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IPO: A Global Guide (Expanded 2nd Edition)

IPO: A Global Guide (Expanded 2nd Edition)

  • Author:
  • Publisher: Hong Kong University Press
  • ISBN: 9789888083190
  • Published In: September 2014
  • Format: Paperback , 382 pages
  • Jurisdiction: Asia, Australia, Belgium, Dubai, Europe, France, Germany, Hong Kong, International, Japan, Malaysia, Middle East, Netherlands, Portugal, Singapore, Switzerland, U.K., U.S., United Arab Emirates ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    In this practical guide to initial public offerings, Philippe Espinasse explains the pros and cons of turning private businesses into listed companies. In straightforward, jargon-free language he details the strategies, procedures, and documentation for different forms of listings, and describes the process of marketing and pricing an international IPO. The guide includes many real-life case studies, sample documents, an extensive glossary of terms, and a review of listing requirements for major stock exchanges. It also discusses recent developments in global equity capital markets. 

    This fully revised paperback edition includes additional case studies, information on recent regulatory changes, and new sections on Malaysia and business trusts in Singapore and Hong Kong.IPO: A Global Guide is applicable to any financial jurisdiction, including emerging markets in the Asia-Pacific region, the Middle East, and Eastern Europe. Intended for entrepreneurs, market practitioners and students, this guide will be essential reading for anyone planning to take a company to market. 

  • List of tables and figures 
    About the author 
    Acknowledgements 
    Preface 
    Introduction to the first edition 

    Part 1: Defining the parameters 
    1.1 Going public 
    1.2. Listing requirements, equity story and liquidity 
    1.3. Selecting the optimal listing location 
    1.4. The IPO corporate management team 
    1.5. Who does what in an investment bank? 
    1.6. Investment banking business titles 
    1.7. The IPO banking team 
    1.8. Bank roles and the pecking order 
    1.9. Pitching for the lead roles 
    1.10. Formally engaging investment banks 
    1.11. How investment banks get paid 

    Part 2: Getting ready 
    2.1. Navigating the maze—the working parties on an IPO 
    2.2. Strengthening the board 
    2.3. The IPO timetable 
    2.4. The IPO execution process 
    2.5. Due diligence 
    2.6. Financial information 
    2.7. The prospectus 
    2.8. Comfort letters 
    2.9. Legal opinions, due diligence reports and disclosure letters 
    2.10. The question of underwriting 
    2.11. Valuation 
    2.12. Institutional investors 
    2.13. Retail investors 
    2.14. Deciding on an offer structure 
    2.15. Depositary receipts and depositary shares 
    2.16. Real estate investment trusts (REITs) 
    2.17 Business trusts and infrastructure funds 

    Part 3: Marketing the deal 
    3.1. The importance of sell-side research 
    3.2. Presenting to research analysts 
    3.3. Briefing the syndicate 
    3.4. Pre-deal investor education (PDIE) and setting the price range 
    3.5. The management roadshow 
    3.6. Bookbuilding 
    3.7. Public offerings 
    3.8. Employee share ownership programmes (ESOPs)
    3.9. Pricing 
    3.10. Underwriting and other agreements 
    3.11. Allocating a deal 
    3.12. Closing and listing 

    Part 4: After the IPO 
    4.1. Price stabilization 
    4.2. Investor relations (IR) 
    4.3. Further capital raising and aftermarket transactions 
    4.4. Conclusion: What makes a successful IPO? 

    Appendices 
    Appendix 1: Case studies 
    - A NASDAQ IPO: Shanda Games 
    - An NYSE IPO: Banco Santander Brasil 
    - An LSE IPO: Essar Energy 
    - An NYSE Euronext IPO: CFAO 
    - A Hong Kong IPO: L’Occitane 
    - A Singapore IPO: CapitaMalls Asia 
    - A Bursa Malaysia and Singapore IPO: IHH Healthcare
    Appendix 2: Business and financial due diligence check-list 
    Appendix 3: Table of estimates of IPO fees and expenses 
    Appendix 4: Sample contents of an international IPO prospectus 
    Appendix 5: Sample risk factors for an international IPO 
    Appendix 6: Example of feedback form for investor education 
    Appendix 7: Example of manual order form for bookbuilding 
    Appendix 8: Initial listing requirements for major stock exchanges 
    - Listing in New York on Nasdaq 
    - Listing in New York on the NYSE 
    - Listing in London on the LSE 
    - Listing in Paris, Amsterdam, Brussels, Lisbon or London on NYSE Euronext 
    - Listing in Frankfurt on Deutsche Börse® 
    - Listing in Zürich on the SIX 
    - Listing in Dubai on Nasdaq Dubai 
    - Listing in Hong Kong on HKEx 
    - Listing in Singapore on the SGX 
    - Listing in Kuala Lumpur on Bursa Malaysia 
    - Listing in Tokyo on the TSE 
    - Listing in Sydney on the ASX 

    Notes 
    Glossary 
    Further reading 
    Index

  • Philippe Espinasse was a senior investment banker for more than 19 years. He has worked on IPOs and capital markets transactions in 30 countries. 

  • "This book simplifies with clarity what has always been a complex subject and that is its great merit." — Jeremy Stoupas, partner, International Capital Markets, Allen & Overy 

    "For anyone who has a stake in selling, buying or executing an IPO, this is essential reading." — Jasper Moiseiwitsch, South China Morning Post 

    "A superb guide from a master poacher turned gamekeeper." — David Charters, author of Trust Me, I’m a Banker and The Ego Has Landed

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