Una oferta pública inicial ( OPI ) o lanzamiento en el mercado de valores es una oferta pública en la que las acciones de una empresa se venden a inversores institucionales [1] y, por lo general, también a inversores minoristas (individuales). [2] Una oferta pública inicial suele estar suscrita por uno o más bancos de inversión , que también organizan que las acciones se coticen en una o más bolsas de valores . A través de este proceso, conocido coloquialmente como flotante o cotización , una empresa privada se transforma en una empresa pública.. Las ofertas públicas iniciales se pueden utilizar para obtener nuevo capital social para empresas, monetizar las inversiones de accionistas privados, como fundadores de empresas o inversores de capital privado, y permitir la negociación fácil de las participaciones existentes o la obtención de capital futura al cotizar en bolsa.
Después de la OPI, las acciones se negocian libremente en el mercado abierto en lo que se conoce como free float. Las bolsas de valores estipulan un capital flotante mínimo tanto en términos absolutos (el valor total determinado por el precio de la acción multiplicado por el número de acciones vendidas al público) como como una proporción del capital social total (es decir, el número de acciones vendidas a el público dividido por el total de acciones en circulación). Aunque la oferta pública inicial ofrece muchos beneficios, también hay costos significativos involucrados, principalmente los asociados con el proceso, como los honorarios bancarios y legales, y el requisito continuo de divulgar información importante y, a veces, sensible.
Los detalles de la oferta propuesta se revelan a los compradores potenciales en forma de un documento extenso conocido como prospecto . La mayoría de las empresas emprenden una oferta pública inicial con la ayuda de una empresa de banca de inversión que actúa en calidad de suscriptor . Los suscriptores brindan varios servicios, incluida la ayuda para evaluar correctamente el valor de las acciones (precio de las acciones) y el establecimiento de un mercado público de acciones (venta inicial). También se han explorado y aplicado métodos alternativos como la subasta holandesa para varias OPI.
Historia
La primera forma de empresa que emitía acciones públicas fue el caso de los publicani durante la República Romana . Como las sociedades anónimas modernas, los publicani eran cuerpos legales independientes de sus miembros, cuya propiedad se dividía en acciones o partes . Existe evidencia de que estas acciones se vendieron a inversores públicos y se negociaron en una especie de mercado extrabursátil en el Foro , cerca del Templo de Castor y Pollux . El valor de las acciones fluctuaba, lo que fomentaba la actividad de los especuladores o cuestores . Quedan meras pruebas de los precios por los que se vendieron las partes , la naturaleza de las ofertas públicas iniciales o una descripción del comportamiento del mercado de valores. Publicani perdió el favor con la caída de la República y el surgimiento del Imperio. [11]
En el período moderno temprano, los holandeses fueron innovadores financieros que ayudaron a sentar las bases de los sistemas financieros modernos. [12] [13] La primera oferta pública inicial moderna se produjo en marzo de 1602 cuando la Compañía Holandesa de las Indias Orientales ofreció acciones de la empresa al público para obtener capital. La Compañía Neerlandesa de las Indias Orientales (VOC) se convirtió en la primera compañía en la historia para emitir bonos y acciones de valores al público en general. En otras palabras, la VOC fue oficialmente la primera empresa que cotiza en bolsa , porque fue la primera empresa que cotizó en una bolsa de valores oficial . Si bien las ciudades-estado italianas produjeron los primeros bonos gubernamentales transferibles, no desarrollaron el otro ingrediente necesario para producir un mercado de capitales completo : accionistas corporativos. Como señala Edward Stringham (2015), "las empresas con acciones transferibles se remontan a la Roma clásica, pero por lo general no eran esfuerzos duraderos y no existía un mercado secundario considerable (Neal, 1997, p. 61)". [14]
En los Estados Unidos, la primera OPI fue la oferta pública de Bank of North America alrededor de 1783. [15]
Ventajas y desventajas
Ventajas
Cuando una empresa cotiza sus valores en una bolsa pública , el dinero pagado por el público inversor por las acciones recién emitidas va directamente a la empresa (oferta primaria), así como a los primeros inversores privados que opten por vender la totalidad o una parte de las acciones. sus participaciones (ofertas secundarias) como parte de la oferta pública inicial más grande . Una oferta pública inicial, por lo tanto, permite a una empresa aprovechar un amplio grupo de inversores potenciales para proporcionarse capital para el crecimiento futuro, el pago de la deuda o el capital de trabajo. Una empresa que vende acciones ordinarias nunca está obligada a reembolsar el capital a sus inversores públicos. Esos inversores deben soportar la naturaleza impredecible del mercado abierto para fijar el precio y negociar sus acciones. Después de la OPI, cuando las acciones se negocian en el mercado, el dinero pasa entre inversores públicos. Para los primeros inversores privados que optan por vender acciones como parte del proceso de oferta pública inicial, la oferta pública inicial representa una oportunidad para monetizar su inversión. Después de la OPI, una vez que las acciones se negocian en el mercado abierto, los inversores que poseen grandes bloques de acciones pueden vender esas acciones por partes en el mercado abierto o vender un gran bloque de acciones directamente al público, a un precio fijo , a través de un mercado secundario. ofrenda . Este tipo de oferta no es dilutiva ya que no se están creando nuevas acciones.
Una vez que una empresa cotiza en bolsa, puede emitir acciones ordinarias adicionales de varias formas diferentes, una de las cuales es la oferta de continuación . Este método proporciona capital para diversos fines corporativos a través de la emisión de acciones (ver dilución de acciones ) sin incurrir en deuda. Esta capacidad de obtener rápidamente grandes cantidades de capital del mercado es una razón clave por la que muchas empresas buscan cotizar en bolsa.
Una OPI otorga varios beneficios a la empresa anteriormente privada:
- Ampliación y diversificación de la base de acciones
- Permitir un acceso más barato al capital
- Incrementar la exposición, el prestigio y la imagen pública
- Atraer y retener una mejor administración y empleados a través de una participación líquida en el capital.
- Facilitar adquisiciones (potencialmente a cambio de acciones)
- Creación de múltiples oportunidades de financiación: acciones, deuda convertible , préstamos bancarios más económicos, etc.
Desventajas
Existen varias desventajas al completar una oferta pública inicial:
- Costos legales, contables y de marketing significativos, muchos de los cuales están en curso.
- Requisito de divulgar información financiera y comercial
- Se requiere tiempo, esfuerzo y atención significativos por parte de la gerencia.
- Riesgo de que no se obtenga la financiación necesaria
- Difusión pública de información que pueda ser de utilidad para competidores, proveedores y clientes.
- Pérdida de control y problemas de agencia más fuertes debido a nuevos accionistas
- Mayor riesgo de litigio, incluidas las acciones colectivas sobre valores privados y las acciones derivadas de los accionistas [16]
Procedimiento
Los procedimientos de OPI se rigen por diferentes leyes en diferentes países. En los Estados Unidos, las OPI están reguladas por la Comisión de Bolsa y Valores de los Estados Unidos en virtud de la Ley de Valores de 1933 . [17] En el Reino Unido, la autoridad de cotización del Reino Unido revisa y aprueba los folletos y aplica el régimen de cotización. [18]
Planificación anticipada
La planificación es fundamental para una OPI exitosa. Un libro [19] sugiere los siguientes 7 pasos de planificación anticipada:
- Desarrollar un equipo profesional y de gestión impresionante
- hacer crecer el negocio de la empresa con miras al mercado público
- obtener estados financieros auditados utilizando principios contables aceptados por la OPI
- limpiar el acto de la empresa
- establecer defensas antitakeover
- desarrollar un buen gobierno corporativo
- cree oportunidades de rescate interno y aproveche las ventanas de OPI.
Retención de suscriptores
Las OPI generalmente involucran a uno o más bancos de inversión conocidos como " suscriptores ". La empresa que ofrece sus acciones, denominada "emisora", celebra un contrato con un suscriptor principal para vender sus acciones al público. El suscriptor luego se acerca a los inversores con ofertas para vender esas acciones.
A large IPO is usually underwritten by a "syndicate" of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an underwriting spread. The spread is calculated as a discount from the price of the shares sold (called the gross spread). 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. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker dealer who is not a member of the syndicate but sells shares would receive only the concession, while the member of the syndicate who provided the shares to that broker dealer would retain the underwriting fee.[20] Usually, the managing/lead underwriter, also known as the bookrunner, typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the gross spread, up to 8% in some cases.
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.
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.
Financial historians Richard Sylla and Robert E. Wright have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks.[21] The direct public offering or DPO, as they term it,[22] was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks.
Allocation and pricing
The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:
- Best efforts contract
- Firm commitment contract
- All-or-none contract
- Bought deal
Public offerings are sold to both institutional investors and retail clients of the underwriters. A licensed securities salesperson (Registered Representative in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it is possible that the financial incentives of the advisor and client may not be aligned.
The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific 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.
In the US, clients are given a preliminary prospectus, known as a red herring prospectus, during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring.[23] During the quiet period, the shares cannot be offered for sale. Brokers can, however, take indications of interest from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission.
The Final step in preparing and filing the final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the SEC) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, where in one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys), the lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission.[24]
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 issues. The central issue in that enforcement agreement had been judged in court previously. It involved the conflict of interest between the investment banking and analysis departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees.[25] A typical violation addressed by the settlement was the case of CSFB and Salomon Smith Barney, which were alleged to have engaged in inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934.
Pricing
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").
Historically, many IPOs have been underpriced. The effect of underpricing an IPO is to generate additional interest in the stock when it first becomes publicly traded. Flipping, or quickly selling shares for a profit, can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example is theglobe.com IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by Bear Stearns on 13 November 1998, the IPO was priced at $9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $63. Although the company did raise about $30 million from the offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $200 million on the table.
The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of the issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best known example of this is the Facebook IPO in 2012.
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. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures.[26] The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors.
Some researchers (Friesen & Swift, 2009) believe that the underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more 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.
Dutch auction
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.[27][28] One version of the Dutch auction is OpenIPO, which is based on an auction system designed by Nobel Memorial Prize-winning economist William Vickrey. This auction method ranks bids from highest to lowest, then accepts the highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction Treasury bills, notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay the same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only uniform price auctions have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds).
A variation of the Dutch Auction has been used to take a number of U.S. companies public including Morningstar, Interactive Brokers Group, Overstock.com, Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company.[29] In 2004, Google used the Dutch Auction system for its initial public offering.[30] Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance, the Dutch Auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries.
In determining the success or failure of a Dutch Auction, one must consider competing objectives.[31][32] If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From the viewpoint of the investor, the Dutch Auction allows everyone equal access. Moreover, some forms of the Dutch Auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at price discovery, although the theory behind this is based on the assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give a better result.
In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch Auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch Auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in the Wall Street Journal cited the reasons as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks".[33][34]
Quiet period
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).
The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading.[35] During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering.[35]
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.
Stag profit (flipping)
"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). A "stag" is a party or individual who subscribes to the new issue expecting the price of the stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around "flipping" or selling them on the first day of trading.
OPI más grandes
Company | Year of IPO | Amount | Inflation adjusted |
---|---|---|---|
Saudi Aramco | 2019 | $29.4B[36] | $29.4 billion |
The Alibaba Group | 2014 | $25B[37] | $27 billion |
SoftBank Group | 2018 | $23.5B[38] | $24 billion |
Agricultural Bank of China | 2010 | $22.1B[39] | $26 billion |
Industrial and Commercial Bank of China | 2006 | $21.9B[40] | $28 billion |
American International Assurance | 2010 | $20.5B[41] | $24 billion |
Visa Inc. | 2008 | $19.7B[42] | $23 billion |
General Motors | 2010 | $18.15B[43] | $21 billion |
NTT DoCoMo | 1998 | $18.05B[42] | $28 billion |
Enel | 1999 | $16.59B[42] | $25 billion |
2012 | $16.01B[44] | $18 billion |
Los mercados de OPI más grandes
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.
Year | Stock exchange |
---|---|
2009 | Hong Kong Stock Exchange[45] |
2010 | |
2011 | |
2012[46] | New York Stock Exchange |
2013[47] | |
2014[47] | |
2015[48] | Hong Kong Stock Exchange |
2016[48] | |
2017[48] | New York Stock Exchange |
2018[49] | Hong Kong Stock Exchange |
2019[50] | |
2020[51] | Nasdaq |
2021 (so far)[52] |
Ver también
- Alternative public offering
- Direct public offering
- Public offering without listing
- Reverse IPO
- Smaller reporting company
- Venture capital
Referencias
- ^ Note: the price the company receives from the institutional investors is the IPO price
- ^ Hirst, Scott; Kastiel, Kobi (1 May 2019). "Corporate Governance by Index Exclusion". Boston University Law Review. 99 (3): 1229.
- ^ Funnell, Warwick; Robertson, Jeffrey: Accounting by the First Public Company: The Pursuit of Supremacy. (Routledge, 2013, ISBN 0415716179)
- ^ Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a Modern Securities Market, 1602–1700. Translated from the Dutch by Lynne Richards. (Columbia University Press, 2014, 304pp)
- ^ Brooks, John: The Fluctuation: The Little Crash in '62, in Business Adventures: Twelve Classic Tales from the World of Wall Street. (New York: Weybright & Talley, 1968)
- ^ Neal, Larry (2005). “Venture Shares of the Dutch East India Company,” in Origins of Value, in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, Goetzmann & Rouwenhorst (eds.), Oxford University Press, 2005, pp. 165–175
- ^ Shiller, Robert (2011). Economics 252, Financial Markets: Lecture 4 – Portfolio Diversification and Supporting Financial Institutions (Open Yale Courses). [Transcript]
- ^ Macaulay, Catherine R. (2015). "Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'". (Futures, Volume 68, April 2015, p. 5–18)
- ^ Funnell, Warwick; Robertson, Jeffrey (2013)
- ^ Kaiser, Kevin; Young, S. David (2013): The Blue Line Imperative: What Managing for Value Really Means. (Jossey-Bass, 2013, ISBN 978-1118510889), p. 26. As Kevin Kaiser & David Young (2013) explained, "There are other claimants to the title of first public company, including a twelfth-century water mill in France and a thirteenth-century company intended to control the English wool trade, Staple of London. Its shares, however, and the manner in which those shares were traded, did not truly allow public ownership by anyone who happened to be able to afford a share. The arrival of VOC shares was therefore momentous, because as Fernand Braudel pointed out, it opened up the ownership of companies and the ideas they generated, beyond the ranks of the aristocracy and the very rich, so that everyone could finally participate in the speculative freedom of transactions."
- ^ "Books & Reading: Chapter One". Retrieved 27 November 2016.
- ^ Goetzmann, William N.; Rouwenhorst, K. Geert (2005). The Origins of Value: The Financial Innovations that Created Modern Capital Markets. (Oxford University Press, ISBN 978-0195175714))
- ^ Goetzmann, William N.; Rouwenhorst, K. Geert (2008). The History of Financial Innovation, in Carbon Finance, Environmental Market Solutions to Climate Change. (Yale School of Forestry and Environmental Studies, chapter 1, pp. 18–43). As Goetzmann & Rouwenhorst (2008) noted, "The 17th and 18th centuries in the Netherlands were a remarkable time for finance. Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call securitization. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland."
- ^ Stringham, Edward Peter: Private Governance: Creating Order in Economic and Social Life. (Oxford University Press, 2015, ISBN 9780199365166), p.42
- ^ "Exhibits — America's First IPO — Museum of American Finance". Moaf.org. Retrieved 12 July 2012.
- ^ Rose Selden, Shannon; Goodman, Mark. "The Shift in Litigation Risks When U.S. Companies Go Public". Transaction Advisors. ISSN 2329-9134.
- ^ "The Laws That Govern the Securities Industry". Securities and Exchange Commission. Retrieved 12 December 2014.
- ^ "UK Listing Authority". Retrieved 12 December 2014.
- ^ Lipman, International and U.S. IPO Planning, ISBN 978-0-470-39087-0
- ^ Series 79 Investment Banking Representative Qualification Examination, Study Manual, 41st Edition. Securities Trading Corporation. 2010.
- ^ Robert E. Wright, "Reforming the U.S. IPO Market: Lessons from History and Theory", Accounting, Business, and Financial History (November 2002), 419–437.
- ^ Robert E. Wright and Richard Sylla, "Corporate Governance and Stockholder/Stakeholder Activism in the United States, 1790–1860: New Data and Perspectives". In Jonathan Koppell (ed.), Origins of Shareholder Advocacy (New York: Palgrave Macmillan, 2011), 231–51.
- ^ "Registration Statement on Form S-1". www.sec.gov. Retrieved 10 December 2017.
- ^ "The Main Players In An Initial Public Offering". 26 February 2012. Retrieved 22 July 2014.
- ^ "Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflict of Interest". 28 April 2003. Retrieved 23 July 2014.
- ^ Gould, Michael. "How Non-GAAP Measures Can Impact Your IPO". Transaction Advisors. ISSN 2329-9134.
- ^ Demos, Telis. (21 June 2012) What Is a Dutch Auction? – Deal Journal – WSJ. Blogs.wsj.com. Retrieved on 16 October 2012.
- ^ Hasen, Richard L. (12 October 2012) What Is a Dutch Auction IPO? – Slate Magazine. Slate.com. Retrieved on 16 October 2012.
- ^ Sommer, Jeff (18 February 2012). "An I.P.O. Process That Is Customer-Friendly". The New York Times.
- ^ "Journal of Business & Technology Law – Academic Journals – University of Maryland Francis King Carey School of Law" (PDF). Retrieved 27 November 2016.
- ^ Hensel, Nayantara. (4 November 2005) Are Dutch Auctions Right for Your IPO? – HBS Working Knowledge. Hbswk.hbs.edu. Retrieved on 16 October 2012.
- ^ http://law.bepress.com/cgi/viewcontent.cgi?article=3706&context=expresso
- ^ WhiteGlove seeks to raise $32.5 million in 'Dutch auction' IPO. www.statesman.com. Retrieved on 16 October 2012.
- ^ Cowan, Lynn. (21 September 2011) WhiteGlove Health Shelves IPO Indefinitely – WSJ.com. Online.wsj.com. Retrieved on 16 October 2012.
- ^ a b http://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-15-30.pdf
- ^ "Aramco's 'greenshoe option' pushes IPO to $29.4 billion". Arab News. 12 January 2020. Retrieved 15 January 2020.
- ^ "Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option". The New York Times. 18 September 2013.
- ^ "Softbank Corp IPO Second Biggest in History". Fortune.com. 11 December 2018.
- ^ "Agricultural Bank of China Sets IPO Record as Size Raised to $22.1 Billion". Bloomberg. 15 August 2010.
- ^ "ICBC completed its record $21.9 billion IPO in October 2006". Bloomberg. 28 July 2010.
- ^ "AIA's IPO Boosted to $20.5 Billion With Overallotment". Bloomberg. 29 October 2010.
- ^ a b c Grocer, Stephen (17 November 2010). "How GM's IPO Stacks Up Against the Biggest IPOs on Record". Wall Street Journal.
- ^ "GM Says Total Offering Size $23.1 Billion Including Overallotment Options", Bloomberg, 26 November 2010
- ^ Rusli, Evelyn M.; Eavis, Peter (17 May 2012), "Facebook Raises $16 Billion in I.P.O.", The New York Times
- ^ "China eclipses US as top IPO venue". 28 December 2011.
- ^ [https://www2.deloitte.com/cn/en/pages/about-deloitte/articles/pr-statistics-hongkong-mainland-ipo2012.html ]
- ^ a b "Global IPO market booms 50% in 2014". 18 December 2014.
- ^ a b c "Global number of IPOs highest since financial crisis". 27 December 2017.
- ^ "Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms". 24 December 2018.
- ^ "Hong Kong exchange to remain world's largest IPO market in 2019: KPMG report". 12 December 2019.
- ^ "Hong Kong ranks as 2nd largest IPO market in 2020". 13 January 2021.
- ^ "Mainland China and Hong Kong IPO markets - KPMG 2021 Q1 review" (PDF). 26 April 2021. line feed character in
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Otras lecturas
- Gregoriou, Greg (2006). Initial Public Offerings (IPOs). Butterworth-Heineman, an imprint of Elsevier. ISBN 978-0-7506-7975-6. Archived from the original on 14 March 2007. Retrieved 15 June 2006.
- 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.
- Loughran, T.; Ritter, J. R. (2004). "Why Has IPO Underpricing Changed Over Time?" (PDF). Financial Management. 33 (3): 5–37.
- 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.
- 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.
- 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. CiteSeerX 10.1.1.535.3111. doi:10.1111/1540-6261.00517.
- 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. doi:10.1111/j.1468-5957.2006.00657.x. SSRN 886408.
- 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.
- Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. (ed.). Handbook of Corporate Finance. 1. Boston: Elsevier. ISBN 978-0-444-50898-0.
- "IPO Definitions". IPO Initial Public Offerings. Archived from the original on 21 August 2011. Retrieved 14 September 2011.
- Mondo Visione web site: Chambers, Clem. "Who needs stock exchanges?" Exchanges Handbook. Published 2006-07-14. Accessed 21 September 2011
- 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.
- Anderlini, Jamil (13 August 2010). "AgBank IPO officially the world's biggest". Financial Times. Retrieved 13 August 2010.
- Hu, Bei and Vannucci, Cecile. Bloomberg.com Published 2010-10-29. Retrieved 2011-09-21
- "Pricing the 'biggest IPO in history'". Archived from the original on 5 December 2008.CS1 maint: unfit URL (link) Published 2006-09-29. Accessed 2011-09-21
- "Quiet Period". U.S. Securities and Exchange Commission. 18 August 2005. Retrieved 4 March 2008.
The federal securities laws do not define the term "quiet period", which is also referred to as the "waiting period". However, historically, a quiet period extended from the time a company files a registration statement with the SEC until SEC staff declared the registration statement "effective". During that period, the federal securities laws limited what information a company and related parties can release to the public.
enlaces externos
- Nasdaq database of all U.S. Initial Public Offerings beginning Jan. 1997