Public or private equity? How accelerated IPOs can increase competition in offerings
AbstractThis clinical paper analyses a new way of conducting IPOs which has recently been introduced in the U.K.� The essential feature of Accelerated IPOs (aIPOs) is that investors from syndicates to bid for the entire offering, and then execute an immediate IPO (within a week).� Vendors can use an auction to determine whether the valuation is higher in private equity, trade, or public equity hands.� aIPOs address two problems that regulators and academics have associated with conventional IPOs conducted via bookbuilding: inaccurate valuation and questionable use of discretion over allocation.� Conflicts of interest are avoided as the advisors who organise aIPOs work for the investors rather than the issuing company.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 2008fe19.
Date of creation: 01 Feb 2008
Date of revision:
Initial Public Offerings; Private Equity; Auctions;
Other versions of this item:
- Tim Jenkinson, 2008. "Public or private equity? How accelerated IPOs can increase competition in offerings," OFRC Working Papers Series 2008fe19, Oxford Financial Research Centre.
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
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