IPO
IPO: A Global Guide, Expanded Second Edition
Philippe Espinasse
Copyright Date: 2014
Published by: Hong Kong University Press
Pages: 384
https://www.jstor.org/stable/j.ctt13x0m7w
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Book Info
IPO
Book Description:

In this practical guide to initial public offerings, Philippe Espinasse explains the pros and cons of turning private businesses into listed companies. In straightforward, jargon-free language he details the strategies, procedures, and documentation for different forms of listings, and describes the process of marketing and pricing an international IPO. The guide includes many real-life case studies, sample documents, an extensive glossary of terms, and a review of listing requirements for major stock exchanges. It also discusses recent developments in global equity capital markets. This fully revised paperback edition includes additional case studies, information on recent regulatory changes, and new sections on Malaysia and business trusts in Singapore and Hong Kong. IPO: A Global Guide is applicable to any financial jurisdiction, including emerging markets in the Asia-Pacific region, the Middle East, and Eastern Europe. Intended for entrepreneurs, market practitioners and students, this guide will be essential reading for anyone planning to take a company to market.

eISBN: 978-988-8268-98-6
Subjects: Finance
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Table of Contents
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  1. Front Matter
    Front Matter (pp. i-vi)
  2. Table of Contents
    Table of Contents (pp. vii-x)
  3. List of tables and figures
    List of tables and figures (pp. xi-xii)
  4. About the author
    About the author (pp. xiii-xiv)
  5. Acknowledgements
    Acknowledgements (pp. xv-xvi)
  6. Preface
    Preface (pp. xvii-xx)
    Philippe Espinasse
  7. Introduction to the first edition
    Introduction to the first edition (pp. xxi-xxiv)
    Philippe Espinasse

    I remember vividly the first initial public offering I worked on as a young and eager investment banker in 1994. I had joined what was then the largest investment bank in London as a graduate trainee with the 1991 intake. I spent the early years of my career writing briefing notes and working in the debt capital markets department, executing long-dated mortgage debentures and sterling-denominated bond issues for property developers, co-operative societies and brewers in the north of England. I longed for transactions that had a more international flavour and had just transferred to the equity capital markets (ECM) team,...

  8. Part 1 Defining the parameters
    Part 1 Defining the parameters (pp. 1-62)

    Going public—offering shares for the first time to third-party investors—is probably one of the most important decisions that can be made during the life of a company. For shareholders of family-owned businesses, it can provide a welcome source of liquidity for their holdings. But it also opens up their affairs to the scrutiny of outsiders. Through a flotation, entrepreneurial ventures can find an unparallelled source of capital to support their development. Investors buy initial public offerings (IPOs) because they offer them the opportunity to build a sizeable position in a stock, something that would in most cases be...

  9. Part 2 Getting ready
    Part 2 Getting ready (pp. 63-160)

    In addition to investment banks, a number of other parties must be appointed to execute an IPO. For all such third-party advisers, several fixed quotes to pay for their services will usually be obtained before appointments are made. It is now rare to pay legal or other advisers by the hour for an IPO, except perhaps for very small transactions.

    Most important are the legal advisers. There are generally “two sides” of legal firms in a primary equity transaction. Broadly speaking, one firm, or one set of firms, advises the issuer and another, the underwriters.

    The legal firm advising the...

  10. Part 3 Marketing the deal
    Part 3 Marketing the deal (pp. 161-208)

    All the major investment banks have active and sizeable sell-side research departments. These research departments support their sales and trading efforts in the secondary market across a variety of securities. In many countries, research is also important to assist in the marketing of IPOs to investors.

    On a macro level, banks have economists that advise their institutional investor clients on major market events, as well as strategists who make recommendations on asset allocation, based on trends and high-level market developments. Investment banks also often have research analysts covering currencies, commodities, fixed income and equity securities. On the equities side, in...

  11. Part 4 After the IPO
    Part 4 After the IPO (pp. 209-230)

    In every IPO and primary equity offering there is the possibility of immediate instability in the aftermarket, when the stock is traded between short-term buyers and sellers. This may, on occasion, affect the share price, which may temporarily fall below the offer price. It is therefore common for the issuer to appoint, generally from within the global coordinators and bookrunners, a stabilizing agent (also sometimes called a stabilizing manager) to go into the market and buy (or offer to buy) the securities to stabilize or maintain their price during the initial period after listing.

    There can only be one stabilizing...

  12. Appendix 1: Case studies
    Appendix 1: Case studies (pp. 233-252)
  13. Appendix 2: Business and financial due diligence checklist
    Appendix 2: Business and financial due diligence checklist (pp. 253-258)
  14. Appendix 3: Table of estimates for IPO fees and expenses
    Appendix 3: Table of estimates for IPO fees and expenses (pp. 259-260)
  15. Appendix 4: Sample contents for an international IPO prospectus
    Appendix 4: Sample contents for an international IPO prospectus (pp. 261-262)
  16. Appendix 5: Sample risk factors for an international IPO
    Appendix 5: Sample risk factors for an international IPO (pp. 263-268)
  17. Appendix 6: Example of feedback form for investor education
    Appendix 6: Example of feedback form for investor education (pp. 269-270)
  18. Appendix 7: Example of manual order form for bookbuilding
    Appendix 7: Example of manual order form for bookbuilding (pp. 271-272)
  19. Appendix 8: Initial listing requirements for major stock exchanges
    Appendix 8: Initial listing requirements for major stock exchanges (pp. 273-296)
  20. Notes
    Notes (pp. 297-300)
  21. Glossary
    Glossary (pp. 301-366)
  22. Further reading
    Further reading (pp. 367-370)
  23. Index
    Index (pp. 371-382)
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