initial public offering

• Initial Public Offering

https://store.theartofservice.com/the-initial-public-offering-toolkit.html

Accenture Initial public offering

1 On July 19, 2001, Accenture offered initial public offering (IPO) at the

price of $14.50 per share in New York Stock Exchange (NYSE); Goldman

Sachs and Morgan Stanley served as its lead underwriters. Accenture

stock closed the day at $15.17, with the day's high at $15.25. On the first

day of the IPO, Accenture raised nearly $1.7 billion.


Groupon - Initial public offering filing

1 Some analysts claim that Groupon operates "like" a Ponzi scheme,

according to interpretation of Initial public offering (IPO) documentation, because it has publicly disclosed that

it is losing approximately US$100 million per quarter, has a net

negative balance of $230 million, and is using later investors' money to

pay off earlier investors.https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 On August 10, 2011, Groupon updated its IPO filing, after facing

scrutiny from regulators and analysts over its use of a non-standard

accounting metric called Adjusted Consolidated Segment Operating

Income



1 Analysts also criticized Groupon's decision to pay out over $940 million of the $1.12 billion in venture capital Groupon had raised before the IPO -

over 84% of its venture capital raised - as cash payouts to its 3 founders and early backers, rather than into

the money-losing company



1 On October 21, 2011, Groupon set terms for its IPO on NASDAQ,

planning to offer 30 million shares at $16–18. The terms implied a dealsize

of $510 million and a valuation of $11.2 billion. On November 4,

Groupon raised $700 million, 30 percent more than it sought, valuing

them at about $12.7 billion.



1 As of 4 November 2011 Groupon was valued at $13 billion and the float

was at 35 million shares going at $20 each whereas they were last priced at between $16 and $18. On their

opening on Nasdaq, Groupon shares jumped more than 50 percent to a

high of $29.52. However, on November 22, 2011 the stock price

fell below its IPO level.https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 On Wednesday, July 11, 2012, just eight months after the company went public, Groupon's stock hit its lowest level since

IPO at $7.72 and closed at $7.77. On Tuesday, August 14, 2012, Groupon's

stock price dropped 27% and fell as low as $5.49. On Tuesday, September 3, 2012,

Groupon's stock price closed at another all time low at $4.15 dropping almost 80%

below Groupon's IPO price ($20).


Initial public offering of Facebook

1 Initial public offering of Facebook


Initial public offering of Facebook

1 The social networking company Facebook held its initial public

offering (IPO) on May 18, 2012. The IPO was one of the biggest in

technology, and the biggest in Internet history, with a peak market capitalization of over $104 billion. Media pundits called it a "cultural

touchstone."


Initial public offering of Facebook - Context

1 For years Facebook, and Zuckerberg, resisted both buyouts and taking the

company public. The main reason that the company decided to go public is because it crossed the threshold of 500 shareholders, according to Reuters financial

blogger Felix Salmon.



1 Facebook reportedly turned down a $750 million offer from Viacom in

2006. That same year, Yahoo! attempted to buy the company for $1 billion but founder Mark Zuckerberg

refused. Also that year, BusinessWeek reported a $2 billion

valuation for the company.



1 Facebook did accept investments from companies, and these

investments suggested fluctuating valuations for the firm



1 Zuckerberg wanted to wait to conduct an initial public offering,

saying in 2010 that "we are definitely in no rush."


Initial public offering of Facebook - Filing and roadshow

1 Facebook filed for an initial public offering on February 1, 2012 by filing their S1 document

with the Securities and Exchange Commission (SEC). The preliminary

prospectus announced that the company had 845 million active monthly users and that its

website featured 2.7 billion daily likes and comments. The filing did note that the

company's increases in membership, as well as its incomes, were slowing and that the

deceleration was likely to continue.



1 To ensure that early investors would retain control of the company, Facebook in 2009

instituted a dual-class stock structure. After the IPO, Zuckerberg was to retain a 22% ownership share in Facebook and was to

own 57% of the voting shares. The document also stated that the company was seeking to raise US$5 billion, which would make it one of the largest IPOs in tech history and the biggest in Internet

history.https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 The roadshow faced a "rough start" initially. Zuckerberg raised controversy for wearing a hoodie (rather than a customary business

suit) to the first meeting with investors. Wedbush Securities analyst Michael Pachter called it a "mark of immaturity." A half-hour long video played during that meeting also frustrated investors who wanted to discuss more technical details, and was dropped for

future meetings.


Initial public offering of Facebook - Valuation

1 Prior to the official valuation, the target price of the stock steadily

increased. In early May, the company was aiming for a valuation

somewhere from $28 to $35 per share ($77 billion to $96 billion). On May 14, it raised the targets from

$34 to $38 per share. Some investors even suggested a $40 valuation,

although a dip in the stock market on the day before the IPO canned such

speculation.



1 Strong demand, especially from retail investors, suggested Facebook could

choose a relatively high offering price. Ultimately underwriters settled

on a price of $38 per share, at the top of its target range. This price

valued the company at $104 billion, the largest valuation to date for a

newly public company.



1 On May 16, two days before the IPO, Facebook announced that it would

sell 25% more shares than originally planned due to high demand. This meant the stock would debut with

421 million shares.



1 The Facebook IPO brought inevitable comparisons with other technology company offerings. Some investors expressed keen interest in Facebook because they felt they had missed

out on the massive gains Google saw in the wake of its IPO. LinkedIn stock, meanwhile, had doubled on its first

day.



1 At $26.81 per share, which Facebook closed at a week after its IPO,

Facebook was valued like "an ultra-growth company," according to

Robert Leclerc of the Financial Post. Its PE ratio was 85, despite a decline in both earnings and revenue in the

first quarter of 2012.



1 A number of commentators argued retrospectively that Facebook had

been heavily overvalued because of an illiquid private market on

SecondMarket, where trades of stock were minimal and thus pricing

unstable


Initial public offering of Facebook - Price targets

1 Prior to the IPO, several investors set price targets for

the company


Initial public offering of Facebook - Price targets

1 Early investors themselves were said to express similar

skepticism


Initial public offering of Facebook - Analysis of fundamentals

1 Striking an optimistic tone, The New York Times predicted that the offering

would overcome questions about Facebook's difficulties in attracting

advertisers to transform the company into a "must-own stock".

Jimmy Lee of JPMorgan Chase described it as "the next great blue-

chip".


Initial public offering of Facebook - Analysis of fundamentals

1 Some analysts expressed concern over Facebook's revenue model; namely, its

advertising practices


Initial public offering of Facebook - Public trading

1 In the immediate build-up to the offering, public interest swelled.

Some said it is "as much a cultural phenomenon as it is a business

story." Meanwhile, Facebook itself celebrated the occasion with an all-

night "hackathon" on the night before the IPO. Zuckerberg rang a

bell from Hacker Square on Facebook campus in Menlo Park, California, to

announce the offering, as is customary for CEOs on the day their

companies go public.


Initial public offering of Facebook - First day

1 Trading was to begin at 11:00am Eastern Time on Friday, May 18,

2012. However, trading was delayed until 11:30am Eastern Time due to

technical problems with the NASDAQ exchange. Those early jitters would foretell ongoing problems; the first

day of trading was marred by numerous technical glitches that

prevented orders from going through, or even confused investors as to whether or not their orders were

successful.



1 Initial trading saw the stock shoot up to as much as $45. Yet the early rally

was unsustainable. The stock struggled to stay above the IPO price

for most of the day, forcing underwriters to buy back shares to

support the price. Only the aforementioned technical glitches and underwriter support prevented

the stock price from falling below the IPO price on the first day of trading.



1 At closing bell, shares were valued at $38.23, only $0.23 above the IPO

price and down $3.82 from the opening bell value. The opening was

widely described by the financial press as a disappointment.



1 Despite technical problems and a relatively low closing value, the stock set a new record for trading volume

of an IPO (460 million shares)


Initial public offering of Facebook - Subsequent days

1 Facebook's share value fell during nine of the next thirteen trading

days, posting gains during just four


Initial public offering of Facebook - Subsequent days

1 Price targets for the new stock ranged considerably. On June 4,

seven of fifteen analysts polled by FactSet Research suggested prices above the stock's price, effectively

advising a "buy." Four of fifteen suggested a "hold," while another

four of fifteen suggested "sell." Bernstein was the lowest of the group, pegging the stock at $25.


Initial public offering of Facebook - Financial

1 The IPO had immediate impacts on the stock market



1 The IPO impacted both Facebook investors and

the company itself



1 Some suggested implications for

companies other than Facebook specifically



1 While expected to provide significant benefits to Nasdaq, the IPO resulted in a strained relationship between

Facebook and the exchange. Facebook has considered moving its

listing to a competing exchange.


Initial public offering of Facebook - Legal

1 More than 40 lawsuits were filed in the month following the Facebook

IPO.



1 Reuters' Alistair Barr reported that Facebook's lead underwriters,

Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the IPO

roadshow



1 Additionally, a class-action lawsuit is being prepared[by whom?] due to the trading glitches, which led to botched orders. Apparently, the glitches prevented a number of investors from selling the stock

during the first day of trading while the stock price was falling - forcing them to incur bigger losses when their trades finally went through.



1 In June 2012, Facebook asked for all the lawsuits to be consolidated into

one, because of overlap in their content.


Initial public offering of Facebook - Regulatory

1 Facebook's IPO is now under investigation and has been compared to pump and dump

schemes


Initial public offering of Facebook - Secondary exchanges

1 Before the creation of secondary market exchanges like SecondMarket

and SharesPost, shares of private companies had very little liquidity; however, this is no longer the case.

Facebook employees had been finding private buyers to unload their

shares as early as 2007, and when SharesPost launched in 2009, early

employees started exiting en masse. Class B shares of Facebook traded as high as $44.50/share ($46.30/share after commissions) on SharesPost

prior to the IPO.


Initial public offering of Facebook - Reputational

1 The reputation of both Morgan Stanley, the primary IPO underwriter,

and NASDAQ were damaged in the fallout from the botched offering.



1 In interviews with the media, bankers seemed sanguine about the outcome. "We think Morgan has done pretty well on the deal," one person at a bank that

was one of Facebook's other underwriters told CNN Money. "Reputation of the bank aside, Facebook hasn't been a bad trade for Morgan." This is because even as the share prices dropped Morgan "racked up

big profits" trading the shares.



1 Morgan's reputation in technology IPOs was "in trouble" after the Facebook offering


Goldman Sachs - Initial public offering kickback bribes

1 Documents under seal in a decade-long lawsuit concerning eToys.com's

initial public offering (IPO) but released accidentally to the New York

Times show that IPOs managed by Goldman Sachs often involved asking

for kickback bribes from their underwriting clients who made large profits flipping stocks which Goldman

had intentionally undervaluedhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html

Initial public offering

1 Initial public offerings are used by companies to raise expansion

capital, to possibly monetize the investments of early private

investors, and to become publicly traded enterprises


Initial public offering - History

1 Mere evidence remains of the prices for which partes were sold, the

nature of initial public offerings, or a description of stock market behavior



1 In March 1602 the “Vereenigde Oost-Indische Compagnie (VOC), or Dutch East India

Company was formed



1 In the United States, the first IPO was the public offering of Bank of North America

around 1783.


Initial public offering - Advantages

1 When a company lists its securities on a public exchange, 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 offering) as part

of the larger IPO



1 Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering. This method provides capital

for various corporate purposes through the issuance of equity (see stock dilution)

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.



1 An IPO accords several benefits to

the previously private company:



1 Increasing exposure, prestige, and public

image



1 Attracting and retaining better management and employees through liquid equity

participation



1 Facilitating acquisitions (potentially in return for

shares of stock)



1 Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans,

etc.


Initial public offering - Disadvantages

1 There are several disadvantages to

completing an initial public offering:



1 Significant legal, accounting and

marketing costs, many of which are ongoing



1 Requirement to disclose financial and business

information



1 Meaningful time, effort and attention required of senior

management



1 Risk that required funding will not be

raised



1 Public dissemination of information which may be useful to competitors, suppliers and

customers.


Initial public offering - Advance planning

1 Planning is crucial to a successful IPO. One book suggests the following

7 advance planning steps: (1) develop an impressive management and professional team; (2) grow the company's business with an eye to the public marketplace; (3) obtain audited financial statements using

IPO-accepted accounting principles; (4) clean up the company's act; (5) establish antitakeover defences; (6) develop good corporate governance;

(7) create insider bail-out opportunities and take advantage of

IPO windows.


Initial public offering - Retention of underwriters

1 IPOs generally involve one or more investment banks known as

"underwriters". 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.



1 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



1 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 main selling syndicate in its domestic market, Europe, in addition to

separate syndicates or selling groups for US/Canada and for Asia. Usually,

the lead underwriter in the main selling group is also the lead bank in

the other selling groups.



1 Because of the wide array of legal requirements and because it is an

expensive process, IPOs also typically involve one or more law

firms with major practices in securities law, such as the Magic

Circle firms of London and the white shoe firms of New York City.



1 Financial historians Richard Sylla and Robert E


Initial public offering - Allocation and pricing

1 The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:



1 Public offerings are sold to both institutional investors and retail clients of the underwriters



1 The issuer usually allows the underwriters an option to increase

the size of the offering by up to 15% under certain circumstance known as

the greenshoe or overallotment option. This option is always

exercised when the offering is considered a "hot" issue, by virtue of

being oversubscribed.



1 In the USA, clients are given a preliminary prospectus, known as a red herring prospectus, during the

initial quiet period



1 Before legal actions initiated by New York Attorney General Eliot Spitzer, which later became known as the Global Settlement enforcement

agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid Corporate Finance departments and retail divisions engaged in the

marketing of new issueshttps://store.theartofservice.com/the-initial-public-offering-toolkit.html

Initial public offering - Pricing of IPO

1 A company planning an IPO typically appoints a lead manager, known as a

bookrunner, 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 ("book

building").



1 Historically, some IPOs both globally and in the United States have been underpriced



1 The danger of overpricing is also an important consideration



1 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.

The process of determining an optimal price usually involves the

underwriters ("syndicate") arranging share purchase commitments from

leading institutional investors.



1 Some researchers (e.g. Geoffrey C., and C. Swift, 2009) believe that the

underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, than the result

of an over-reaction on the part of investors (Friesen & Swift, 2009).

One potential method for determining underpricing is through

the use of IPO Underpricing Algorithms.


Initial public offering - Dutch auction

1 A Dutch Auction 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



1 In 2004, Google used the Dutch Auction system for its Initial Public Offering



1 In determining the success or failure of a Dutch Auction, one must consider competing

objectives



1 In addition to the extensive international evidence that auctions

have not been popular for IPOs, there is no U.S


Initial public offering - Quiet period

1 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 S-1 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).


Initial public offering - Quiet period

1 The other "quiet period" refers to a period of 40 calendar days following an IPO's first day of public trading


Initial public offering - Delivery of shares

1 Not all IPOs are eligible for delivery settlement through the DTC system, which would then either require the

physical delivery of the stock certificates to the clearing agent bank's custodian, or a delivery

versus payment (DVP) arrangement with the selling group brokerage firm.


Initial public offering - Stag profit (flipping)

1 "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)


Initial public offering - Stag profit (flipping)

1 Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times Wall Street Business columnist Joe Nocera alleged that IPOs managed

by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional

clients who made large profits flipping IPOs which Goldman had

intentionally undervaluedhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html

Initial public offering - Largest IPOs

1 Industrial and Commercial Bank of China US$21.9 billion

(2006)



1 American International

Assurance US$20.5 billion (2010)



1 General Motors US$18.15 billion (2010)



1 Facebook, Inc. US$16 billion (2012)


Initial public offering - Largest IPO markets

1 Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however,

China (Shanghai, Shenzhen and Hong Kong) has been the leading issuer, raising $73 billion (almost

double the amount of money raised on the New York Stock Exchange and NASDAQ combined) up to the end of

November 2011. The Hong Kong Stock Exchange raised 30.9 billion in 2011 as the top course for the third year in a row, while New York raised

30.7 billion.


Initial public offering - Further reading

1 Gregoriou, Greg (2006). Initial Public Offerings (IPOs). Butterworth-

Heineman, an imprint of Elsevier. ISBN 0-7506-7975-1.



1 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.



1 Loughran, T.; Ritter, J. R. (2004). "Why Has IPO Underpricing Changed Over Time?". Financial Management

33 (3): 5–37.



1 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.



1 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.



1 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. doi:10.1111/1540-

6261.00517.



1 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. SSRN 886408.



1 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.



1 Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. Handbook of Corporate Finance 1. Boston: Elsevier. ISBN 978-0-444-

50898-0.



1 "IPO Definitions". IPO Initial Public Offerings. Retrieved 14 September 2011.



1 Mondo Visione web site: Chambers, Clem. "Who needs stock exchanges?"

Exchanges Handbook. Published 2006-07-14. Accessed 21 September

2011



1 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.



1 Anderlini, Jamil (August 13, 2010). "AgBank IPO officially the world’s

biggest". Financial Times. Retrieved 2010-08-13.



1 Hu, Bei and Vannucci, Cecile. Bloomberg.com Published 2010-10-29. Retrieved 2011-09-21



1 "Pricing the 'biggest IPO in history'". Published 2006-09-29. Accessed 2011-09-21



1 "Quiet Period"


World Wrestling Entertainment - Initial public offerings

1 On the back of the success of the Attitude Era, several new advances and products were

launched



1 On April 29, 1999, the WWF made its return to terrestrial television by

launching a special program known as WWE SmackDown|SmackDown! on the fledgling UPN network. The

Thursday night show became a weekly series on August 26, 1999. The show led to further TV ratings competition with WCW, up against

WCW Thunder.https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 In 2000 the WWF, in collaboration with television network NBC,

announced the creation of the XFL, a new professional American football|football league that debuted in 2001


Facebook, Inc. - Initial public offering

1 The company applied for a 5 billion initial public offering (IPO); one of the biggest in the history of technology and the biggest in Internet history



1 It was revealed later that Facebook's lead underwriters, Morgan Stanley (MS),

JPMorgan Chase|JP Morgan (JPM), and Goldman Sachs (GS) cut their earnings

forecasts for the company in the middle of the IPO

roadshow.[http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-

facebook-revenue-estimates-middle-133648905.html Facebook bankers secretly

cut Facebook revenue estimates middle]https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 Facebooks' IPO is now under investigation and has been compared

to pump and dump schemes.[http://www.sfgate.com/cgi-

bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL Facebook IPO

underscores shutting out the masses]



1 Lawsuits have been filed alleging that an underwriter for Morgan

Stanley selectively revealed adjusted earnings estimates to preferred

clients



1 By the end of May 2012, the stock lost over a quarter of its starting

value, which led to the Wall Street Journal calling the IPO a fiasco.


Google Inc. - Financing and initial public offering

1 The first funding for Google was an August 1998 contribution of from Andy Bechtolsheim, co-founder of Sun Microsystems, given before

Google was incorporated



1 Google's initial public offering (IPO) took place five years later on August 19, 2004



1 There were concerns that Google's IPO would lead to changes in company culture



1 The stock performed well after the IPO, with shares hitting $700 for the first time on October 31, 2007, primarily because of strong sales and earnings in the online

advertising market. The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds. The company is listed on the NASDAQ stock exchange under the ticker symbol GOOG and on the Frankfurt Stock Exchange under the ticker symbol GGQ1.


Tesla Motors - 2010 initial public offering

1 Securities and Exchange Commission, as a preliminary

prospectus (finance)|prospectus indicating its intention to file an

initial public offering (IPO) underwritten by Goldman Sachs,

Morgan Stanley, J


Tesla Motors - 2010 initial public offering

1 On June 29, 2010 Tesla Motors launched its initial public offering on

NASDAQ. The IPO raised for the company. It was the first American

car maker to go public since the Ford Motor Company had its IPO in 1956.


Tweeting - Initial public offering (IPO)

1 On September 12, 2013, Twitter announced that it had filed papers with the U.S.

Securities and Exchange Commission ahead of a planned Initial public offering|stock market listing. It revealed its Prospectus

(finance)|prospectus in an 800-page filing. Twitter planned to raise US$1 billion as the basis for its stock market debut. The IPO filing states that 200,000,000+ monthly

active users access Twitter and 500,000,000+ tweets per day are posted.



1 In a September 15, 2013 amendment to their Securities and Exchange

Commission|SEC Form S-1|S-1 filing,, Twitter declared that they would list

on the New York Stock Exchange|New York Stock Exchange (NYSE),

quashing speculation that their stock would trade on the NASDAQ

exchange. This decision was widely viewed to be a reaction to the

botched initial public offering of Facebook. On November 6, 2013, 70 million shares were priced at US$26

and issued by lead underwriter Goldman Sachs.



1 On November 7, 2013, the first day of trading on the NYSE, Twitter shares opened at $26.00 and closed at US$44.90, giving the company a valuation of around US$31 billion. This was

$18.90 above the initial offering price and Twitter ended with a market capitalization of

$24.46 billion. The paperwork from November 7 shows that among the founders,

Williams received a sum of US$2.56 billion and Dorsey received US$1.05 billion, while

Costolo's payment was US$345 million.


Reuters Group - Initial public offering (IPO)

1 Reuters was financed as a public company in 1984 on the London

Stock Exchange and on the NASDAQ in the United States


Reuters Group - Initial public offering (IPO)

1 Further protecting Reuters from owner actions that might threaten its

independence is Reuters Founders Share Company Limited, formed in

1984 as part of the share float


TIBCO Software - Initial public offering

1 In 1997, Ranadivé founded TIBCO (The Information Bus Company).Black, Debra

(January 26, 2012)



1 The company's initial public offering (IPO) of stock was made in July 1999 with a range value of $9 to $11.At

Issue: IPOs This Week



1 In 2000, Yahoo! introduced Corporate Yahoo, a platform developed using TIBCO Software

that allowed companies to develop customized communications between

computers. Corporate Yahoo contained early examples of bundled e-mail, calendars, stock

prices, and news displayed on intranet homepages. Hewlett-Packard was one of the partners in the software's development.Daily

Briefing: Home Edition. The Atlanta Constitution. June 27, 2000.


TIBCO - Initial public offering

1 In 1997, Ranadivé founded TIBCO (The Information Bus Company).Black, Debra

(January 26, 2012)


TIBCO - Initial public offering

1 The company's initial public offering (IPO) of stock was made in July 1999 with a range value of $9 to $11.At

Issue: IPOs This Week


Newegg - Initial Public Offering (IPO)

1 On September 28, 2009, Newegg Inc filed for an IPO (initial public offering) with the U.S


Google Blog - Financing and initial public offering

1 There were concerns that Google's IPO would lead to changes in company culture


Geeknet - Initial public offering

1 VA Linux Systems took its stock public in an initial public offering

(IPO) on 9 December 1999, under the stock symbol LNUX



1 Many authors of free software were invited to buy shares at the initial

price offering as part of a friends and family deal.



1 On 3 February 2000, the company announced that it was acquiring

'Andover.net' (which had recently conducted its own initial public

offering).[http://www.zdnet.com.au/news/soa/VA-Linux-acquires-Andover-

net-/0,139023165,120102822,00.htm VA Linux acquires Andover.net], ZDNet

Australia, 13 October 2000 This acquisition gave VA Linux popular online media properties such as

Slashdot, Andover News Network, Freshmeat, NewsForge (became a

mirror of linux.com in 2007, mirrors geeknet.com since 2010), linux.com,

and a variety of online software development resources, as well as a stable of writers such as Rob Malda, Roblimo|Robin Miller, Jack Bryar, Rod

Amis, Jon Katz, and CowboyNeal



1 The acquisition was controversial within the Linux community. Bryar, in particular, wrote multiple articles suggesting that most Linux-oriented businesses were poorly thought out. He cautioned that the excitement over Linux was little more than another Internet bubble.

Nonetheless, this acquisition eventually allowed the company to shift its business model from Linux-based product sales to

specialty media and software development support.


E.M. Warburg & Co. - Initial public offerings

1 Warburg Pincus has completed more initial public offerings with its

companies than any other global private equity firm


List of Dutch inventions and discoveries - Initial public offering (1602)

1 In 1602, the Dutch East India Company (VOC) became the first

modern company to issue shares to the public, thus launching the first

initial public offering (IPO). The VOC held the first public offering of shares in history shortly after its founding.


Google IPO - Financing and initial public offering

1 The first funding for Google as a company was secured in August

1998 in the form of a US$100,000 contribution from Andy

Bechtolsheim, co-founder of Sun Microsystems, given to a corporation

which did not yet exist.Kopytoff, Verne; Fost, Dan.

[http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/

2004/04/29/MNGLD6CFND34.DTL For early Googlers, key word is $$$]. San Francisco Chronicle. April 29, 2004.

Retrieved on February 25, 2007.



1 On June 7, 1999, a round of equity funding totalling $25million was

announced;. Retrieved on August 1, 2014. the major investors being rival venture capital firms Kleiner Perkins Caufield Byers and Sequoia Capital.

While Google still needed more funding for their further expansion, Brin and Page were hesitant to take the company public, despite their

financial issues. They were not ready to give up control over Google.



1 Following the closing of the $25million financing round, Sequoia encouraged Brin and Page to hire a

CEO. Brin and Page ultimately acquiesced and hired Eric Schmidt as

Google’s first CEO in March 2001.Eppel, Thomas. Google.

PowerPoint presentation. Management 10. University of

California, Irvine. Irvine, CA. February 2, 2011.



1 In October 2003, while discussing a possible initial public offering of

shares (IPO), Microsoft approached the company about a possible

partnership or merger.Fisher, Ken



1 Google's initial public offering took place on August 19,

2004



1 After reporting earnings on the 17th of October 2013, the stock price of GOOG closed above $1,000.00 for

the first time in its history of trading on the NASDAQ.Edwards, Julia.

[http://www.reuters.com/article/2013/10/18/us-markets-stocks-

idUSBRE99C0DH20131018 SP breaks record, Google's stock tops $1,000 on earnings]. Reuters. October 18,

2013. Retrieved on October 30, 2013https://store.theartofservice.com/the-initial-public-offering-toolkit.html

Auchan - Initial public offering

1 Sun Art Retail Group Ltd., the Chinese hypermarket operator

backed by Auchan will go Public in Hong Kong at 15 July 2011 with hope

to raise about $1 billion.


Nielsen Media Research - Initial public offering

1 Nielsen went in for an IPO () in January 2011 and was the largest public offer in the United States in

the previous four years


Numericable - Initial Public Offering

1 While the name of the group was Numericable, the management

remained legally administered by two separate companies: Numericable SAS and NC Numericable (formerly

known as Noos)


Numericable - Initial Public Offering

1 On September 19 2013, Numericable Group announced the launch of a

legal and financial process aimed at the company’s Initial Public Offering

on the Euronext Paris|Paris stock exchange, regulated by NYSE

Euronext. The declared objective was to obtain new financial resources to

invest in French fiber-optic development. The shares were offered on 7 November 2013.


PSINet - Initial public offering

1 PSINet eventually took venture capital investment from Matrix Partners, Sigma Partners, and

Amerindo as a private entity to grow the company throughout the US and then outside of the country. On May

1, 1995, the initial public offering listed its shares on the NASDAQ stock

exchange under symbol PSIX.


PSINet - Initial public offering

1 It was the second Internet company to go public following Netscape, a dialup Internet provider which had restrictive software that ran on an

individual PC, similar to the original AOL Software.


Virgin Mobile USA - Initial public offering

1 In May 2007, Virgin Mobile USA, Inc. initiated an initial public offering

(IPO) by filing with the United States Securities and Exchange

Commission.



1 On October 10, 2007, Virgin Mobile's sold 27.5 million shares at US$15 per share, at the low end of the original

$15–$17 prediction.



1 On November 15, 2007, approximately one month after the IPO, Virgin Mobile USA announced

earnings for the three-month period ended September 30, 2007



1 The company reported in 2007 that it held an exclusive license for the Virgin Mobile brand in the United

States, U.S. Virgin Islands and Puerto Rico until the end of 2027. In

exchange, Virgin Mobile USA agreed to pay 0.25% of gross revenues up to

an annual limit of $4 million, adjusted annually for inflation.


Vonage - Initial public offering

1 In operation since 2001, Vonage went public on May 24, 2006 at a

price of $17.00 per share, and dropped 23.5% to close at $13.00

the next day.[http://ir.vonage.com/stockquote.cfm Vonage Investor Relations FAQs].

Vonage.com



1 Vonage.com] Usually only large institutional investors such as banks

are able to buy shares of an IPO.[http://www.investorguide.com/igu-

article-821-stock-basics-initial-public-offerings.html Initial Public

Offerings.] Investorguide.com The price fell 12.7% in one day to close at

$14.85 on the New York Stock Exchange, the worst trading day for

any IPO in 2006 up to that point.https://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 As a result, by the time customers learned that they had gotten shares, Vonage's share price had fallen and they were required to pay the higher $17 per share IPO price, and suffered

losses when they later sold the shares.[http://www.reuters.com/articl

e/2009/09/22/finra-vonage-fines-idUSN2233495620090922 Citi, UBS, Deutsche Bank fined over Vonage IPO]. Reuters.com. September 22,

2009.



1 The IPO raised $531 million for the company, but Vonage's post-IPO

handling of individual pre-IPO investors resulted in a class-action

lawsuit.Reardon, Marguerite (June 4, 2006)

[http://archive.is/20130119182011/http://news.com.com/2100-1036_3-

6079765.html Investors sue Vonage over IPO]



1 As of 2009, Vonage announced that an agreement had been reached to settle with

IPO investors



1 The firms underwriting the IPO, Citigroup, UBS, and Deutsche Bank, were fined and ordered to reimburse customers for failure to adequately

supervise communications with investors.Shwiff, Kathy (September

24, 2009). [http://online.wsj.com/article/SB1253

63508003831103.html Citi, UBS, Deutsche Fined Over Vonage IPO]

Wall Street Journal. NYSE regulators went so far as to investigate possible

short-selling.



1 According to Reuters, Citigroup was fined $175,000 and ordered to pay up to $250,000 in restitution to 284 potentially eligible customers. UBS was fined $150,000 and ordered to pay up to $118,000 to 126 potential customers. Deutsche Bank was fined $100,000 and ordered to pay up to $52,000 to 59 potential customers.



1 In the second quarter of 2010, with a change in management and

improved sales, the company’s stock price

increased,[http://pr.vonage.com/releasedetail.cfm?ReleaseID=496279

Vonage Holdings Corp


OpenTable - Initial public offering

1 OpenTable held its initial public offering (IPO) on May 21, 2009, on the NASDAQ stock exchange under the ticker symbol . The underwriters of the IPO were Merrill Lynch, Allen

Company, Stifel Nicolaus, and ThinkEquity.


Busch Entertainment Corporation - Initial public offering

1 On December 27, 2012, SeaWorld Parks Entertainment announced that

it had filed for an initial public offering (IPO) of stock. Part of the

proceeds from this sale would go to Blackstone group, which would retain a controlling interest in the company.

It began trading April 19, 2013 on the New York Stock Exchange with a

ticker symbol of SEAS.https://store.theartofservice.com/the-initial-public-offering-toolkit.html

Embraer - Initial public offerings

1 In 2000, Embraer made simultaneous initial public offerings on the NYSE

and BMF Bovespa stock exchanges. As of 2008, its NYSE-traded shares were American Depositary Receipts representing 4 BMF Bovespa shares.


Embraer - Initial public offerings

1 ownership was: Bozano Group 11.10%, Previ (a Brazilian pension

fund) 16.40%, Sistel 7.40%, Dassault Aviation 2.1%, EADS 2.1%, Thales Group|Thales 2.1%, Safran 1.1%, Government of Brazil 0.3%, the

remainder being publicly traded.


Glencore - Glencore's Initial Public Offering (IPO)

1 When the commodities group, Glencore International made its Initial Public Offering (IPO) in May 2011 in dual listing, London and Hong Kong, valued at about $US60 billion, it was obliged by IPO regulations to provide

a prospectus



1 In May 2011, United Arab Emirates state-owned Aabar Investments

confirmed an investment of $850 million in Glencore International plc as a cornerstone investor with an

intention to invest an additional $150 million in the Global Offer. The

investment made Aabar the largest cornerstone investor in the initial

public offering (IPO) and the largest new shareholder of Glencore post its IPO giving the investment company a 1.4% stake. The two firms intend to

explore areas of co-operation between them.



1 In November 2012 Abu Dhabi's Aabar Investments, a unit of Abu Dhabi's state-owned United Arab Emirates

International Petroleum Investment, wrote off more than $392-million of

its $1-billion investment in Glencore, less than two years after investing

$1-billion in Glencore's record Initial Public Offering listing. Aabar

Investments was the largest new shareholder in Glencore.


Fail whale - Initial public offering (IPO)

1 In an October 15, 2013 amendment to their Securities and Exchange

Commission|SEC Form S-1|S-1 filing, Twitter declared that they would list

on the New York Stock Exchange|New York Stock Exchange (NYSE),

quashing speculation that their stock would trade on the NASDAQ

exchange. This decision was widely viewed to be a reaction to the

botched initial public offering of Facebook. On November 6, 2013, 70 million shares were priced at US$26

and issued by lead underwriter Goldman Sachs.


Fail whale - Initial public offering (IPO)

1 On February 5, 2014, Twitter published its first results as a public

company, showing a net loss of $511 million in the fourth quarter of 2013.


Kohlberg Kravis Roberts - Initial public offering

1 The filing came less than two weeks after the initial public offering of rival private equity firm Blackstone Group


Kohlberg Kravis Roberts - Initial public offering

1 The following year, in July 2008, KKR announced a new plan to list its shares


Primerica - Initial Public Offering

1 On November 5, 2009 Citi announced that it intended to spin out|spin off Primerica through an initial public

offering



1 Primerica [http://www.sec.gov/Archives/edgar/data/1475922/000119312510059057/ds1a.htm filed] a final amended S-1

and preliminary prospectus (finance)|prospectus with the SEC on March

17, 2010, indicating that it will offer 18 million shares to the public

through the IPO, with underwriters having the option to purchase an

additional 2.7 million shareshttps://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 On December 19, 2011, Citigroup sold its remaining equity stake in Primerica (approximately 8 million

shares of Primerica's common stock), completing the separation from Citi.


Delta Lloyd Group - Initial public offering

1 The Delta Lloyd Group officially Initial public offering|went public on the Amsterdam Stock Exchange|NYSE

Euronext Amsterdam on 3 November 2009. Delta Lloyd made 38-42% of

its shares public, with its major shareholder Aviva reducing its

ownership from 92% to 50-54%. Delta Lloyd's other previous

shareholder, Nuts OHRA, retained its 8% stake.


Andersen Consulting - Initial public offering

1 On July 19, 2001, Accenture offered initial public offering (initial public offering|IPO) at the

price of $14.50 per share in New York Stock Exchange (NYSE); Goldman Sachs and Morgan

Stanley served as its lead underwriters. Accenture stock closed the day at $15.17, with the day's high at $15.25. On the first day of the

IPO, Accenture raised nearly $1.7billion.[http://money.cnn.com/2001/07/19/deals/accent

ure/index.htm Accenture IPO gains in first trades – Jul. 19, 2001]; CNN Money


Bumitama Agri - Initial public offering

1 On 12 April 2012, Bumitama successfully launched its initial public

offering on the Singapore Stock Exchange. HSBC and DBS were the

joint bookrunners for the IPO.



1 A total of 327,324,000 shares (comprising 297,570,000 shares and an additional 29,754,000 in the over-allotment option) was issued during

listing. During the bookbuilding phase, it was reported that the IPO was 31 times oversubscribed, the

highest of any IPO in Singapore since 2007.



1 Bumitama's shares were priced $0.745 for the IPO. On its first day of trading, the stock closed at $0.98, which was 32% above its IPO price.

This valued Bumitama's market capitalization at 1.7 billion Singapore

dollars.


Tesla Model 3 - 2010 initial public offering

1 Securities and Exchange Commission, as a preliminary

prospectus (finance)|prospectus indicating its intention to file an

initial public offering (IPO) underwritten by Goldman Sachs,

Morgan Stanley, J


Tesla Model 3 - 2010 initial public offering

1 On June 29, 2010, Tesla Motors launched its initial public offering on NASDAQ


Goldman Sachs Group - Initial public offering kickback bribes

1 Goldman Sachs is accused of asking for kickback (bribery)|kickback bribes from institutional clients who made large profits flipping stocks which

Goldman had intentionally undervalued in initial public offerings

it was underwriting.


Goldman Sachs Group - Initial public offering kickback bribes

1 Documents under seal in a decade-long lawsuit concerning eToys.com's initial public offering (IPO) in 1999

but released accidentally to the New York Times show that IPOs managed by Goldman were underpriced and that Goldman asked clients able to profit from the prices to increase

business with it


Intercept Pharmaceuticals - Initial public offering and stock history

1 Intercept trades on the NASDAQ exchange under the ticker symbol

ICPT. The initial public offering of the stock on October 16, 2012 was at $15. A follow-on public offering at $33 took place on June 24, 2013.



1 On January 9, 2014, the stock skyrocketed from $72.39 to $275.49,

or about 280%, after a planned interim analysis by the independent

data safety monitoring board showed that Obeticholic acid met the main

goal (improvement of liver histology) at the mid-stage in the FLINT trial in

NASH, sponsored by National Institute of Diabetes and Digestive

and Kidney Diseases|NIDDKhttps://store.theartofservice.com/the-initial-public-offering-toolkit.html


1 In March 2014, the company released the results of the POISE study of Obeticholic acid in PBC, which showed the drug met the

trial's primary endpoint of a reduction in serum alkaline

phosphatase, a biomarker for the disease. These results were

presented at an international liver meeting in April 2014.


BATS Global Markets - Initial public offering

1 The company attempted to go public on March 23, 2012, as the first listing

on its own exchange, but later withdrew the IPO the same day due

to a disastrous glitch in the company's trading systems



1 Following the failed IPO, the BATS board of directors decided to

separate the roles of chairman and CEO. Joe Ratterman had previously held both roles. Ratterman received

the “unanimous support” of the directors to keep the positions of CEO

and president.



1 In July 2012, BATS named Paul Atkins, a former U.S. Securities and Exchange commissioner, to the role

of non-executive chairman of its board of directors.


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