Initial Public Offerings – an inside view
Zusammenfassung
In a corporation’s financial life “going public” by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our book’s defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a “once-in-a-lifetime” event for most companies and their management, alike.
- Kapitel Ausklappen | EinklappenSeiten
- 1–18 Titelei/Inhaltsverzeichnis 1–18
- 19–70 Part 1: Initial Public Offering (IPO) – a theoretical perspective 19–70
- 19–32 1 Corporate Finance – an overview 19–32
- 1.1 Equity versus debt
- 1.1.1 Why capital is needed
- 1.1.2 Types of capital
- 1.1.3 Characteristics of debt and equity capital
- 1.2 Where the money comes from
- 1.2.1 Internal and external financing and sources of capital
- 1.2.2 Economic functions of financial markets
- 1.2.3 Transformation task
- 1.3 Commercial Banking versus Investment Banking
- 1.3.1 Institutional set-up of Commercial Banking vs. Investment Banking
- 1.3.2 Services offered in Investment Banking
- 1.3.3 IPO as part of Investment Banking services
- 1.3.4 Investment Banking in the US and Europe
- 1.4 The global IPO market and its drivers
- 1.4.1 Overview of international IPO activity
- 1.4.2 Asia
- 1.4.3 US
- 1.4.4 Europe
- 1.4.5 Future Prospects
- 33–46 2 What Investment Banks do in an IPO 33–46
- 2.1 Advice
- 2.2 Underwriting
- 2.3 Distribution
- 2.4 Post-IPO
- 47–70 3 Value – an elusive concept 47–70
- 3.1 Basic valuation concepts
- 3.1.1 Asset-based Approach
- 3.1.2 Combined valuation methods
- 3.1.3 Holistic valuation approaches
- 3.2 Discounted cash flow valuation
- 3.2.1 Estimating discount rates
- 3.2.2 Measuring cash flows
- 3.2.3 Forecasting cash flows
- 3.2.4 Estimation of terminal value
- 3.3 Relative valuation
- 3.3.1 Peer group
- 3.3.2 Types of multiples
- 3.3.3 Principles of relative valuation
- 71–142 Part 2: IPO – what does it really mean for a company? 71–142
- 71–91 4 Money, money, money 71–91
- 4.1 Access to public equity capital markets
- 4.2 Capital structuring
- 4.3 Offer structure: who sells how much stock at what price to whom?
- 4.4 Use of proceeds (if any…)
- 4.5 The real cost of capital in an IPO – fees & more
- 92–113 5 A big, important project 92–113
- 5.1 Too many cooks?
- 5.2 Best laid plans
- 5.3 Timing is everything
- 5.4 Once in a lifetime experience (except for some…)
- 114–129 6 Public market readiness essentials 114–129
- 6.1 Corporate governance and compliance
- 6.2 Management information & reporting systems
- 6.3 Planning and ability to deliver on promises
- 6.4 The Equity Story – giving a share a life of its own
- 130–142 7 Public company status implications – forever!? 130–142
- 7.1 Media attention…there is no off the record
- 7.2 Disclosure obligations
- 7.3 Investor cheer & scrutiny & headaches
- 7.4 Exit route “take private”
- 143–208 Part 3: The Curetis IPO – a European success story 143–208
- 143–153 8 From “Never again” to “Yes we can” 143–153
- 8.1 The epigenomics IPO and its aftermath
- 8.2 Considerations for Curetis when joining
- 8.3 Growing Curetis and strategic options
- 8.4 Change of heart, change of mind
- 154–165 9 Pre-kick-off preparations 154–165
- 9.1 IFRS conversion and audits
- 9.2 Non-deal roadshow, pilot fishing and test the waters
- 9.3 Syndicate selection symphony
- 9.4 Advisors and more
- 166–173 10 Project “Cactus” – memorable milestones 166–173
- 10.1 Kick-off meeting
- 10.2 Prospectus drafting and the AFM
- 10.3 Due diligence delirium
- 10.4 Analysts briefing and pre-IPO research 2015 vs. 2004
- 10.5 Price, place and packaging
- 174–194 11 Blog from the IPO road show 174–194
- 11.1 Start it off in the BeNeLux and France
- 11.2 From London via Frankfurt to the USA
- 11.3 The finish line in sight in London and Switzerland
- 11.4 Roller coaster and the last 24 hours – build your own book
- 11.5 Deal is done, let’s deal with it
- 195–208 12 IPO aftermath and “being public” lessons learned 195–208
- 12.1 First day(s) of trading
- 12.2 The quiet period
- 12.3 Corporate governance and compliance mania
- 12.4 Starting the IR song and dance
- 12.5 Outlook (2016 and beyond), lock-up expiry and growth
- 209–216 Bibliography 209–216
