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IPOs and Equity Offerings (Securities Institute Global Capital Markets)
 
 

IPOs and Equity Offerings (Securities Institute Global Capital Markets) [Kindle Edition]

Ross Geddes
5.0 out of 5 stars  See all reviews (1 customer review)

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Product Description

Product Description

An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before.

This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues.

Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application.

Topics covered are:
- the decision to go public
- legal and regulatory aspects of an offering; marketing and research
- valuation and pricing
- allocations of shares to investors
- examination of fees and commissions


* Global perpective: UK, European and US practices, regulations and examples, and case studies
* First hand experience written by an IPO trader with academic rigour
* Includes the changes in the market that resulted from 1998-2000 equity boom

About the Author

Edited by Ross Geddes

Product details

  • Format: Kindle Edition
  • File Size: 3042 KB
  • Print Length: 272 pages
  • Publisher: Butterworth-Heinemann; 1 edition (15 Jun 2002)
  • Sold by: Amazon Media EU S.à r.l.
  • Language English
  • ASIN: B001CD4SMU
  • Text-to-Speech: Enabled
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: #281,158 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Ross Geddes
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Most Helpful Customer Reviews
4 of 4 people found the following review helpful
Format:Hardcover
This is the most detailed, comprehensive book that I have ever read regarding the role of ECM in any issuance from IPO, secondaries and Rights. Read this book before attending any ECM interviews and you'll make the VP or MD cringe, let alone the assoaciates!

This book gives a detailed explanation on reasons to go public, different valuation methodologies and regulatory issues faced by the issuers as well as the role of ECM and IBD in any issuance. This book also includes real life transaction examples to assist in its explanations.

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Amazon.com:  1 review
5 of 6 people found the following review helpful
Superb account of the IPO and equity offerings 20 Jan 2007
By Victor I. - Published on Amazon.com
Format:Hardcover
I wanted to learn in detail about the process of the IPOs and secondary public offerings. This book gave me pretty much everything I wanted to know and then some. I found it to be easy to read and engaging. It was just a great, eye-opening book. It's totally up to date even though some research findings are a bit dated because things don't really change that much in the IPO world.

The book is international in scope, and should satisfy those interested in US-only, international-only, or a combination IPOs.

You will learn some things that you probably didn't even now existed. Did you know banks allocate part of their fees to stabilazation, which means they will buy shares when the market opens in case there is a downward pressure on the stock. They are allowed to stabilize the price for 30 days.

Also, did you know that the difference between IPO price and the opening price is risk premium? I always thought that IPOs rise so much on the first day BECAUSE they are so great. In fact, the reason for the rise is the opposite: it's because the company is considered risky by IPO investors and they will only pay enough for it to allow for a nice upside to compensate for their risk. That partially explained the huge run-ups in the first day of trading during the bubble. It's hard to admit that I had all this wrong.

You will learn everything about the process from company valuation, to roadshow and marketing, to the way syndicates work and the associated politics, to the fee allocation among various managers and underwriters. You will also learn about ADRs and the way international companies chose listing on various international (US-including) stock exchanges.

Overall, just a superb book for somebody who wants to completely understand the process of equity offerings. The author uses sufficient examples, but I feel that for those wanting even more detail, the author could have included more war stories and easily increased the size of the book by 50-100%. I am not sure whether that would have made it a better book, though. Right now, it's short and sweet. Easily 4.5 stars.
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Popular Highlights

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&quote;
Asian equity offerings employed the fixed price process. Now, the fixed price offer tends to be restricted to smaller domestic offers, while larger deals are done using bookbuilding. &quote;
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