Equity Markets - Issuing

The term “IPO” has been a buzzword for many years now, but is just one of a number of potential sources of funds available to companies. This course describes the equity issuance (primary) market in its different forms. This incorporates the public sale of existing private shareholdings, private transfers between investors, and the creation of new equity. The course covers highly visible initial offerings (IPOs and privatizations), private transactions, and various forms of subsequent issuance such as rights offerings.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Outline why companies decide to go public and distinguish between the different methods of raising equity capital

    Describe the initial public offering (IPO) process in detail, including the role played by underwriting syndicates

    Explain how companies that have already issued stock can make follow-on or secondary offerings to new investors or existing shareholders

  • COURSE OUTLINE

    Topic 1: Overview of Equity Issuance

    Creating New Equity Securities

    Going Public: Attractions

    o Raising Capital

    o Exit Strategy

    o Acquisition Currency

    o Publicity

    o Employee Compensation Schemes

    Going Public: Drawbacks

    o Time-Consuming & Expensive Process

    o Ongoing Obligations

    o Short-Term Focus

    Privatizations

    Global Equity Issuance

    Topic 2: Initial Public Offerings (IPOs)

    Initial Decisions

    Underwriting Syndicate

    Role of Underwriters

    Underwriting

    o Firm Commitment vs. Best Efforts

    o Hard vs. Soft Underwriting

    Underwriting Fees

    Underwriting Risk

    Pricing

    Allotment/Distribution

    o Tender Offer

    o Book-Building

    o Multiple Tranches

    Performance

    Timeline

    Ensuring Value

    Auctions

    Alternatives to IPOs

    o Introductions

    o Reverse Mergers

    o Private Sales

    o Private Placements (“144A”)

    Topic 3: Subsequent Offerings

    Raising Capital Post-IPO

    Rights Issues

    o Example

    Bonus Issues

    o Example

    Stock Splits

    o Example

  • PREREQUISITE KNOWLEDGE

    Equity Markets – An Introduction - View Now

  • ESTIMATED COMPLETED TIME

    75 Minutes

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