Which One Of The Following Best Describes An Initial Public Offering... ~ Trending Info

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The Initial Public Offering IPO Process is where a previously unlisted company sells new or existing Overview of the IPO Process. This guide will break down the steps involved in the process, which can take The following underwriting arrangements are available to the issuing companyAn initial public offering (IPO) or stock market launch is a public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors.Which one of the following statements best describes TOGAF? A. TOGAF is a tool for developing Technology Architectures only. According to TOGAF, which of the following best describes an enterprise? A. Any collection of organizations sharing a common set of goals B. A government agency...which of the following is correct statement-a set of instruction is called a programme, computers can be used for diagnosing the difficulty of a stude … nt in learning a subject,psychological testing can be done with the help of computer provided software is available,all of the above.

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Jump to navigation Jump to go looking "IPO" redirects here. For different uses, see IPO (disambiguation).

An initial public offering (IPO) or inventory marketplace release is a public offering in which shares of a company are bought to institutional traders[1] and typically additionally retail (particular person) traders.[2] An IPO is underwritten by one or more funding banks, who additionally prepare for the stocks to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held corporate is remodeled right into a public company. Initial public offerings can be utilized to lift new equity capital for companies, to monetize the investments of non-public shareholders such as corporate founders or personal equity investors, and to enable easy buying and selling of present holdings or future capital elevating through changing into publicly traded.

After the IPO, stocks are traded freely in the open marketplace at what is known as the unfastened drift. Stock exchanges stipulate a minimal loose float both in absolute terms (the general value as made up our minds via the share value multiplied by way of the quantity of shares sold to the public) and as a percentage of the general percentage capital (i.e., the number of stocks offered to the public divided by means of the total stocks exceptional). Although IPO offers many advantages, there are also important prices involved, mainly those associated with the process comparable to banking and felony fees, and the ongoing requirement to disclose necessary and occasionally delicate data.

Details of the proposed offering are disclosed to attainable clients in the form of a long record referred to as a prospectus. Most corporations undertake an IPO with the help of an funding banking firm appearing in the capability of an underwriter. Underwriters provide a number of services, including assist with appropriately assessing the worth of stocks (percentage worth) and establishing a public market for shares (initial sale). Alternative methods comparable to the Dutch auction have additionally been explored and implemented for several IPOs.

History

See additionally: Dutch East India Company Courtyard of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser) via Emanuel de Witte, 1653. Modern-day IPOs have their roots in the Seventeenth-century Dutch Republic, the birthplace of the global's first formally indexed public company,[3] first formal inventory alternate[4] and market.[5][6][7][8] The Dutch East India Company (also known by the abbreviation "VOC" in Dutch), the first officially listed company public company in history,[9][10] In 1602 the VOC undertook the global's first recorded IPO, in its modern sense. "Going public" enabled the corporate to boost the huge sum of 6.5 million guilders.

The earliest form of a company which issued public shares used to be the case of the publicani all the way through the Roman Republic. Like leading-edge joint-stock firms, the publicani have been legal our bodies independent of their individuals whose ownership used to be divided into stocks, or partes. There is proof that these shares have been offered to public investors and traded in a kind of over-the-counter marketplace in the Forum, close to the Temple of Castor and Pollux. The stocks fluctuated in worth, encouraging the task of speculators, or quaestors. Mere proof remains of the costs for which partes have been offered, the nature of initial public choices, or a description of inventory market conduct. Publicani misplaced favor with the fall of the Republic and the upward push of the Empire.[11]

In the early leading-edge period, the Dutch have been monetary innovators who helped lay the foundations of modern financial systems.[12][13] The first leading-edge IPO befell in March 1602 when the Dutch East India Company introduced shares of the corporate to the public to raise capital. The Dutch East India Company (VOC) turned into the first corporate in history to issue bonds and shares of inventory to the basic public. In different words, the VOC was formally the first publicly traded company, because it was the first corporate to be ever in fact indexed on an authentic stock alternate. While the Italian city-states produced the first transferable govt bonds, they did not develop the different element essential to produce an absolutely fledged capital market: company shareholders. As Edward Stringham (2015) notes, "companies with transferable shares date back to classical Rome, but these were usually not enduring endeavors and no considerable secondary market existed (Neal, 1997, p. 61)."[14]

In the United States, the first IPO was once the public offering of Bank of North America around 1783.[15]

Advantages and downsides

Advantages

When an organization lists its securities on a public alternate, the cash paid via the making an investment public for the newly-issued stocks is going at once to the corporate (number one offering) as well as to any early private traders who choose to sell all or a portion of their holdings (secondary offerings) as part of the larger IPO. An IPO, subsequently, allows an organization to tap into a large pool of potential investors to supply itself with capital for future growth, repayment of debt, or running capital. A company promoting commonplace shares isn't required to pay off the capital to its public buyers. Those traders must endure the unpredictable nature of the open market to value and business their stocks. After the IPO, when shares are business market, money passes between public investors. For early private buyers who select to sell shares as phase of the IPO procedure, the IPO represents an alternative to monetize their funding. After the IPO, as soon as shares are traded in the open market, buyers retaining massive blocks of stocks can either sell those shares piecemeal in the open marketplace or promote a big block of shares without delay to the public, at a fixed price, thru a secondary marketplace offering. This type of offering is not dilutive since no new stocks are being created.

Once an organization is listed, it is able to factor additional commonplace shares in a host of alternative ways, one of which is the follow-on offering. This method supplies capital for quite a lot of corporate functions via the issuance of equity (see stock dilution) with out incurring any debt. This talent to quickly raise probably large quantities of capital from the market is a key reason many corporations search to move public.

An IPO accords a number of benefits to the up to now private corporate:

Enlarging and diversifying fairness base Enabling less expensive get entry to to capital Increasing publicity, status, and public image Attracting and protecting better control and workers thru liquid fairness participation Facilitating acquisitions (probably in return for stocks of inventory) Creating more than one financing opportunities: equity, convertible debt, less expensive bank loans, and so on.Disadvantages

There are several disadvantages to completing an initial public offering:

Significant felony, accounting and marketing costs, many of which are ongoing Requirement to reveal financial and trade knowledge Meaningful time, effort and attention required of management Risk that required funding may not be raised Public dissemination of knowledge which is also useful to competitors, suppliers and shoppers. Loss of keep an eye on and stronger company problems due to new shareholders Increased chance of litigation, including non-public securities magnificence actions and shareholder by-product movements[16]

Procedure

IPO procedures are ruled by way of other regulations in numerous international locations. In the United States, IPOs are regulated through the United States Securities and Exchange Commission beneath the Securities Act of 1933.[17] In the United Kingdom, the UK Listing Authority reviews and approves prospectuses and operates the checklist regime.[18]

Advance making plans

Planning is the most important to a successful IPO. One e book[19] suggests the following 7 advance planning steps:

increase an spectacular management and professional group grow the company's business with an eye to the public market obtain audited financial statements the usage of IPO-accepted accounting ideas blank up the corporate's act identify antitakeover defenses develop good company governance create insider bail-out alternatives and take advantage of IPO windows.Retention of underwriters

IPOs typically contain one or extra investment banks known as "underwriters". The company offering its shares, known as the "issuer", enters into a contract with a lead underwriter to promote its stocks to the public. The underwriter then approaches investors with provides to sell the ones shares.

A large IPO is normally underwritten by way of a "syndicate" of investment banks, the greatest of which take the place of "lead underwriter". Upon selling the stocks, the underwriters retain a portion of the proceeds as their fee. This charge is named an underwriting unfold. The spread is calculated as a cut price from the worth of the shares sold (known as the gross spread). Components of an underwriting spread in an initial public offering (IPO) normally include the following (on a consistent with percentage foundation): Manager's rate, Underwriting charge—earned via members of the syndicate, and the Concession—earned by the broker-dealer promoting the stocks. The Manager would be entitled to the whole underwriting unfold. A member of the syndicate is entitled to the underwriting charge and the concession. A broker dealer who isn't a member of the syndicate however sells stocks would receive handiest the concession, whilst the member of the syndicate who supplied the shares to that broker trader would retain the underwriting fee.[20] Usually, the managing/lead underwriter, also known as the bookrunner, typically the underwriter selling the biggest proportions of the IPO, takes the best portion of the gross unfold, as much as 8% in some instances.

Multinational IPOs can have many syndicates to take care of differing prison necessities in both the issuer's domestic market and different regions. For instance, an issuer based in the E.U. is also represented via the main promoting syndicate in its home market, Europe, in addition to separate syndicates or selling teams for US/Canada and for Asia. Usually, the lead underwriter in the major promoting staff is also the lead financial institution in the different selling groups.

Because of the wide selection of legal requirements and since it's an pricey procedure, IPOs additionally usually contain one or more law companies with main practices in securities regulation, akin to the Magic Circle corporations of London and the white-shoe corporations of New York City.

Financial historians Richard Sylla and Robert E. Wright have proven that prior to 1860 most early U.S. corporations bought shares in themselves directly to the public with out the help of intermediaries like investment banks.[21] The direct public offering or DPO, as they time period it,[22] was once no longer done by way of public sale however quite at a percentage value set by the issuing corporation. In this feeling, it's the identical as the mounted value public provides that were the conventional IPO way in maximum non-US countries in the early 1990s. The DPO eliminated the company downside associated with choices intermediated through investment banks.

Allocation and pricing

The sale (allocation and pricing) of stocks in an IPO would possibly take several paperwork. Common methods come with:

Best efforts contract Firm dedication contract All-or-none contract Bought deal

Public offerings are offered to both institutional traders and retail clients of the underwriters. A certified securities salesperson (Registered Representative in the US and Canada) promoting stocks of a public offering to his clients is paid a portion of the promoting concession (the fee paid by way of the issuer to the underwriter) reasonably than by his consumer. In some scenarios, when the IPO is not a "hot" issue (undersubscribed), and the place the shop clerk is the shopper's advisor, it is possible that the monetary incentives of the consultant and consumer is probably not aligned.

The issuer most often lets in the underwriters an option to build up the size of the offering through up to 15% under a selected circumstance known as the greenshoe or overallotment option. This choice is at all times exercised when the offering is thought of as a "hot" factor, by way of virtue of being oversubscribed.

In the US, purchasers are given a initial prospectus, known as a crimson herring prospectus, all through the initial quiet length. The pink herring prospectus is so named as a result of of a daring red caution remark revealed on its entrance cover. The caution states that the offering data is incomplete, and may be modified. The actual wording can range, although maximum kind of follow the structure exhibited on the Facebook IPO purple herring.[23] During the quiet duration, the stocks cannot be introduced on the market. Brokers can, then again, take indications of hobby from their shoppers. At the time of the inventory launch, after the Registration Statement has turn out to be efficient, indications of hobby will also be converted to buy orders, at the discretion of the purchaser. Sales can simplest be made via a last prospectus cleared via the Securities and Exchange Commission.

The Final step in preparing and submitting the ultimate IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and nowadays, additionally electronically record with the SEC) the registration statement on Form S-1. Typically, preparation of the ultimate prospectus is in fact carried out at the printer, the place in one of their multiple conference rooms the issuer, issuer's recommend (lawyers), underwriter's counsel (lawyers), the lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the submitting of the final prospectus via the financial printer with the Securities and Exchange Commission.[24]

Before felony movements initiated via New York Attorney General Eliot Spitzer, which later changed into referred to as the Global Settlement enforcement settlement, some massive funding firms had initiated favorable analysis coverage of corporations in an effort to assist corporate finance departments and retail divisions engaged in the marketing of new issues. The central issue in that enforcement settlement were judged in courtroom up to now. It involved the warfare of hobby between the investment banking and research departments of ten of the greatest investment companies in the United States. The funding corporations thinking about the agreement had all engaged in movements and practices that had allowed the irrelevant influence of their analysis analysts by way of their funding bankers in quest of profitable fees.[25] A normal violation addressed by the agreement was once the case of CSFB and Salomon Smith Barney, which have been purported to have engaged in irrelevant spinning of "hot" IPOs and issued fraudulent analysis reviews in violation of more than a few sections inside of the Securities Exchange Act of 1934.

Pricing

An organization planning an IPO typically appoints a lead manager, referred to as a bookrunner, to assist it arrive at an suitable value at which the shares will have to be issued. There are two primary ways in which the value of an IPO can also be decided. Either the corporate, with the lend a hand of its lead managers, fixes a price ("fixed price method"), or the value will also be made up our minds through analysis of confidential investor call for information compiled by the bookrunner ("book building").

Historically, many IPOs had been underpriced. The effect of underpricing an IPO is to generate further pastime in the stock when it first becomes publicly traded. Flipping, or briefly promoting shares for a benefit, may end up in important positive factors for investors who had been allotted stocks of the IPO at the offering value. However, underpricing an IPO leads to misplaced doable capital for the issuer. One extreme instance is theglobe.com IPO which helped gasoline the IPO "mania" of the late Nineties internet era. Underwritten by means of Bear Stearns on 13 November 1998, the IPO was once priced at in step with proportion. The proportion worth briefly greater 1,000% on the opening day of trading, to a prime of . Selling force from institutional flipping in the end drove the inventory backpedal, and it closed the day at . Although the corporate did raise about million from the offering, it is estimated that with the degree of demand for the offering and the quantity of trading that came about they could have left upwards of 0 million on the table.

The risk of overpricing could also be an essential consideration. If a stock is obtainable to the public at a higher value than the market can pay, the underwriters could have bother meeting their commitments to promote stocks. Even if they promote all of the issued stocks, the stock may fall in worth on the first day of trading. If so, the stock may lose its marketability and hence even more of its price. This may just lead to losses for investors, many of whom being the maximum appreciated purchasers of the underwriters. Perhaps the best recognized instance of this is the Facebook IPO in 2012.

Underwriters, therefore, take many factors into account when pricing an IPO, and attempt to succeed in an offering worth that is low enough to stimulate interest in the stock but top enough to raise an good enough quantity of capital for the company. When pricing an IPO, underwriters use a wide range of key efficiency signs and non-GAAP measures.[26] The process of figuring out an optimum value normally comes to the underwriters ("syndicate") arranging percentage acquire commitments from main institutional traders.

Some researchers (Friesen & Swift, 2009) imagine that the underpricing of IPOs is much less a deliberate act on the part of issuers and/or underwriters, and more the consequence of an over-reaction on the part of investors (Friesen & Swift, 2009). One possible approach for determining underpricing is through the use of IPO underpricing algorithms.

Dutch public sale

A Dutch public sale allows stocks of an initial public offering to be allotted based simplest on worth aggressiveness, with all a success bidders paying the same worth consistent with proportion.[27][28] One model of the Dutch public sale is OpenIPO, which is in line with an auction device designed by way of Nobel Memorial Prize-winning economist William Vickrey. This auction approach ranks bids from very best to lowest, then accepts the best bids that allow all shares to be offered, with all winning bidders paying the identical value. It is very similar to the mannequin used to auction Treasury bills, notes, and bonds since the Nineties. Before this, Treasury bills had been auctioned thru a discriminatory or pay-what-you-bid public sale, in which the quite a lot of profitable bidders every paid the value (or yield) they bid, and thus the quite a lot of winning bidders did not all pay the identical value. Both discriminatory and uniform value or "Dutch" auctions have been used for IPOs in many nations, even supposing handiest uniform value auctions have been used up to now in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by means of length of proceeds).

A variation of the Dutch Auction has been used to take a bunch of U.S. firms public including Morningstar, Interactive Brokers Group, Overstock.com, Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company.[29] In 2004, Google used the Dutch Auction gadget for its initial public offering.[30] Traditional U.S. funding banks have shown resistance to the thought of using an public sale process to interact in public securities choices. The public sale means permits for equivalent access to the allocation of stocks and eliminates the favorable treatment accorded important purchasers by means of the underwriters in conventional IPOs. In the face of this resistance, the Dutch Auction is still somewhat used approach in U.S. public choices, although there were loads of auction IPOs in other international locations.

In determining the luck or failure of a Dutch Auction, one should consider competing goals.[31][32] If the function is to cut back possibility, a conventional IPO is also more practical because the underwriter manages the procedure, fairly than leaving the outcome in part to random chance in terms of who chooses to bid or what technique each bidder chooses to stick with. From the point of view of the investor, the Dutch Auction permits everybody equivalent get right of entry to. Moreover, some bureaucracy of the Dutch Auction allow the underwriter to be extra active in coordinating bids or even communicating normal public sale developments to a few bidders all the way through the bidding duration. Some have also argued that a uniform worth auction is more practical at value discovery, although the concept at the back of this is in accordance with the assumption of independent private values (that the value of IPO stocks to each bidder is completely independent of their value to others, despite the fact that the shares will shortly be traded on the aftermarket). Theory that accommodates assumptions more appropriate to IPOs does now not find that sealed bid auctions are an effective shape of price discovery, although perhaps some changed shape of auction might give a greater end result.

In addition to the extensive global proof that auctions have now not been common for IPOs, there's no U.S. proof to signify that the Dutch Auction fares any better than the conventional IPO in an unwelcoming market environment. A Dutch Auction IPO by means of WhiteGlove Health, Inc., introduced in May 2011 was postponed in September of that year, after a number of failed attempts to value. An article in the Wall Street Journal cited the causes as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks".[33][34]

Quiet length Main article: Quiet length

Under American securities regulation, there are two time windows regularly referred to as "quiet periods" right through an IPO's historical past. The first and the one related above is the length of time following the submitting of the corporate's S-1 however ahead of SEC team of workers claim the registration remark efficient. During this time, issuers, corporate insiders, analysts, and other events are legally restricted of their skill to speak about or advertise the upcoming IPO (U.S. Securities and Exchange Commission, 2005).

The other "quiet period" refers to a length of 10 calendar days following an IPO's first day of public trading.[35] During this time, insiders and any underwriters involved in the IPO are restricted from issuing any income forecasts or analysis studies for the corporate. When the quiet period is over, in most cases the underwriters will start up analysis protection on the firm. A three-day ready period exists for any member that has acted as a supervisor or co-manager in a secondary offering.[35]

Delivery of shares

Not all IPOs are eligible for supply settlement through the DTC gadget, which would then either require the bodily supply of the inventory certificates to the clearing agent bank's custodian, or a supply as opposed to payment (DVP) arrangement with the selling workforce brokerage firm.

Stag benefit (flipping)

"Stag profit" is a scenario in the stock market before and immediately after an organization's initial public offering (or any new issue of stocks). A "stag" is a party or person who subscribes to the new factor anticipating the price of the stock to upward thrust right away upon the start of trading. Thus, stag profit is the monetary achieve accrued via the celebration or person on account of the worth of the shares rising. This time period is extra common in the United Kingdom than in the United States. In the US, such traders are normally known as flippers, because they get shares in the offering after which instantly turn around "flipping" or promoting them on the first day of trading.

Largest IPOs

Company Year of IPO Amount Inflation adjusted Saudi Aramco 2019 .4B[36] .4 billion The Alibaba Group 2014 B[37] billion SoftBank Group 2018 .5B[38] billion Agricultural Bank of China 2010 .1B[39] billion Industrial and Commercial Bank of China 2006 .9B[40] billion American International Assurance 2010 .5B[41] billion Visa Inc. 2008 .7B[42] billion General Motors 2010 .15B[43] billion NTT DoCoMo 1998 .05B[42] billion Enel 1999 .59B[42] billion Facebook 2012 .01B[44] billion

Largest IPO markets

Prior to 2009, the United States used to be the main issuer of IPOs in phrases of total value. Since that time, however, China (Shanghai, Shenzhen and Hong Kong) has been the leading issuer, raising billion (almost double the amount of money raised on the New York Stock Exchange and NASDAQ combined) up to the finish of November 2011. The Hong Kong Stock Exchange raised .9 billion in 2011 as the best route for the 3rd year in a row, while New York raised .7 billion.[45]

Year Stock exchange 2013[46] New York Stock Exchange 2014[46]2015[47] Hong Kong Stock Exchange 2016[47]2017[47] New York Stock Exchange 2018[48] Hong Kong Stock Exchange 2019[49]2020[50] Nasdaq

References

^ Note: the price the corporate receives from the institutional buyers is the IPO price ^ .mw-parser-output cite.quotationfont-style:inherit.mw-parser-output .quotation qquotes:"\"""\"""'""'".mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free abackground:linear-gradient(clear,clear),url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em middle/9px no-repeat.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .quotation .cs1-lock-limited a,.mw-parser-output .quotation .cs1-lock-registration abackground:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")appropriate 0.1em center/9px no-repeat.mw-parser-output .id-lock-subscription a,.mw-parser-output .quotation .cs1-lock-subscription abackground:linear-gradient(transparent,clear),url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")correct 0.1em middle/9px no-repeat.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolour:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:lend a hand.mw-parser-output .cs1-ws-icon abackground:linear-gradient(clear,transparent),url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")correct 0.1em heart/12px no-repeat.mw-parser-output code.cs1-codecolor:inherit;background:inherit;border:none;padding:inherit.mw-parser-output .cs1-hidden-errorshow:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintdisplay:none;color:#33aa33;margin-left:0.3em.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em.mw-parser-output .quotation .mw-selflinkfont-weight:inheritHirst, Scott; Kastiel, Kobi (1 May 2019). 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Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses). [Transcript] ^ Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'". (Futures, Volume 68, April 2015, p. 5–18) ^ Funnell, Warwick; Robertson, Jeffrey (2013) ^ Kaiser, Kevin; Young, S. David (2013): The Blue Line Imperative: What Managing for Value Really Means. (Jossey-Bass, 2013, ISBN 978-1118510889), p. 26. As Kevin Kaiser & David Young (2013) explained, "There are other claimants to the title of first public company, including a twelfth-century water mill in France and a thirteenth-century company intended to control the English wool trade, Staple of London. Its shares, however, and the manner in which those shares were traded, did not truly allow public ownership by anyone who happened to be able to afford a share. 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Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call securitization. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland." ^ Stringham, Edward Peter: Private Governance: Creating Order in Economic and Social Life. (Oxford University Press, 2015, ISBN 9780199365166), p.42 ^ "Exhibits — America's First IPO — Museum of American Finance". Moaf.org. Retrieved 12 July 2012. ^ Rose Selden, Shannon; Goodman, Mark. "The Shift in Litigation Risks When U.S. Companies Go Public". Transaction Advisors. ISSN 2329-9134. ^ "The Laws That Govern the Securities Industry". Securities and Exchange Commission. Retrieved 12 December 2014. ^ "UK Listing Authority". Retrieved 12 December 2014. ^ Lipman, International and U.S. IPO Planning, ISBN 978-0-470-39087-0 ^ Series 79 Investment Banking Representative Qualification Examination, Study Manual, forty first Edition. Securities Trading Corporation. 2010. ^ Robert E. Wright, "Reforming the U.S. IPO Market: Lessons from History and Theory", Accounting, Business, and Financial History (November 2002), 419–437. ^ 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.), Origins of Shareholder Advocacy (New York: Palgrave Macmillan, 2011), 231–51. ^ "Registration Statement on Form S-1". www.sec.gov. Retrieved 10 December 2017. ^ "The Main Players In An Initial Public Offering". 26 February 2012. Retrieved 22 July 2014. ^ "Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflict of Interest". 28 April 2003. Retrieved 23 July 2014. ^ Gould, Michael. "How Non-GAAP Measures Can Impact Your IPO". Transaction Advisors. ISSN 2329-9134. ^ Demos, Telis. (21 June 2012) What Is a Dutch Auction? – Deal Journal – WSJ. Blogs.wsj.com. Retrieved on 16 October 2012. ^ Hasen, Richard L. (12 October 2012) What Is a Dutch Auction IPO? – Slate Magazine. Slate.com. Retrieved on 16 October 2012. ^ Sommer, Jeff (18 February 2012). "An I.P.O. Process That Is Customer-Friendly". The New York Times. ^ "Journal of Business & Technology Law – Academic Journals – University of Maryland Francis King Carey School of Law" (PDF). Retrieved 27 November 2016. ^ Hensel, Nayantara. (4 November 2005) Are Dutch Auctions Right for Your IPO? – HBS Working Knowledge. Hbswk.hbs.edu. Retrieved on 16 October 2012. ^ http://law.bepress.com/cgi/viewcontent.cgi?article=3706&context=expresso ^ WhiteGlove seeks to boost .5 million in 'Dutch auction' IPO. www.statesman.com. Retrieved on 16 October 2012. ^ Cowan, Lynn. (21 September 2011) WhiteGlove Health Shelves IPO Indefinitely – WSJ.com. Online.wsj.com. Retrieved on 16 October 2012. ^ a b http://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-15-30.pdf ^ "Aramco's 'greenshoe option' pushes IPO to .4 billion". Arab News. 12 January 2020. Retrieved 15 January 2020. ^ "Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option". The New York Times. 18 September 2013. ^ "Softbank Corp IPO Second Biggest in History". Fortune.com. 11 December 2018. ^ "Agricultural Bank of China Sets IPO Record as Size Raised to .1 Billion". Bloomberg. 15 August 2010. ^ "ICBC completed its record .9 billion IPO in October 2006". Bloomberg. 28 July 2010. ^ "AIA's IPO Boosted to .5 Billion With Overallotment". Bloomberg. 29 October 2010. ^ a b c Grocer, Stephen (17 November 2010). "How GM's IPO Stacks Up Against the Biggest IPOs on Record". Wall Street Journal. ^ "GM Says Total Offering Size .1 Billion Including Overallotment Options", Bloomberg, 26 November 2010 ^ Rusli, Evelyn M.; Eavis, Peter (17 May 2012), "Facebook Raises Billion in I.P.O.", The New York Times ^ "China eclipses US as top IPO venue". 28 December 2011. ^ a b "Global IPO market booms 50% in 2014". 18 December 2014. ^ a b c "Global number of IPOs highest since financial crisis". 27 December 2017. ^ "Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms". 24 December 2018. ^ "Hong Kong exchange to remain world's largest IPO market in 2019: KPMG report". 12 December 2019. ^ "Hong Kong ranks as 2nd largest IPO market in 2020". 13 January 2021.

Further studying

Gregoriou, Greg (2006). Initial Public Offerings (IPOs). Butterworth-Heineman, an imprint of Elsevier. ISBN 978-0-7506-7975-6. Archived from the unique on 14 March 2007. Retrieved 15 June 2006. Goergen, M.; Khurshed, A.; Mudambi, R. (2007). "The Long-run Performance of UK IPOs: Can it be Predicted?". Managerial Finance. 33 (6): 401–419. doi:10.1108/03074350710748759. Loughran, T.; Ritter, J. R. (2004). "Why Has IPO Underpricing Changed Over Time?" (PDF). Financial Management. 33 (3): 5–37. Loughran, T.; Ritter, J. R. (2002). "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?". Review of Financial Studies. 15 (2): 413–443. doi:10.1093/rfs/15.2.413. Khurshed, A.; Mudambi, R. (2002). "The Short Run Price Performance of Investment Trust IPOs on the UK Main Market". Applied Financial Economics. 12 (10): 697–706. doi:10.1080/09603100010025706. Bradley, D. J.; Jordan, B. D.; Ritter, J. R. (2003). "The Quiet Period Goes Out with a Bang". Journal of Finance. 58 (1): 1–36. CiteSeerX 10.1.1.535.3111. doi:10.1111/1540-6261.00517. Goergen, M.; Khurshed, A.; Mudambi, R. (2006). "The Strategy of Going Public: How UK Firms Choose Their Listing Contracts". Journal of Business Finance and Accounting. 33 (1&2): 306–328. doi:10.1111/j.1468-5957.2006.00657.x. SSRN 886408. Mudambi, R.; Treichel, M. Z. (2005). "Cash Crisis in Newly Public Internet-based Firms: An Empirical Analysis". Journal of Business Venturing. 20 (4): 543–571. doi:10.1016/j.jbusvent.2004.03.003. Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. (ed.). Handbook of Corporate Finance. 1. Boston: Elsevier. ISBN 978-0-444-50898-0. "IPO Definitions". IPO Initial Public Offerings. Archived from the original on 21 August 2011. Retrieved 14 September 2011. Mondo Visione internet web site: Chambers, Clem. "Who needs stock exchanges?" Exchanges Handbook. Published 2006-07-14. Accessed 21 September 2011 Friesen, Geoffrey C.; Swift, Christopher (2009). "Overreaction in the thrift IPO aftermarket". Journal of Banking & Finance. 33 (7): 1285–1298. doi:10.1016/j.jbankfin.2009.01.002. Anderlini, Jamil (13 August 2010). "AgBank IPO officially the world's biggest". Financial Times. Retrieved 13 August 2010. Hu, Bei and Vannucci, Cecile. Bloomberg.com Published 2010-10-29. Retrieved 2011-09-21 "Pricing the 'biggest IPO in history'". Archived from the unique on 5 December 2008.CS1 maint: not worthy URL (hyperlink) Published 2006-09-29. Accessed 2011-09-21 "Quiet Period". U.S. Securities and Exchange Commission. 18 August 2005. Retrieved 4 March 2008. The federal securities regulations do not outline the term "quiet period", which may be referred to as the "waiting period". However, historically, a quiet period extended from the time an organization files a registration remark with the SEC until SEC staff declared the registration statement "effective". During that duration, the federal securities rules limited what data a company and similar parties can unlock to the public.

External links

Nasdaq database of all U.S. Initial Public Offerings starting Jan. 1997vteCorporate finance and funding bankingCapital structure Convertible debt Exchangeable debt Mezzanine debt Pari passu Preferred equity Second lien debt Senior debt Senior secured debt Shareholder loan Stock Subordinated debt WarrantTransactions(terms/conditions)Equity choices At-the-market offering Book construction Bookrunner Bought deal Bought out deal Corporate spin-off Equity carve-out Follow-on offering Greenshoe Reverse Initial public offering Private placement Public offering Rights issue Seasoned equity offering Secondary market offering UnderwritingMergers andacquisitions Buy aspect Control top class Demerger Divestment Drag-along right Management due diligence Managerial entrenchment Mandatory be offering Minority cut price Pitch e book Pre-emption right Proxy combat Post-merger integration Sell side Shareholder rights plan Special-purpose entity Special scenario Squeeze-out Staggered board of 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Post-modern portfolio concept Random walk hypothesis Sector rotation Style making an investment Swing trading Technical analysis Trend following Value averaging Value investingRelated phrases Block industry Cross record Dark pool Dividend Dual-listed corporate DuPont research Efficient frontier Flight-to-quality Government bond Greenspan put Haircut Initial public offering Long Margin Market anomaly Market capitalization Market intensity Market manipulation Market trend Mean reversion Momentum Open outcry Position Public go with the flow Public offering Rally Returns-based genre analysis Reverse stock break up Share repurchase Short selling Slippage Speculation Stock dilution Stock change Stock market index Stock split Trade Uptick rule Volatility Voting hobby Yield vtePioneering institutional inventions in financial, business and fiscal historical past of the Netherlands1Pioneering innovations1 Modern corporation (with a hard and fast capital stock) Multinational company Transnational company Public corporate (publicly traded corporate, publicly indexed corporate) Megacorporation Conglomerate Board of administrators Corporate governance Corporate finance Central bank (Central banking) Consolidation (amalgamation) Initial public offering (IPO) Capital market Stock marketplace Securities marketplace Secondary marketplace Stock change Securitization Common inventory Stock buying and selling (stock trader, stockbroker) Corporate bond Perpetual bond Dividend (dividend coverage) Dutch public sale Fairtrade certification mark (Fairtrade label) Government debt Financial regulation Investment banking Institutional investor Investment fund (Professionally controlled collective investment scheme) Mutual fund Bear raid Short selling (bare short promoting) Technical research Tontine Global supply chain Vertical integration Outward overseas direct investment (FDI)Notable innovators Johan van Oldenbarnevelt (co-founder of the United East Indies Company) Louis De Geer (pioneering entrepreneur and industrialist at the crack of dawn of leading-edge capitalism) Gerard Adriaan Heineken Isaac Le Maire Johan Palmstruch Joseph de la Vega (early pioneer in modern fields of technical research and behavioral finance) Simon van der Stel (founding father of the South African wine industry) Philips circle of relatives (founders of Koninklijke Philips N.V.) Nico Roozen Casparus and Coenraad van Houten (early pioneers of the leading-edge chocolate business) Anthony Fokker (early pioneering aviation entrepreneur) Frans van der HoffGeneral Economic historical past of the Dutch Republic Financial history of the Dutch Republic Dutch Financial Revolution VOC mentality Note: 1 Inventions and inventions (in economic, trade and monetary historical past of the global) whose earliest known absolutely functioning ancient models had been first effectively institutionalized and operated via the peoples of the Netherlands Authority keep an eye on GND: 4219438-6 LCCN: sh85055681 MA: 12559387 NDL: 01142793 Retrieved from "https://en.wikipedia.org/w/index.php?title=Initial_public_offering&oldid=1015323659"