 0.25% of gross revenues up to
an annual limit of $4 million, adjusted annually for inflation.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 In operation since 2001, Vonage went public on May 24, 2006 at a
price of $17.00 per share, and dropped 23.5% to close at $13.00
the next day.[http://ir.vonage.com/stockquote.cfm Vonage Investor Relations FAQs].
Vonage.com
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 Vonage.com] Usually only large institutional investors such as banks
are able to buy shares of an IPO.[http://www.investorguide.com/igu-
article-821-stock-basics-initial-public-offerings.html Initial Public
Offerings.] Investorguide.com The price fell 12.7% in one day to close at
$14.85 on the New York Stock Exchange, the worst trading day for
any IPO in 2006 up to that point.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 As a result, by the time customers learned that they had gotten shares, Vonage's share price had fallen and they were required to pay the higher $17 per share IPO price, and suffered
losses when they later sold the shares.[http://www.reuters.com/articl
e/2009/09/22/finra-vonage-fines-idUSN2233495620090922 Citi, UBS, Deutsche Bank fined over Vonage IPO]. Reuters.com. September 22,
2009.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 The IPO raised $531 million for the company, but Vonage's post-IPO
handling of individual pre-IPO investors resulted in a class-action
lawsuit.Reardon, Marguerite (June 4, 2006)
[http://archive.is/20130119182011/http://news.com.com/2100-1036_3-
6079765.html Investors sue Vonage over IPO]
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 As of 2009, Vonage announced that an agreement had been reached to settle with
IPO investors
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 The firms underwriting the IPO, Citigroup, UBS, and Deutsche Bank, were fined and ordered to reimburse customers for failure to adequately
supervise communications with investors.Shwiff, Kathy (September
24, 2009). [http://online.wsj.com/article/SB1253
63508003831103.html Citi, UBS, Deutsche Fined Over Vonage IPO]
Wall Street Journal. NYSE regulators went so far as to investigate possible
short-selling.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 According to Reuters, Citigroup was fined $175,000 and ordered to pay up to $250,000 in restitution to 284 potentially eligible customers. UBS was fined $150,000 and ordered to pay up to $118,000 to 126 potential customers. Deutsche Bank was fined $100,000 and ordered to pay up to $52,000 to 59 potential customers.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Vonage - Initial public offering
1 In the second quarter of 2010, with a change in management and
improved sales, the company’s stock price
increased,[http://pr.vonage.com/releasedetail.cfm?ReleaseID=496279
Vonage Holdings Corp
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
OpenTable - Initial public offering
1 OpenTable held its initial public offering (IPO) on May 21, 2009, on the NASDAQ stock exchange under the ticker symbol . The underwriters of the IPO were Merrill Lynch, Allen
Company, Stifel Nicolaus, and ThinkEquity.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Busch Entertainment Corporation - Initial public offering
1 On December 27, 2012, SeaWorld Parks Entertainment announced that
it had filed for an initial public offering (IPO) of stock. Part of the
proceeds from this sale would go to Blackstone group, which would retain a controlling interest in the company.
It began trading April 19, 2013 on the New York Stock Exchange with a
ticker symbol of SEAS.https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Embraer - Initial public offerings
1 In 2000, Embraer made simultaneous initial public offerings on the NYSE
and BMF Bovespa stock exchanges. As of 2008, its NYSE-traded shares were American Depositary Receipts representing 4 BMF Bovespa shares.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Embraer - Initial public offerings
1 ownership was: Bozano Group 11.10%, Previ (a Brazilian pension
fund) 16.40%, Sistel 7.40%, Dassault Aviation 2.1%, EADS 2.1%, Thales Group|Thales 2.1%, Safran 1.1%, Government of Brazil 0.3%, the
remainder being publicly traded.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Glencore - Glencore's Initial Public Offering (IPO)
1 When the commodities group, Glencore International made its Initial Public Offering (IPO) in May 2011 in dual listing, London and Hong Kong, valued at about $US60 billion, it was obliged by IPO regulations to provide
a prospectus
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Glencore - Glencore's Initial Public Offering (IPO)
1 In May 2011, United Arab Emirates state-owned Aabar Investments
confirmed an investment of $850 million in Glencore International plc as a cornerstone investor with an
intention to invest an additional $150 million in the Global Offer. The
investment made Aabar the largest cornerstone investor in the initial
public offering (IPO) and the largest new shareholder of Glencore post its IPO giving the investment company a 1.4% stake. The two firms intend to
explore areas of co-operation between them.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Glencore - Glencore's Initial Public Offering (IPO)
1 In November 2012 Abu Dhabi's Aabar Investments, a unit of Abu Dhabi's state-owned United Arab Emirates
International Petroleum Investment, wrote off more than $392-million of
its $1-billion investment in Glencore, less than two years after investing
$1-billion in Glencore's record Initial Public Offering listing. Aabar
Investments was the largest new shareholder in Glencore.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Fail whale - Initial public offering (IPO)
1 In an October 15, 2013 amendment to their Securities and Exchange
Commission|SEC Form S-1|S-1 filing, Twitter declared that they would list
on the New York Stock Exchange|New York Stock Exchange (NYSE),
quashing speculation that their stock would trade on the NASDAQ
exchange. This decision was widely viewed to be a reaction to the
botched initial public offering of Facebook. On November 6, 2013, 70 million shares were priced at US$26
and issued by lead underwriter Goldman Sachs.
https://store.theartofservice.com/the-initial-public-offering-toolkit.html
Fail whale - Initial public offering (IPO)
1 On February 5, 2014, Twitter published its first results as a public
company, showing a net loss of $511 million in the fourth quarter of 2013.
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Kohlberg Kravis Roberts - Initial public offering
1 The filing came less than two weeks after the initial public offering of rival private equity firm Blackstone Group
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Kohlberg Kravis Roberts - Initial public offering
1 The following year, in July 2008, KKR announced a new plan to list its shares
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Primerica - Initial Public Offering
1 On November 5, 2009 Citi announced that it intended to spin out|spin off Primerica through an initial public
offering
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Primerica - Initial Public Offering
1 Primerica [http://www.sec.gov/Archives/edgar/data/1475922/000119312510059057/ds1a.htm filed] a final amended S-1
and preliminary prospectus (finance)|prospectus with the SEC on March
17, 2010, indicating that it will offer 18 million shares to the public
through the IPO, with underwriters having the option to purchase an
additional 2.7 million shareshttps://store.theartofservice.com/the-initial-public-offering-toolkit.html
Primerica - Initial Public Offering
1 On December 19, 2011, Citigroup sold its remaining equity stake in Primerica (approximately 8 million
shares of Primerica's common stock), completing the separation from Citi.
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Delta Lloyd Group - Initial public offering
1 The Delta Lloyd Group officially Initial public offering|went public on the Amsterdam Stock Exchange|NYSE
Euronext Amsterdam on 3 November 2009. Delta Lloyd made 38-42% of
its shares public, with its major shareholder Aviva reducing its
ownership from 92% to 50-54%. Delta Lloyd's other previous
shareholder, Nuts OHRA, retained its 8% stake.
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Andersen Consulting - Initial public offering
1 On July 19, 2001, Accenture offered initial public offering (initial public offering|IPO) at the
price of $14.50 per share in New York Stock Exchange (NYSE); Goldman Sachs and Morgan
Stanley served as its lead underwriters. Accenture stock closed the day at $15.17, with the day's high at $15.25. On the first day of the
IPO, Accenture raised nearly $1.7billion.[http://money.cnn.com/2001/07/19/deals/accent
ure/index.htm Accenture IPO gains in first trades – Jul. 19, 2001]; CNN Money
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Bumitama Agri - Initial public offering
1 On 12 April 2012, Bumitama successfully launched its initial public
offering on the Singapore Stock Exchange. HSBC and DBS were the
joint bookrunners for the IPO.
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Bumitama Agri - Initial public offering
1 A total of 327,324,000 shares (comprising 297,570,000 shares and an additional 29,754,000 in the over-allotment option) was issued during
listing. During the bookbuilding phase, it was reported that the IPO was 31 times oversubscribed, the
highest of any IPO in Singapore since 2007.
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Bumitama Agri - Initial public offering
1 Bumitama's shares were priced $0.745 for the IPO. On its first day of trading, the stock closed at $0.98, which was 32% above its IPO price.
This valued Bumitama's market capitalization at 1.7 billion Singapore
dollars.
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Tesla Model 3 - 2010 initial public offering
1 Securities and Exchange Commission, as a preliminary
prospectus (finance)|prospectus indicating its intention to file an
initial public offering (IPO) underwritten by Goldman Sachs,
Morgan Stanley, J
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Tesla Model 3 - 2010 initial public offering
1 On June 29, 2010, Tesla Motors launched its initial public offering on NASDAQ
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Goldman Sachs Group - Initial public offering kickback bribes
1 Goldman Sachs is accused of asking for kickback (bribery)|kickback bribes from institutional clients who made large profits flipping stocks which
Goldman had intentionally undervalued in initial public offerings
it was underwriting.
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Goldman Sachs Group - Initial public offering kickback bribes
1 Documents under seal in a decade-long lawsuit concerning eToys.com's initial public offering (IPO) in 1999
but released accidentally to the New York Times show that IPOs managed by Goldman were underpriced and that Goldman asked clients able to profit from the prices to increase
business with it
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Intercept Pharmaceuticals - Initial public offering and stock history
1 Intercept trades on the NASDAQ exchange under the ticker symbol
ICPT. The initial public offering of the stock on October 16, 2012 was at $15. A follow-on public offering at $33 took place on June 24, 2013.
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Intercept Pharmaceuticals - Initial public offering and stock history
1 On January 9, 2014, the stock skyrocketed from $72.39 to $275.49,
or about 280%, after a planned interim analysis by the independent
data safety monitoring board showed that Obeticholic acid met the main
goal (improvement of liver histology) at the mid-stage in the FLINT trial in
NASH, sponsored by National Institute of Diabetes and Digestive
and Kidney Diseases|NIDDKhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html
Intercept Pharmaceuticals - Initial public offering and stock history
1 In March 2014, the company released the results of the POISE study of Obeticholic acid in PBC, which showed the drug met the
trial's primary endpoint of a reduction in serum alkaline
phosphatase, a biomarker for the disease. These results were
presented at an international liver meeting in April 2014.
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BATS Global Markets - Initial public offering
1 The company attempted to go public on March 23, 2012, as the first listing
on its own exchange, but later withdrew the IPO the same day due
to a disastrous glitch in the company's trading systems
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BATS Global Markets - Initial public offering
1 Following the failed IPO, the BATS board of directors decided to
separate the roles of chairman and CEO. Joe Ratterman had previously held both roles. Ratterman received
the “unanimous support” of the directors to keep the positions of CEO
and president.
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BATS Global Markets - Initial public offering
1 In July 2012, BATS named Paul Atkins, a former U.S. Securities and Exchange commissioner, to the role
of non-executive chairman of its board of directors.
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