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Lecture 4 (IPO (Why? (Raise funding, Liquidity, Porfolio diversification,…
Lecture 4
IPO
Why?
Raise funding
Liquidity
Porfolio diversification
display value of company
respect
How?
Auction
Underwriter
When?
Where?
Who?
What?
Secondary: Existing in private cash to pre ipo shareholders
Primary: new shares: cash to company
Types
IPO
SEO
Private placement
Rights offering
Shelf registration
does not exist in EU/UK
General subscription
not allowed in uk
Spinning
Selling hot shares to ceo of other companies for future favours
flipping
when shares are immediately resold by investors