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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 form 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.

Suggested Citation

  • Tim Jenkinson, 2008. "Public or private equity? How accelerated IPOs can increase competition in offerings," OFRC Working Papers Series 2008fe19, Oxford Financial Research Centre.
  • Handle: RePEc:sbs:wpsefe:2008fe19
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2008fe19.pdf
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    Keywords

    Initial Public Offerings; Private Equity; Auctions;

    JEL classification:

    • 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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