公眾股的發(fā)行方案探討-文庫吧在線文庫
【正文】 ethods for selecting an underwriter – Competitive – Negotiated McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1914 Rights Offering Example ? Popular Delusions, Inc. is proposing a rights offering. There are 200,000 shares outstanding trading at $25 each. There will be 10,000 new shares issued at a $20 subscription price. ? What is the new market value of the firm? ? What is the exrights price? ? What is the value of a right? McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1922 Stages of Financing 1. SeedMoney Stage: Small amount of money to prove a concept or develop a product. 2. StartUp Funds are likely to pay for marketing and product refinement. 3. FirstRound Financing Additional money to begin sales and manufacturing. 4. SecondRound Financing Funds earmarked for working capital for a firm that is currently selling its product but still losing money. 5. ThirdRound Financing Financing for a firm that is at least breaking even and contemplating expansion。 12:53:1812:53:1812:53Friday, March 17, 2023 ? 1乍見翻疑夢，相悲各問年。 12:53:1812:53:1812:533/17/2023 12:53:18 PM ? 1成功就是日復(fù)一日那一點(diǎn)點(diǎn)小小努力的積累。 下午 12時 53分 18秒 下午 12時 53分 12:53: ? 楊柳散和風(fēng)，青山澹吾慮。 2023年 3月 下午 12時 53分 :53March 17, 2023 ? 1業(yè)余生活要有意義，不要越軌。 12:53:1812:53:1812:53Friday, March 17, 2023 ? 1知人者智，自知者明。 2023年 3月 17日星期五 下午 12時 53分 18秒 12:53: ? 1楚塞三湘接，荊門九派通。 2023年 3月 下午 12時 53分 :53March 17, 2023 ? 1行動出成果，工作出財富。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1924 ? 靜夜四無鄰，荒居舊業(yè)貧。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1918 Shelf Registration ? Permits a corporation to register an offering that it reasonably expects to sell within the next two years. ? Not all panies are allowed shelf registration. ? Qualifications include: – The firm must be rated investment grade. – The cannot have recently defaulted on debt. – The market capitalization must be $75 m. – No recent SEC violations. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1910 The Cost of New Issues 1. Spread or underwriting discount 2. Other direct expenses 3. Indirect expenses 4. Abnormal returns 5. Underpricing 6. Green Shoe Option McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 192 The Public Issue ? The Basic Procedure – Management get
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