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Public or private equity? How accelerated IPOs can increase competition in offerings

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  • Tim Jenkinson

Abstract

This 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 Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 2008fe19.

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Date of creation: 01 Feb 2008
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Handle: RePEc:oxf:wpaper:2008fe19

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Keywords: Initial Public Offerings; Private Equity; Auctions;

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