Process of an IPO, and reasons accounting for IPOs underpricing

Docs en anglais | 19 pages | 23-07-2007 | Format : | Note : Non noté |

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Résumé

Financial markets essay: Process of an IPO, and reasons accounting for IPOs underpricing. IPOs enable companies to put big amounts of money in their reserves, and it's a source of wealth for company insiders and investors. But, above all, it is a long and tricky process, which can last six months or more. In other respects, conducting an IPO can be a very costly operation, with a major risk to miss one's goal and withdraw the offering at the last moment.

Outline:

Introduction

I) The IPO Process

A. Decision Making
B. Underwriter selection
C. Organisational meeting
D. Due diligence
E. Auditing
F. Filing: Prospectus and regulations
G. Road Show and Bookbuilding
H. Pricing

II) Various theories of IPOs ‘underpricing'

A. Apparent proofs of ‘underpricing'
B. What are the main models/theories that tend to explain ‘underpricing'?

Conclusion

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