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.
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.
234:
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
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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
281:
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
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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
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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
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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).
99:
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
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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
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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.
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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
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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.),
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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.
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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
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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
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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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1743:"Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking"
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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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1929:"Journal of Business & Technology Law – Academic Journals – University of Maryland Francis King Carey School of Law"
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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".
2301:"Deloitte releases statistics on Hong Kong and Mainland IPOs in 2012 | Deloitte China | Press Release"
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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
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1094:) has been the leading issuer, raising $ 73 billion (almost double the amount of money raised on the
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538:, typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the
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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
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132:, although this claim is not shared by all modern scholars. Like modern joint-stock companies, the
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383:. This method provides capital for various corporate purposes through the issuance of equity (see
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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
140:. There is evidence that these shares were sold to public investors and traded in a type of
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were legal bodies independent of their members whose ownership was divided into shares, or
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737:("syndicate") arranging share purchase commitments from leading institutional investors.
2368:"Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms"
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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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83:. Initial public offerings can be used to raise new equity capital for companies, to
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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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152:. The shares fluctuated in value, encouraging the activity of speculators, or
2159:"Agricultural Bank of China Sets IPO Record as Size Raised to $ 22.1 Billion"
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Significant legal, accounting, and marketing costs, many of which are ongoing
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2239:"GM Says Total Offering Size $ 23.1 Billion Including Overallotment Options"
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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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2423:"Mainland China and Hong Kong IPO markets - 2021 review and 2022 outlook"
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1831:
1526:"Private Benefits in Public Offerings: Tax Receivable Agreements in IPOs"
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124:
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Nasdaq database of all U.S. Initial Public Offerings beginning Jan. 1997
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2123:"Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option"
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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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1586:
1477:"Exhibits — America's First IPO — Museum of American Finance"
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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
87:
the investments of private shareholders such as company founders or
1991:. Queen's University Law and Economics Workshop. Queen's University
472:
reviews and approves prospectuses and operates the listing regime.
390:
An IPO accords several benefits to the previously private company:
3629:
3019:
2471:"Chinese Mainland and Hong Kong IPO markets 2023 and 2024 outlook"
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In the US, clients are given a preliminary prospectus, known as a
2495:"Chinese Mainland and Hong Kong IPO markets 2024 mid-year review"
2011:"WhiteGlove seeks to raise $ 32.5 million in 'Dutch auction' IPO"
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grow the company's business with an eye to the public marketplace
2322:
1044:
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850:, which would then either require the physical delivery of the
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In the United States, the first IPO was the public offering of
2177:"ICBC completed its record $ 21.9 billion IPO in October 2006"
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Not all IPOs are eligible for delivery settlement through the
274:
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67:, who also arrange for the shares to be listed on one or more
1549:"The Shift in Litigation Risks When U.S. Companies Go Public"
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Meaningful time, effort, and attention required of management
761:, which is based on an auction system designed by economist
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Before legal actions initiated by New York Attorney General
2447:"Chinese Mainland and Hong Kong IPO markets 2023 Q1 review"
2219:"How GM's IPO Stacks Up Against the Biggest IPOs on Record"
2097:"Aramco's 'greenshoe option' pushes IPO to $ 29.4 billion"
2096:
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Requirement to disclose financial and business information
2195:"AIA's IPO Boosted to $ 20.5 Billion With Overallotment"
1807:
Morricone, Serena; Munari, Federico; Oriani, Raffaele;
251:
2344:"Global number of IPOs highest since financial crisis"
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violation addressed by the settlement was the case of
110:
have also been explored and applied for several IPOs.
2382:"Hong Kong Ranks Top in Global IPO Markets for 2019"
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2409:"Hong Kong ranks as 2nd largest IPO market in 2020"
1370:"Trading of shares in the Societates Publicanorum?"
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develop impressive management and professional team
409:Creating multiple financing opportunities: equity,
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2284:
2041:
1854:
2657:Friesen, Geoffrey C.; Swift, Christopher (2009).
1813:"Commercialization Strategy and IPO Underpricing"
79:, a privately held company is transformed into a
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
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
2783:. IPO Initial Public Offerings. Archived from
2256:Rusli, Evelyn M.; Eavis, Peter (17 May 2012),
1587:"The Laws That Govern the Securities Industry"
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"
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
8:
2659:"Overreaction in the thrift IPO aftermarket"
2634:. Mondo Visione. Accessed 21 September 2011.
2066:
2064:
2043:"WhiteGlove Health Shelves IPO Indefinitely"
1368:Poitras, Geoffrey; Geranio, Manuela (2016).
854:to the clearing agent bank's custodian or a
118:The earliest form of a company which issued
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:
3556:
3540:
3530:
3046:
2946:
2932:
2924:
2776:Published 2010-10-29. Retrieved 2011-09-21
2684:Journal of Business Finance and Accounting
2072:"Regulatory Notice 15-30: Equity Research"
1345:Hirst, Scott; Kastiel, Kobi (1 May 2019).
1104:
1102:combined) up to the end of November 2011.
882:
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
2583:
1347:"Corporate Governance by Index Exclusion"
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"
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
4347:
2896:U.S. Securities and Exchange Commission
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"
1328:
965:Industrial and Commercial Bank of China
2547:"Pricing the 'biggest IPO in history'"
394:Enlarging and diversifying equity base
2337:
2335:
2333:
2318:"Global IPO market booms 50% in 2014"
1960:Hensel, Nayantara (4 November 2005).
1547:Rose Selden, Shannon; Goodman, Mark.
7:
2850:Loughran, T.; Ritter, J. R. (2004).
2342:Bullock, Nicole (27 December 2017).
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).
2553:. 29 September 2006. Archived from
2524:Anderlini, Jamil (13 August 2010).
1313:Special-purpose acquisition company
511:IPOs generally involve one or more
2283:. 28 December 2011. Archived from
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:
2642:. Vol. 1. Boston: Elsevier.
2040:Cowan, Lynn (21 September 2011).
1907:Sommer, Jeff (18 February 2012).
1498:Jessica, Matthews (8 July 2021).
1412:"Law and Finance "at the Origin""
499:develop good corporate governance
245:to comply with Knowledge (XXG)'s
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
279:
232:
191:
164:lost favor with the fall of the
2743:Initial Public Offerings (IPOs)
1673:Origins of Shareholder Advocacy
1298:Public offering without listing
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?"
1416:Journal of Economic Literature
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).
468:. In the United Kingdom, the
444:Loss of control and stronger
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
183:Advantages and disadvantages
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
743:IPO underpricing algorithms
306:conditions to do so are met
150:Temple of Castor and Pollux
4412:
3822:Alternative Trading System
3346:Leveraged recapitalization
1856:"What Is a Dutch Auction?"
949:Agricultural Bank of China
821:
542:, up to 8% in some cases.
493:clean up the company's act
413:, cheaper bank loans, etc.
29:
3525:
3517:Valuation using multiples
3502:Sum-of-the-parts analysis
3472:Modigliani–Miller theorem
3331:Dividend recapitalization
3146:Secondary market offering
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:
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:
3043:
3015:Shareholder loan
3000:Second lien debt
2995:Preferred equity
2975:Convertible debt
2948:
2941:
2934:
2925:
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:
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:
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:
2869:
2854:
2849:
2828:
2808:(10): 697–706.
2799:
2790:
2788:
2779:
2763:
2761:
2754:
2739:
2718:
2681:
2656:
2650:
2637:
2613:
2600:
2585:10.1.1.535.3111
2569:
2560:
2558:
2545:
2536:
2534:
2531:Financial Times
2523:
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
2341:
2340:
2331:
2316:
2315:
2308:
2299:
2298:
2294:
2281:Financial Times
2275:
2274:
2270:
2255:
2254:
2250:
2237:
2236:
2232:
2216:
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:
2039:
2038:
2034:
2024:
2022:
2009:
2008:
2004:
1994:
1992:
1986:
1985:
1981:
1971:
1969:
1959:
1958:
1954:
1944:
1942:
1938:
1931:
1927:
1926:
1922:
1906:
1905:
1901:
1891:
1889:
1880:
1879:
1875:
1865:
1863:
1852:
1851:
1847:
1820:Research Policy
1815:
1806:
1805:
1801:
1791:
1789:
1767:
1766:
1762:
1752:
1750:
1749:. 28 April 2003
1741:
1740:
1736:
1726:
1724:
1723:on 24 July 2014
1710:
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:
1546:
1545:
1541:
1523:
1522:
1518:
1508:
1506:
1497:
1496:
1492:
1482:
1480:
1475:
1474:
1470:
1460:
1458:
1448:
1447:
1443:
1409:
1408:
1404:
1372:
1367:
1366:
1362:
1344:
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:
4407:
4399:
4398:
4393:
4388:
4378:
4377:
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:
3585:
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:
2953:
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:
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2486:
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2438:
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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:
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1135:
1134:
1132:
1128:
1127:
1125:
1120:
1116:
1115:
1112:
1111:Stock exchange
1109:
1079:
1076:
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1069:
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1063:
1057:
1056:
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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:
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477:
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436:
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418:
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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:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4408:
4397:
4394:
4392:
4389:
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4381:
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4351:
4348:
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4332:
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4294:
4292:
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4274:
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4266:Short selling
4264:
4262:
4259:
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4158:
4156:
4155:Greenspan put
4153:
4151:
4148:
4146:
4143:
4141:
4140:Financial law
4138:
4136:
4133:
4131:
4128:
4126:
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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:
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3978:
3971:
3965:
3962:
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3809:Trading hours
3807:
3805:
3802:
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3800:
3797:
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3794:
3790:
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3781:
3777:
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3749:
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3724:Broker-dealer
3722:
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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:
3599:
3597:
3592:
3588:
3581:
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3505:
3503:
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3406:
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3319:
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3316:
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3301:
3297:
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3292:
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3272:
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3085:
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3075:
3072:
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3067:
3065:
3064:Book building
3062:
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3052:
3048:
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3026:
3023:
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2823:
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2807:
2803:
2798:
2786:
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2778:
2775:
2774:Bloomberg.com
2771:
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2612:9781538707883
2608:
2604:
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2098:
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2073:
2067:
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2049:
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2036:
2033:
2020:
2016:
2012:
2006:
2003:
1990:
1983:
1980:
1967:
1963:
1956:
1953:
1937:
1930:
1924:
1921:
1916:
1911:
1903:
1900:
1887:
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1748:
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1738:
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1722:
1718:
1717:InvestorPlace
1714:
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1301:
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1281:
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1267:2024 mid-year
1266:
1265:
1261:
1258:
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918:
917:Alibaba Group
915:
914:
910:
907:
904:
902:
899:
898:
894:
891:
888:
885:
884:
878:
876:
874:
871:turn around "
869:
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859:
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817:
815:
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786:Overstock.com
783:
779:
774:
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768:
764:
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756:
755:Dutch auction
749:Dutch auction
748:
746:
744:
738:
736:
730:
726:
723:
719:
715:
711:
705:
703:
702:book building
699:
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674:
670:
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658:
654:
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649:Eliot Spitzer
645:
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631:
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619:
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609:
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604:
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570:Richard Sylla
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455:
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421:Disadvantages
420:
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108:Dutch auction
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4363:. Retrieved
4359:
4350:
4316:Tender offer
4236:Public float
4206:Market trend
4196:Market depth
4164:
4016:Growth stock
3990:Buy and hold
3899:(Cap-to-GDP)
3739:Floor trader
3729:Market maker
3712:Floor broker
3700:Participants
3643:Golden share
3638:Common stock
3614:Third market
3487:Real options
3303:Tender offer
3163:acquisitions
3151:Underwriting
3136:Rights issue
3115:
3039:Transactions
2900:. Retrieved
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2791:14 September
2789:. Retrieved
2785:the original
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1888:. 6 May 1999
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1081:
901:Saudi Aramco
879:Largest IPOs
865:
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827:
824:Quiet period
818:Quiet period
805:
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775:
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739:
735:underwriters
731:
727:
722:Bear Stearns
718:theglobe.com
706:
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567:
559:Magic Circle
548:
544:
540:gross spread
532:gross spread
521:
517:underwriters
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372:, through a
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49:stock launch
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4360:Finnance.in
4321:Uptick rule
4301:Stock split
4281:Squeeze-out
4276:Speculation
4221:Open outcry
4110:Block trade
4042:Pairs trade
3261:Squeeze-out
3231:Proxy fight
3161:Mergers and
3074:Bought deal
3005:Senior debt
2578:(1): 1–36.
2431:26 December
2393:26 November
2145:Fortune.com
1945:27 November
1696:10 December
1614:12 December
1593:12 December
1461:27 November
889:Year of IPO
778:Morningstar
608:Bought deal
370:fixed price
148:, near the
128:during the
18:Went public
4380:Categories
4326:Volatility
4306:Stock swap
4226:Order book
3977:strategies
3903:Book value
3771:Arbitrager
3766:Speculator
3507:Tax shield
3467:Mismarking
3271:Stock swap
3221:Pitch book
3191:Divestment
3069:Bookrunner
2990:Pari passu
2865:(3): 5–37.
2621:1257292746
2551:Asia Times
2479:29 January
2107:15 January
2053:16 October
2025:16 October
1972:16 October
1892:16 October
1866:16 October
1792:16 January
1571:16 January
1479:. 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:. FINRA
1995:21 July
1753:23 July
1727:22 July
1509:30 July
1483:12 July
1004:$ 19.7B
988:$ 20.5B
972:$ 21.9B
956:$ 22.1B
940:$ 23.5B
908:$ 29.4B
886:Company
759:OpenIPO
692:Pricing
114:History
4181:Margin
4049:(PMPT)
3911:(CAPM)
3761:Hedger
3734:Trader
3707:Broker
3630:stocks
2820:
2750:
2712:886408
2710:
2702:
2646:
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2609:
2582:
2387:Caixin
1838:
1780:
1632:
1559:
1504:Forbes
1434:
1395:
1241:100.6
1229:Nasdaq
1100:Nasdaq
892:Amount
868:profit
714:profit
665:judged
254:. The
170:Empire
158:partes
138:partes
4336:Yield
4311:Trade
4246:Rally
4167:(IPO)
4055:(RMH)
4028:(MPT)
4007:(EMH)
3960:(SML)
3949:(NAV)
3923:(DDM)
3917:(CML)
3888:(APT)
3881:Alpha
3848:(STP)
3842:(DMA)
3836:(ECN)
3830:(MTF)
3824:(ATS)
3020:Stock
2855:(PDF)
2818:S2CID
2700:S2CID
2498:(PDF)
2474:(PDF)
2450:(PDF)
2426:(PDF)
2075:(PDF)
1939:(PDF)
1932:(PDF)
1836:S2CID
1816:(PDF)
1393:S2CID
1373:(PDF)
1275:10.8
1262:31.3
1254:56.5
1233:57.8
1220:40.4
1212:31.2
1199:29.4
1186:25.2
924:$ 25B
146:Forum
75:, or
51:is a
47:) or
4367:2024
4171:Long
3975:and
3905:(BV)
3892:Beta
2957:and
2904:2008
2793:2011
2766:2006
2748:ISBN
2708:SSRN
2644:ISBN
2617:OCLC
2607:ISBN
2563:2011
2539:2010
2505:2024
2481:2024
2457:2023
2433:2021
2395:2021
2323:CNBC
2109:2020
2083:2021
2055:2012
2027:2012
1997:2021
1974:2012
1947:2016
1894:2012
1868:2012
1794:2015
1778:ISSN
1755:2014
1729:2014
1698:2017
1630:ISBN
1616:2014
1595:2014
1573:2015
1557:ISSN
1536:(3).
1511:2021
1485:2012
1463:2016
1432:ISSN
1259:2023
1246:2022
1238:2021
1225:2020
1217:2019
1204:2018
1191:2017
1183:2016
1171:2015
1164:2014
1157:2013
1145:2012
1138:2011
1131:2010
1119:2009
1108:Year
1098:and
1090:and
1065:2012
1049:1999
1045:Enel
1033:1998
1017:2010
1001:2008
985:2010
969:2006
953:2010
937:2018
921:2014
905:2019
704:").
680:and
678:CSFB
671:and
572:and
288:The
2880:doi
2839:doi
2810:doi
2729:doi
2692:doi
2671:doi
2590:doi
1828:doi
1747:SEC
1424:doi
1385:doi
831:S-1
642:SEC
45:IPO
39:An
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