Initial public offering

363:, 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 offerings) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to 534:). 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. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only the concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the 792:. In 2004, Google used the Dutch auction system for its initial public offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance, the Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. 234: 800:, although the theory behind this is based on the assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give a better result. 644:) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys), the lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission. 281: 3541: 3531: 632:, during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring. During the quiet period, the shares cannot be offered for sale. Brokers can, however, take 193: 796:

to bid or what strategy each bidder chooses to follow. From the viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at

769:, notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay the same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only 700:, 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 (" 580:(DPO), as they term it, was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. 106:. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing the value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as the 724:

on 13 November 1998, the IPO was priced at $ 9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $ 97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $ 63. Although the company did raise about $

866:"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). A "stag" is a party or individual who subscribes to the new issue expecting the price of the stock to rise immediately upon the start of trading. Thus, stag 803:

In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in

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In determining the success or failure of a Dutch auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses

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Some researchers (Friesen & Swift, 2009) believe that the underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is

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is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately

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The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over,

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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. When pricing an IPO, underwriters use a variety of

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in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the

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The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of the issued shares, the stock may fall in value on the

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from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission.

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departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical

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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 major selling syndicate in its domestic market, Europe, in addition to separate group

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stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding).

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first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012.

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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).

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Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information.

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their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a

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Historically, many IPOs have been underpriced. The effect of underpricing an IPO is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop").

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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

519:". 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. 765:. This auction method ranks bids from highest to lowest, then accepts the highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction 745:. Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while a firm's stock of patents mitigates this effect. 716:, can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example is 725:

30 million from the offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $ 200 million on the table.

1525: 526:" of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an 757:

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. One version of the Dutch auction is

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generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering.

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The final step in preparing and filing the final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the

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Robert E. Wright and Richard Sylla, "Corporate Governance and Stockholder/Stakeholder Activism in the United States, 1790–1860: New Data and Perspectives". In Jonathan Koppell (ed.),

1712: 2408: 2010: 1548: 376:. This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market. 387:) 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. 576:

have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks. The

1769: 684:, which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the 546:

corporations or selling them for US/Canada and Asia. Usually, the lead underwriter in the head selling group is also the lead bank in the other selling groups.

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The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the

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have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds).

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or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed.

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Public offerings are sold to both institutional investors and retail clients of the underwriters. A licensed securities salesperson (

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departments and retail divisions engaged in the marketing of new issues. The central issue in that enforcement agreement had been

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Because of the wide array of legal requirements and because it is an expensive process, IPOs also typically involve one or more

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Goergen, M.; Khurshed, A.; Mudambi, R. (2006). "The Strategy of Going Public: How UK Firms Choose Their Listing Contracts".

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Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however, China (

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Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the

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IPO procedures are governed by different laws in different countries. In the United States, IPOs are regulated by the

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Khurshed, A.; Mudambi, R. (2002). "The Short Run Price Performance of Investment Trust IPOs on the UK Main Market".

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Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a

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key performance indicators and non-GAAP measures. The process of determining an optimal price usually involves the

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investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.

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Mudambi, R.; Treichel, M. Z. (2005). "Cash Crisis in Newly Public Internet-based Firms: An Empirical Analysis".

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Loughran, T.; Ritter, J. R. (2002). "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?".

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client's advisor, it is possible that the financial incentives of the advisor and client may not be aligned.

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Goergen, M.; Khurshed, A.; Mudambi, R. (2007). "The Long-run Performance of UK IPOs: Can it be Predicted?".

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Increased risk of litigation, including private securities class actions and shareholder derivative actions

255: 212: 2989: 2317: 1855: 1094:) has been the leading issuer, raising $ 73 billion (almost double the amount of money raised on the 4036: 4004: 3908: 3862: 3845: 3798: 3382: 1287: 538:, typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the 445: 149: 804:

May 2011 was postponed in September of that year, after several failed attempts to price. An article in

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Going Public: How Silicon Valley Rebels Loosened Wall Street's Grip on the IPO and Sparked a Revolution

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The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:

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A variation of the Dutch auction has been used to take a number of U.S. companies public including

597: 132:, although this claim is not shared by all modern scholars. Like modern joint-stock companies, the 2352: 1808: 383:. This method provides capital for various corporate purposes through the issuance of equity (see 4025: 3920: 3803: 3245: 3235: 3205: 3175: 2223: 1646:

Series 79 Investment Banking Representative Qualification Examination, Study Manual, 41st Edition

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and uncertainty about the global economy have made investors wary of investing in new stocks".

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Planning is crucial to a successful IPO. One book suggests the following seven planning steps:

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Public dissemination of information that may be useful to competitors, suppliers and customers.

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After the IPO, shares are traded freely in the open market at what is known as the free float.

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Bradley, D. J.; Jordan, B. D.; Ritter, J. R. (2003). "The Quiet Period Goes Out with a Bang".

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were sold, the nature of initial public offerings, or a description of stock market behavior.

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Attracting and retaining better management and employees through liquid equity participation

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were legal bodies independent of their members whose ownership was divided into shares, or

103: 31: 305: 8: 4255: 4200: 4124: 3984: 3914: 3743: 3716: 3374: 1454: 1346: 867: 789: 737:("syndicate") arranging share purchase commitments from leading institutional investors. 713: 527: 17: 2368:"Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms" 1476: 301: 4295: 4270: 4230: 4215: 4134: 4104: 4073: 4031: 3775: 3685: 3675: 3544: 3456: 3439: 3397: 3320: 3312: 3098: 3083: 2958: 2817: 2699: 2262: 1835: 1392: 668: 664: 558: 530:. The spread is calculated as a discount from the price of the shares sold (called the 380: 64: 3481: 1369: 1335:

Note: the price the company receives from the institutional investors is the IPO price

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IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by

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Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. (ed.).

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Robert E. Wright, "Reforming the U.S. IPO Market: Lessons from History and Theory",

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Type of securities offering in which a private company becomes a public company

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Significant legal, accounting, and marketing costs, many of which are ongoing

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obtain audited financial statements using IPO-accepted accounting principles

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had initiated favorable research coverage of companies in an effort to aid

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There are several disadvantages to completing an initial public offering:

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Nasdaq database of all U.S. Initial Public Offerings beginning Jan. 1997

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A company planning an IPO typically appoints a lead manager, known as a

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create insider bail-out opportunities and take advantage of IPO windows.

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and usually also to retail (individual) investors. An IPO is typically

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in court previously. It involved the conflict of interest between the

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Facilitating acquisitions (potentially in return for shares of stock)

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Benefits for pre-IPO owners in the form of Tax Receivable Agreements

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the investments of private shareholders such as company founders or

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reviews and approves prospectuses and operates the listing regime.

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An IPO accords several benefits to the previously private company:

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In the US, clients are given a preliminary prospectus, known as a

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grow the company's business with an eye to the public marketplace

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In the United States, the first IPO was the public offering of

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Not all IPOs are eligible for delivery settlement through the

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Meaningful time, effort, and attention required of management

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Before legal actions initiated by New York Attorney General

2447:"Chinese Mainland and Hong Kong IPO markets 2023 Q1 review" 2322: 2219:"How GM's IPO Stacks Up Against the Biggest IPOs on Record" 1044: 2097:"Aramco's 'greenshoe option' pushes IPO to $ 29.4 billion" 2096: 432:

Requirement to disclose financial and business information

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Morricone, Serena; Munari, Federico; Oriani, Raffaele;

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violation addressed by the settlement was the case of

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have also been explored and applied for several IPOs.

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develop impressive management and professional team

409:Creating multiple financing opportunities: equity, 2351: 2284: 2041: 1854: 1638: 2657:Friesen, Geoffrey C.; Swift, Christopher (2009). 1813:"Commercialization Strategy and IPO Underpricing" 79:, a privately held company is transformed into a 4377: 2746:. Butterworth-Heineman, an imprint of Elsevier. 1713:"The Main Players In An Initial Public Offering" 462:United States Securities and Exchange Commission 156:. Mere evidence remains of the prices for which 2869: 2799: 1910:"No Bitter Aftertaste From This Stock Offering" 875:" or selling them on the first day of trading. 858:(DVP) arrangement with the selling group firm. 400:Increasing exposure, prestige, and public image 182: 2849: 2828: 2783:. IPO Initial Public Offerings. Archived from 2256:Rusli, Evelyn M.; Eavis, Peter (17 May 2012), 1587:"The Laws That Govern the Securities Industry" 1546: 1367: 71:. Through this process, colloquially known as 3571: 2939: 2852:"Why Has IPO Underpricing Changed Over Time?" 2141:"Softbank Corp IPO Second Biggest in History" 1704: 1675:(New York: Palgrave Macmillan, 2011), 231–51. 1628:Lipman, International and U.S. IPO Planning, 788:, Ravenswood Winery, Clean Energy Fuels, and 438:Risk that required funding will not be raised 2659:"Overreaction in the thrift IPO aftermarket" 2656: 2634:. Mondo Visione. Accessed 21 September 2011. 2066: 2064: 2043:"WhiteGlove Health Shelves IPO Indefinitely" 1368:Poitras, Geoffrey; Geranio, Manuela (2016). 1344: 854:to the clearing agent bank's custodian or a 506: 118:The earliest form of a company which issued 2637: 2526:"AgBank IPO officially the world's biggest" 1770:"How Non-GAAP Measures Can Impact Your IPO" 1660:Accounting, Business, and Financial History 810:cited the reasons as "broader stock-market 221:Learn how and when to remove these messages 3578: 3564: 3540: 3530: 2946: 2932: 2776:Published 2010-10-29. Retrieved 2011-09-21 2684:Journal of Business Finance and Accounting 2255: 2072:"Regulatory Notice 15-30: Equity Research" 1409: 1345:Hirst, Scott; Kastiel, Kobi (1 May 2019). 1102:combined) up to the end of November 2011. 522:A large IPO is usually underwritten by a " 304:. Please do not remove this message until 30:"IPO" redirects here. For other uses, see 2739: 2583: 2523: 2061: 1347:"Corporate Governance by Index Exclusion" 861: 583: 359:When a company lists its securities on a 342:Learn how and when to remove this message 324:Learn how and when to remove this message 55:in which shares of a company are sold to 4356:"IPO GMP Live - IPO Grey Market Premium" 2600: 2258:"Facebook Raises $ 16 Billion in I.P.O." 2212: 2210: 2208: 1962:"Are Dutch Auctions Right for Your IPO?" 300:Relevant discussion may be found on the 2896:U.S. Securities and Exchange Commission 2341: 2312: 2310: 1989:"Is The Dutch Auction IPO A Good Idea?" 1690:U.S. Securities and Exchange Commission 1648:. Securities Trading Corporation. 2010. 1500:"How regular investors can access IPOs" 1497: 1469: 965:Industrial and Commercial Bank of China 14: 4378: 2547:"Pricing the 'biggest IPO in history'" 2216: 1959: 1906: 1710: 1077: 394:Enlarging and diversifying equity base 4348: 3585: 3559: 2927: 2337: 2335: 2333: 2318:"Global IPO market booms 50% in 2014" 2205: 2039: 1960:Hensel, Nayantara (4 November 2005). 1852: 1547:Rose Selden, Shannon; Goodman, Mark. 841: 2850:Loughran, T.; Ritter, J. R. (2004). 2342:Bullock, Nicole (27 December 2017). 2307: 2277:"China eclipses US as top IPO venue" 2217:Grocer, Stephen (17 November 2010). 1686:"Registration Statement on Form S-1" 1589:. Securities and Exchange Commission 1410:Malmendier, Ulrike (December 2009). 274: 227: 186: 2553:. 29 September 2006. Archived from 2524:Anderlini, Jamil (13 August 2010). 1735: 1313:Special-purpose acquisition company 511:IPOs generally involve one or more 24: 2516: 2330: 2283:. 28 December 2011. Archived from 2089: 1450:"Books & Reading: Chapter One" 712:, or quickly selling shares for a 655:enforcement agreement, some large 651:, which later became known as the 397:Enabling cheaper access to capital 25: 4407: 2912: 2642:. Vol. 1. Boston: Elsevier. 2040:Cowan, Lynn (21 September 2011). 1986: 1907:Sommer, Jeff (18 February 2012). 1767: 1523: 1498:Jessica, Matthews (8 July 2021). 1412:"Law and Finance "at the Origin"" 499:develop good corporate governance 202:This section has multiple issues. 3834:Electronic communication network 3539: 3529: 2696:10.1111/j.1468-5957.2006.00657.x 2663:Journal of Banking & Finance 1711:Taulli, Tom (26 February 2012). 1377:Explorations in Economic History 981:American International Assurance 748: 420: 279: 232: 191: 164:lost favor with the fall of the 2743:Initial Public Offerings (IPOs) 2487: 2463: 2439: 2415: 2401: 2374: 2360: 2293: 2269: 2249: 2231: 2187: 2169: 2151: 2133: 2115: 2033: 2003: 1980: 1953: 1921: 1900: 1874: 1846: 1800: 1761: 1678: 1673:Origins of Shareholder Advocacy 1665: 1652: 1622: 1601: 1579: 1298:Public offering without listing 878: 817: 686:Securities Exchange Act of 1934 496:establish antitakeover defenses 210:or discuss these issues on the 3326:Debtor-in-possession financing 2884:10.1016/j.jbusvent.2004.03.003 2772:Hu, Bei and Vannucci, Cecile. 2675:10.1016/j.jbankfin.2009.01.002 1882:"What Is a Dutch Auction IPO?" 1540: 1517: 1491: 1442: 1416:Journal of Economic Literature 1403: 1361: 1338: 1329: 13: 1: 3828:Multilateral trading facility 2872:Journal of Business Venturing 2640:Handbook of Corporate Finance 2627:Chambers, Clem (2006-07-14). 1853:Demos, Telis (21 June 2012). 1323: 468:. In the United Kingdom, the 444:Loss of control and stronger 354: 4251:Returns-based style analysis 4047:Post-modern portfolio theory 3953:Security characteristic line 3266:Staggered board of directors 2629:"Who needs stock exchanges?" 1351:Boston University Law Review 455: 183:Advantages and disadvantages 7: 4005:Efficient-market hypothesis 3909:Capital asset pricing model 3846:Straight-through processing 3383:Accretion/dilution analysis 2831:Review of Financial Studies 2802:Applied Financial Economics 1288:Alternative public offering 1281: 743:IPO underpricing algorithms 475: 306:conditions to do so are met 245:to comply with Knowledge's 150:Temple of Castor and Pollux 10: 4412: 3822:Alternative Trading System 3346:Leveraged recapitalization 1856:"What Is a Dutch Auction?" 949:Agricultural Bank of China 821: 691: 542:, up to 8% in some cases. 493:clean up the company's act 413:, cheaper bank loans, etc. 113: 29: 4097: 3972: 3871: 3791: 3699: 3666: 3627: 3593: 3525: 3517:Valuation using multiples 3502:Sum-of-the-parts analysis 3472:Modigliani–Miller theorem 3373: 3331:Dividend recapitalization 3311: 3159: 3146:Secondary market offering 3049: 3038: 2965: 2814:10.1080/09603100010025706 2733:10.1108/03074350710748759 1968:. Harvard Business School 1662:(November 2002), 419–437. 1389:10.1016/j.eeh.2016.01.003 1308:Smaller reporting company 1269: 1248: 1227: 1206: 1173: 1147: 1121: 782:Interactive Brokers Group 615:Registered Representative 507:Retention of underwriters 374:secondary market offering 4391:Stock market terminology 3886:Arbitrage pricing theory 3535:List of investment banks 3450:Free cash flow to equity 3276:Super-majority amendment 3201:Management due diligence 3141:Seasoned equity offering 2740:Gregoriou, Greg (2006). 2601:Campbell, Dakin (2022). 1208:Hong Kong Stock Exchange 1175:Hong Kong Stock Exchange 1123:Hong Kong Stock Exchange 598:Firm commitment contract 561:firms of London and the 553:with major practices in 258:may contain suggestions. 243:may need to be rewritten 4386:Initial public offering 4165:Initial public offering 4026:Modern portfolio theory 3921:Dividend discount model 3804:List of stock exchanges 3246:Shareholder rights plan 3236:Post-merger integration 3206:Managerial entrenchment 3176:Contingent value rights 3116:Initial public offering 2594:10.1111/1540-6261.00517 2224:The Wall Street Journal 2048:The Wall Street Journal 1861:The Wall Street Journal 1271:New York Stock Exchange 1250:Shanghai Stock Exchange 1195:New York Stock Exchange 1149:New York Stock Exchange 1096:New York Stock Exchange 856:delivery versus payment 807:the Wall Street Journal 634:indications of interest 448:due to new shareholders 57:institutional investors 41:initial public offering 4053:Random walk hypothesis 3388:Adjusted present value 3251:Special-purpose entity 3089:Direct public offering 3059:At-the-market offering 1809:de Rassenfosse, Gaétan 1609:"UK Listing Authority" 1293:Direct public offering 862:Stag profit (flipping) 771:uniform price auctions 630:red herring prospectus 584:Allocation and pricing 578:direct public offering 466:Securities Act of 1933 4396:Contexts for auctions 4191:Market capitalization 4000:Dollar cost averaging 3403:Conglomerate discount 1987:Anand, Anita Indira. 1530:Vanderbilt Law Review 1428:10.1257/jel.47.4.1076 1399:– via Elsevier. 1114:Proceeds (in bn USD) 593:Best efforts contract 568:Financial historians 177:Bank of North America 4011:Fundamental analysis 3995:Contrarian investing 3958:Security market line 3863:Liquidity aggregator 3840:Direct market access 3751:Quantitative analyst 3425:Economic value added 3420:Discounted cash flow 2859:Financial Management 2843:10.1093/rfs/15.2.413 2690:(1&2): 306–328. 2605:. New York: Twelve. 2356:on 10 December 2022. 2289:on 10 December 2022. 2129:. 18 September 2013. 1832:10.2139/ssrn.2966036 1774:Transaction Advisors 1553:Transaction Advisors 682:Salomon Smith Barney 603:All-or-none contract 470:UK Listing Authority 168:and the rise of the 122:was the case of the 32:IPO (disambiguation) 4256:Reverse stock split 4201:Market manipulation 4125:Dual-listed company 3985:Algorithmic trading 3915:Capital market line 3717:Inter-dealer broker 3010:Senior secured debt 2370:. 24 December 2018. 2326:. 18 December 2014. 2147:. 11 December 2018. 1455:The Washington Post 1078:Largest IPO markets 895:Inflation adjusted 790:Boston Beer Company 741:through the use of 528:underwriting spread 293:of this section is 4296:Stock market index 4135:Efficient frontier 4074:Technical analysis 4032:Momentum investing 3854:(private exchange) 3744:Proprietary trader 3686:Shares outstanding 3676:Authorised capital 3545:Outline of finance 3457:Market value added 3440:Financial modeling 3398:Business valuation 3321:Debt restructuring 3099:Follow-on offering 3084:Corporate spin-off 3042:(terms/conditions) 2959:investment banking 2721:Managerial Finance 2632:Exchanges Handbook 2572:Journal of Finance 2557:on 5 December 2008 2549:. China Business. 2411:. 13 January 2021. 2263:The New York Times 2245:, 26 November 2010 2201:. 29 October 2010. 2127:The New York Times 2021:on 4 November 2013 1941:on 27 October 2011 1915:The New York Times 1788:on 6 November 2018 1567:on 6 November 2018 852:stock certificates 842:Delivery of shares 669:investment banking 565:of New York City. 381:follow-on offering 4344: 4343: 4145:Flight-to-quality 3897:Buffett indicator 3587:Financial markets 3553: 3552: 3477:Net present value 3462:Minority interest 3393:Associate company 3369: 3368: 3336:Financial sponsor 3256:Special situation 3226:Pre-emption right 3216:Minority discount 3126:Private placement 3025:Subordinated debt 2980:Exchangeable debt 2967:Capital structure 2955:Corporate finance 2787:on 21 August 2011 2781:"IPO Definitions" 2753:978-0-7506-7975-6 2649:978-0-444-50898-0 2165:. 15 August 2010. 2103:. 12 January 2020 1966:Working Knowledge 1692:. 1 February 2012 1634:978-0-470-39087-0 1524:Shobe, Gladriel. 1279: 1278: 1075: 1074: 661:corporate finance 653:Global Settlement 352: 351: 344: 334: 333: 326: 273: 272: 247:quality standards 225: 16:(Redirected from 4403: 4371: 4370: 4368: 4366: 4352: 4261:Share repurchase 3973:Trading theories 3858:Crossing network 3816:Over-the-counter 3653:Restricted stock 3609:Secondary market 3580: 3573: 3566: 3557: 3556: 3543: 3542: 3533: 3532: 3435:Fairness opinion 3430:Enterprise value 3413:Weighted average 3341:Leveraged buyout 3196:Drag-along right 3094:Equity carve-out 3051:Equity offerings 3047: 3046: 3043: 3015:Shareholder loan 3000:Second lien debt 2995:Preferred equity 2975:Convertible debt 2948: 2941: 2934: 2925: 2924: 2907: 2905: 2903: 2898:. 18 August 2005 2887: 2866: 2856: 2846: 2825: 2796: 2794: 2792: 2769: 2767: 2765: 2760:on 14 March 2007 2756:. Archived from 2736: 2715: 2678: 2669:(7): 1285–1298. 2653: 2624: 2597: 2587: 2566: 2564: 2562: 2542: 2540: 2538: 2509: 2508: 2506: 2504: 2499: 2491: 2485: 2484: 2482: 2480: 2475: 2467: 2461: 2460: 2458: 2456: 2451: 2443: 2437: 2436: 2434: 2432: 2427: 2419: 2413: 2412: 2405: 2399: 2398: 2396: 2394: 2378: 2372: 2371: 2364: 2358: 2357: 2355: 2350:. Archived from 2339: 2328: 2327: 2314: 2305: 2304: 2297: 2291: 2290: 2288: 2273: 2267: 2266: 2253: 2247: 2246: 2235: 2229: 2228: 2214: 2203: 2202: 2191: 2185: 2184: 2173: 2167: 2166: 2155: 2149: 2148: 2137: 2131: 2130: 2119: 2113: 2112: 2110: 2108: 2093: 2087: 2086: 2084: 2082: 2076: 2068: 2059: 2058: 2056: 2054: 2045: 2037: 2031: 2030: 2028: 2026: 2017:. Archived from 2007: 2001: 2000: 1998: 1996: 1984: 1978: 1977: 1975: 1973: 1957: 1951: 1950: 1948: 1946: 1940: 1934:. Archived from 1933: 1925: 1919: 1918: 1912: 1904: 1898: 1897: 1895: 1893: 1878: 1872: 1871: 1869: 1867: 1858: 1850: 1844: 1843: 1826:(6): 1133–1141. 1817: 1804: 1798: 1797: 1795: 1793: 1784:. Archived from 1768:Gould, Michael. 1765: 1759: 1758: 1756: 1754: 1739: 1733: 1732: 1730: 1728: 1719:. Archived from 1708: 1702: 1701: 1699: 1697: 1682: 1676: 1669: 1663: 1656: 1650: 1649: 1642: 1636: 1626: 1620: 1619: 1617: 1615: 1605: 1599: 1598: 1596: 1594: 1583: 1577: 1576: 1574: 1572: 1563:. Archived from 1544: 1538: 1537: 1521: 1515: 1514: 1512: 1510: 1495: 1489: 1488: 1486: 1484: 1473: 1467: 1466: 1464: 1462: 1446: 1440: 1439: 1422:(4): 1076–1108. 1407: 1401: 1400: 1374: 1365: 1359: 1358: 1342: 1336: 1333: 1303:Reverse takeover 1105: 1104: 1071:$ 21.25 billion 1055:$ 30.34 billion 1039:$ 33.74 billion 1023:$ 25.36 billion 1007:$ 27.88 billion 991:$ 28.64 billion 959:$ 30.88 billion 943:$ 28.51 billion 927:$ 32.18 billion 911:$ 35.04 billion 883: 882: 657:investment firms 574:Robert E. Wright 563:white-shoe firms 513:investment banks 411:convertible debt 347: 340: 329: 322: 318: 315: 309: 283: 282: 275: 268: 265: 259: 236: 228: 217: 195: 194: 187: 142:over-the-counter 65:investment banks 21: 4411: 4410: 4406: 4405: 4404: 4402: 4401: 4400: 4376: 4375: 4374: 4364: 4362: 4354: 4353: 4349: 4345: 4340: 4331:Voting interest 4241:Public offering 4176:Mandatory offer 4150:Government bond 4130:DuPont analysis 4093: 4089:Value investing 4084:Value averaging 4079:Trend following 4064:Style investing 4059:Sector rotation 3974: 3968: 3947:Net asset value 3873:Stock valuation 3867: 3787: 3695: 3662: 3648:Preferred stock 3623: 3589: 3584: 3554: 3549: 3521: 3497:Stock valuation 3492:Residual income 3408:Cost of capital 3365: 3361:Project finance 3351:High-yield debt 3307: 3286:Tag-along right 3211:Mandatory offer 3181:Control premium 3162: 3155: 3131:Public offering 3079:Bought out deal 3041: 3040: 3034: 2961: 2952: 2915: 2910: 2901: 2899: 2890: 2854: 2808:(10): 697–706. 2790: 2788: 2779: 2763: 2761: 2754: 2650: 2613: 2585:10.1.1.535.3111 2560: 2558: 2545: 2536: 2534: 2531:Financial Times 2519: 2517:Further reading 2512: 2502: 2500: 2497: 2493: 2492: 2488: 2478: 2476: 2473: 2469: 2468: 2464: 2454: 2452: 2449: 2445: 2444: 2440: 2430: 2428: 2425: 2421: 2420: 2416: 2407: 2406: 2402: 2392: 2390: 2380: 2379: 2375: 2366: 2365: 2361: 2348:Financial Times 2340: 2331: 2316: 2315: 2308: 2299: 2298: 2294: 2281:Financial Times 2275: 2274: 2270: 2254: 2250: 2237: 2236: 2232: 2215: 2206: 2193: 2192: 2188: 2183:. 28 July 2010. 2175: 2174: 2170: 2157: 2156: 2152: 2139: 2138: 2134: 2121: 2120: 2116: 2106: 2104: 2095: 2094: 2090: 2080: 2078: 2074: 2070: 2069: 2062: 2052: 2050: 2038: 2034: 2024: 2022: 2009: 2008: 2004: 1994: 1992: 1985: 1981: 1971: 1969: 1958: 1954: 1944: 1942: 1938: 1931: 1927: 1926: 1922: 1905: 1901: 1891: 1889: 1880: 1879: 1875: 1865: 1863: 1851: 1847: 1820:Research Policy 1815: 1805: 1801: 1791: 1789: 1766: 1762: 1752: 1750: 1749:. 28 April 2003 1741: 1740: 1736: 1726: 1724: 1723:on 24 July 2014 1709: 1705: 1695: 1693: 1684: 1683: 1679: 1670: 1666: 1657: 1653: 1644: 1643: 1639: 1627: 1623: 1613: 1611: 1607: 1606: 1602: 1592: 1590: 1585: 1584: 1580: 1570: 1568: 1545: 1541: 1522: 1518: 1508: 1506: 1496: 1492: 1482: 1480: 1475: 1474: 1470: 1460: 1458: 1448: 1447: 1443: 1408: 1404: 1372: 1366: 1362: 1343: 1339: 1334: 1330: 1326: 1318:Venture capital 1284: 1080: 975:$ 33.1 billion 881: 864: 844: 826: 820: 798:price discovery 763:William Vickrey 751: 694: 586: 509: 478: 458: 446:agency problems 423: 361:public exchange 357: 348: 337: 336: 335: 330: 319: 313: 310: 299: 284: 280: 269: 263: 260: 250: 237: 196: 192: 185: 116: 96:Stock exchanges 69:stock exchanges 63:by one or more 53:public offering 35: 28: 23: 22: 15: 12: 11: 5: 4409: 4399: 4398: 4393: 4388: 4373: 4372: 4346: 4342: 4341: 4339: 4338: 4333: 4328: 4323: 4318: 4313: 4308: 4303: 4298: 4293: 4291:Stock exchange 4288: 4286:Stock dilution 4283: 4278: 4273: 4268: 4263: 4258: 4253: 4248: 4243: 4238: 4233: 4228: 4223: 4218: 4213: 4211:Mean reversion 4208: 4203: 4198: 4193: 4188: 4186:Market anomaly 4183: 4178: 4173: 4168: 4162: 4157: 4152: 4147: 4142: 4137: 4132: 4127: 4122: 4117: 4112: 4107: 4105:Bid–ask spread 4101: 4099: 4095: 4094: 4092: 4091: 4086: 4081: 4076: 4071: 4066: 4061: 4056: 4050: 4044: 4039: 4034: 4029: 4023: 4018: 4013: 4008: 4002: 3997: 3992: 3987: 3981: 3979: 3970: 3969: 3967: 3966: 3961: 3955: 3950: 3944: 3939: 3934: 3932:Earnings yield 3929: 3927:Dividend yield 3924: 3918: 3912: 3906: 3900: 3894: 3889: 3883: 3877: 3875: 3869: 3868: 3866: 3865: 3860: 3855: 3849: 3843: 3837: 3831: 3825: 3819: 3818:(off-exchange) 3813: 3812: 3811: 3806: 3795: 3793: 3792:Trading venues 3789: 3788: 3786: 3785: 3780: 3779: 3778: 3768: 3763: 3758: 3753: 3748: 3747: 3746: 3741: 3731: 3726: 3721: 3720: 3719: 3714: 3703: 3701: 3697: 3696: 3694: 3693: 3691:Treasury stock 3688: 3683: 3678: 3672: 3670: 3664: 3663: 3661: 3660: 3658:Tracking stock 3655: 3650: 3645: 3640: 3634: 3632: 3625: 3624: 3622: 3621: 3616: 3611: 3606: 3604:Primary market 3600: 3598: 3591: 3590: 3583: 3582: 3575: 3568: 3560: 3551: 3550: 3548: 3547: 3537: 3526: 3523: 3522: 3520: 3519: 3514: 3512:Terminal value 3509: 3504: 3499: 3494: 3489: 3484: 3479: 3474: 3469: 3464: 3459: 3454: 3453: 3452: 3445:Free cash flow 3442: 3437: 3432: 3427: 3422: 3417: 3416: 3415: 3405: 3400: 3395: 3390: 3385: 3379: 3377: 3371: 3370: 3367: 3366: 3364: 3363: 3358: 3356:Private equity 3353: 3348: 3343: 3338: 3333: 3328: 3323: 3317: 3315: 3309: 3308: 3306: 3305: 3300: 3299: 3298: 3288: 3283: 3278: 3273: 3268: 3263: 3258: 3253: 3248: 3243: 3238: 3233: 3228: 3223: 3218: 3213: 3208: 3203: 3198: 3193: 3188: 3183: 3178: 3173: 3167: 3165: 3157: 3156: 3154: 3153: 3148: 3143: 3138: 3133: 3128: 3123: 3118: 3113: 3112: 3111: 3101: 3096: 3091: 3086: 3081: 3076: 3071: 3066: 3061: 3055: 3053: 3044: 3036: 3035: 3033: 3032: 3027: 3022: 3017: 3012: 3007: 3002: 2997: 2992: 2987: 2985:Mezzanine debt 2982: 2977: 2971: 2969: 2963: 2962: 2951: 2950: 2943: 2936: 2928: 2922: 2921: 2914: 2913:External links 2911: 2909: 2908: 2892:"Quiet Period" 2888: 2878:(4): 543–571. 2867: 2847: 2837:(2): 413–443. 2826: 2797: 2777: 2770: 2752: 2737: 2727:(6): 401–419. 2716: 2679: 2654: 2648: 2635: 2625: 2611: 2598: 2567: 2543: 2520: 2518: 2515: 2511: 2510: 2486: 2462: 2438: 2414: 2400: 2373: 2359: 2329: 2306: 2292: 2268: 2248: 2230: 2204: 2186: 2168: 2150: 2132: 2114: 2088: 2060: 2032: 2002: 1979: 1952: 1920: 1899: 1886:Slate Magazine 1873: 1845: 1799: 1760: 1734: 1703: 1677: 1664: 1651: 1637: 1621: 1600: 1578: 1539: 1516: 1490: 1468: 1441: 1402: 1360: 1337: 1327: 1325: 1322: 1321: 1320: 1315: 1310: 1305: 1300: 1295: 1290: 1283: 1280: 1277: 1276: 1273: 1268: 1264: 1263: 1260: 1256: 1255: 1252: 1247: 1243: 1242: 1239: 1235: 1234: 1231: 1226: 1222: 1221: 1218: 1214: 1213: 1210: 1205: 1201: 1200: 1197: 1192: 1188: 1187: 1184: 1180: 1179: 1177: 1172: 1168: 1167: 1165: 1161: 1160: 1158: 1154: 1153: 1151: 1146: 1142: 1141: 1139: 1135: 1134: 1132: 1128: 1127: 1125: 1120: 1116: 1115: 1112: 1111:Stock exchange 1109: 1079: 1076: 1073: 1072: 1069: 1066: 1063: 1057: 1056: 1053: 1050: 1047: 1041: 1040: 1037: 1034: 1031: 1025: 1024: 1021: 1018: 1015: 1013:General Motors 1009: 1008: 1005: 1002: 999: 993: 992: 989: 986: 983: 977: 976: 973: 970: 967: 961: 960: 957: 954: 951: 945: 944: 941: 938: 935: 933:SoftBank Group 929: 928: 925: 922: 919: 913: 912: 909: 906: 903: 897: 896: 893: 890: 887: 880: 877: 863: 860: 843: 840: 822:Main article: 819: 816: 767:Treasury bills 750: 747: 693: 690: 611: 610: 605: 600: 595: 585: 582: 557:, such as the 555:securities law 508: 505: 504: 503: 500: 497: 494: 491: 488: 485: 477: 474: 457: 454: 453: 452: 449: 442: 439: 436: 433: 430: 422: 419: 418: 417: 414: 407: 404: 401: 398: 395: 385:stock dilution 356: 353: 350: 349: 332: 331: 287: 285: 278: 271: 270: 240: 238: 231: 226: 200: 199: 197: 190: 184: 181: 144:market in the 130:Roman Republic 115: 112: 89:private equity 81:public company 26: 9: 6: 4: 3: 2: 4408: 4397: 4394: 4392: 4389: 4387: 4384: 4383: 4381: 4361: 4357: 4351: 4347: 4337: 4334: 4332: 4329: 4327: 4324: 4322: 4319: 4317: 4314: 4312: 4309: 4307: 4304: 4302: 4299: 4297: 4294: 4292: 4289: 4287: 4284: 4282: 4279: 4277: 4274: 4272: 4269: 4267: 4266:Short selling 4264: 4262: 4259: 4257: 4254: 4252: 4249: 4247: 4244: 4242: 4239: 4237: 4234: 4232: 4229: 4227: 4224: 4222: 4219: 4217: 4214: 4212: 4209: 4207: 4204: 4202: 4199: 4197: 4194: 4192: 4189: 4187: 4184: 4182: 4179: 4177: 4174: 4172: 4169: 4166: 4163: 4161: 4158: 4156: 4155:Greenspan put 4153: 4151: 4148: 4146: 4143: 4141: 4140:Financial law 4138: 4136: 4133: 4131: 4128: 4126: 4123: 4121: 4118: 4116: 4115:Cross listing 4113: 4111: 4108: 4106: 4103: 4102: 4100: 4098:Related terms 4096: 4090: 4087: 4085: 4082: 4080: 4077: 4075: 4072: 4070: 4069:Swing trading 4067: 4065: 4062: 4060: 4057: 4054: 4051: 4048: 4045: 4043: 4040: 4038: 4037:Mosaic theory 4035: 4033: 4030: 4027: 4024: 4022: 4021:Market timing 4019: 4017: 4014: 4012: 4009: 4006: 4003: 4001: 3998: 3996: 3993: 3991: 3988: 3986: 3983: 3982: 3980: 3978: 3971: 3965: 3962: 3959: 3956: 3954: 3951: 3948: 3945: 3943: 3940: 3938: 3935: 3933: 3930: 3928: 3925: 3922: 3919: 3916: 3913: 3910: 3907: 3904: 3901: 3898: 3895: 3893: 3890: 3887: 3884: 3882: 3879: 3878: 3876: 3874: 3870: 3864: 3861: 3859: 3856: 3853: 3850: 3847: 3844: 3841: 3838: 3835: 3832: 3829: 3826: 3823: 3820: 3817: 3814: 3810: 3809:Trading hours 3807: 3805: 3802: 3801: 3800: 3797: 3796: 3794: 3790: 3784: 3781: 3777: 3774: 3773: 3772: 3769: 3767: 3764: 3762: 3759: 3757: 3754: 3752: 3749: 3745: 3742: 3740: 3737: 3736: 3735: 3732: 3730: 3727: 3725: 3724:Broker-dealer 3722: 3718: 3715: 3713: 3710: 3709: 3708: 3705: 3704: 3702: 3698: 3692: 3689: 3687: 3684: 3682: 3681:Issued shares 3679: 3677: 3674: 3673: 3671: 3669: 3668:Share capital 3665: 3659: 3656: 3654: 3651: 3649: 3646: 3644: 3641: 3639: 3636: 3635: 3633: 3631: 3626: 3620: 3619:Fourth market 3617: 3615: 3612: 3610: 3607: 3605: 3602: 3601: 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Moaf.org 1383:: 95–118. 1357:(3): 1229. 1324:References 1029:NTT Docomo 848:DTC system 812:volatility 698:bookrunner 536:bookrunner 515:known as " 464:under the 355:Advantages 291:neutrality 207:improve it 104:prospectus 3942:Fed model 3937:EV/EBITDA 3852:Dark pool 3783:Regulator 3628:Types of 3594:Types of 3482:Pure play 3375:Valuation 3241:Sell side 3104:Greenshoe 2704:153405433 2580:CiteSeerX 2537:13 August 2243:Bloomberg 2199:Bloomberg 2181:Bloomberg 2163:Bloomberg 2101:Arab News 2015:Statesman 1840:157454297 1782:2329-9134 1561:2329-9134 1436:0022-0515 1397:155816750 1092:Hong Kong 997:Visa Inc. 623:greenshoe 551:law firms 524:syndicate 456:Procedure 302:talk page 256:talk page 213:talk page 162:Publicani 154:quaestors 134:publicani 125:publicani 4271:Slippage 4231:Position 4216:Momentum 4120:Dividend 3799:Exchange 3756:Investor 3313:Leverage 3291:Takeover 3186:Demerger 3171:Buy side 2822:55180392 1811:(2017). 1282:See also 1088:Shenzhen 1084:Shanghai 1068:$ 16.01B 1061:Facebook 1052:$ 16.59B 1036:$ 18.05B 1020:$ 18.15B 873:flipping 710:Flipping 673:analysis 476:Planning 365:monetize 314:May 2022 295:disputed 264:May 2022 166:Republic 85:monetize 73:floating 4365:26 July 4160:Haircut 3964:T-model 3776:Scalper 3596:markets 3296:Reverse 3281:Synergy 3121:Pre-IPO 3109:Reverse 3030:Warrant 2902:4 March 2764:15 June 2503:29 June 2455:24 June 2081:21 July 2077:. 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