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Conclusion

In: IPO Banks

Author

Listed:
  • Philippe Espinasse

    (University of Hong Kong)

Abstract

Appointing lead banks for an IPO can be a complex and time-consuming exercise. But it is well worth extending the effort to ensure that the senior syndicate banks are well-qualified, and also able to work harmoniously together. Importantly, a tight, core group of houses should be responsible for driving the transaction, with perhaps a slightly wider number of firms involved in the marketing phase per se, from assembling a group of cornerstone investors (if any), right through to the pricing and allocation stages. Appointing a very large number of firms for any IPO is simply the wrong thing to do: it will irremediably dilute responsibilities and economics while in no way ensuring that a wider pool of investors is accessed and allocated. More banks do not equal more demand, and even less so higher quality allocations of stock to investors.

Suggested Citation

  • Philippe Espinasse, 2014. "Conclusion," Palgrave Macmillan Books, in: IPO Banks, chapter 9, pages 110-113, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-41294-2_30
    DOI: 10.1057/9781137412942_30
    as

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