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Initial Public Offering

Underwriters and Syndicate

SEC Filings

Valuation

Pricing the deal and managing risk

Mechanics of IPO

Type of Offerings

Why Need IPO

1. Raise money to grow the company.

2. Improve liquidity.

3. Balance sheet restructuring.

4. Acquisitions.

  • Becomes dispersed

5. Talent recruitment.

6. Overseas market.

Process of Alibaba Setting IPO

One day before the IPO

  • Announce a final price and deal size

Two to three weeks before the IPO

  • Determine the price and size

Road show

  • How much sell to public

Pros & Cons

Three months or more before the IPO

  • S-1 document.
  • Securities and Exchange Commission (SEC)

Day Zero: IPO!

Big day !

Roughly six months before IPO

  • Show off the company to bankers
  • Distribution
  • Greater liquidity
  • Better access to capital

Behavioural Theory

IPO Puzzles

Agenda

Introduction

How IPO works

Case Study - ALIBABA

IPO Puzzles

Q & A

FINA2222 - Corporate Financial Policy

Raising Equity capital

Group 5:

Vanesa Yu

Shawn Baker

Alex Jiang

Andrew Fontaine

Sources of Funding

Thanks

for listening!

Angel Investors

Venture Capital &

Private Equity Firms

Corporate Investors

Institutional Investors

Primary and Secondary Offerings

Best-efforts IPO

Firm commitment IPO

Auction IPO

How to Raise

Equity Capital?

Q & A

P

I

O

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