公眾股的發(fā)行方案探討-wenkub
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【正文】 rwriter – Competitive – Negotiated McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 192 The Public Issue ? The Basic Procedure – Management gets the approval of the Board of Directors. – The firm prepares and files a registration statement with the SEC. – The SEC studies the registration statement during the waiting period. – The firm prepares and files an amended registration statement with the SEC. – If everything is copasetic with the SEC, a price is set and a fullfledged selling effort gets underway. McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 193 The Process of A Public Offering Steps in Public Offering Time 1. Preunderwriting conferences 2. Registration statements 3. Pricing the issue 4. Public offering and sale 5. Market stabilization Several months 20day waiting period Usually on the 20th day After the 20th day 30 days after offering McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 197 Firm Commitment ? Under a firm mitment underwriting, the investment bank buys the securities outright from the issuing firm. ? Obviously, they need to make a profit, so they buy at “wholesale” and try to resell at “retail”. ? To minimize their risk, the investment bankers bine to form an underwriting syndicate to share the risk and help sell the issue to the public. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1911 The Costs of Public Offerings Equity Proceeds Direct Costs Underpricing (in millions) SEOs IPOs IPOs 2 % % % 10 % % % 20 % % % 40 % % % 60 % % % 80 % % % 100 % % % 200 % % % 500 and up % % % McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1915 Rights Offering Example ? What is the new market value of the firm? ? There are 200,000 outstanding shares at $25 will be 10,000 new shares issued at a $20 subscription price. shares 20$shares 000,10share 25$shares 000,202300,200,5$ ????McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1919 The Private Equity Market ? The previous sections of this chapter assu
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