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1 Nov 2018

Public Offerings

Go to www.ipohome.com. This is a FREE site. If you have trouble accessing it, you might try from a different location. I’ve had some students have trouble in the past, but most have no trouble at all. I can access it from home, work, public library, etc. You SHOULD NOT have to subscribe or join any group to access this site.

Click on the green IPO Center link toward the bottom center of the page.

On the left side of the screen, click on the link Rankings and then Largest Global IPOs

1) List the largest IPO. Include the company name, Underwriter, Industry, and Deal Size.

Back under the Pricings link (left side), click on Recent

2) List one of the first five recent pricings shown. Include the company name, Ticker Symbol, Underwriter, IPO Price, and Return (If you are completing this project while the market is open, this figure will change as you are looking at it—just put what it says when you look the first time!)

Back under the US IPO Stats link, click on IPO Industry Breakdown

3) What is the largest industry represented in the last 12 months? What percent of the IPOs does that industry make up? What is the smallest industry represented in the last 12 months? What percent of the IPOs does that industry make up? (4 points)

Under the News & Views link, click on Breaking News

4) Share a breaking news story with me. Please don’t just copy and paste. Paraphrase the news into your own words.

Please organize your case for each section so I can easily see which part you are answering.

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Keith Leannon
Keith LeannonLv2
2 Nov 2018

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Related questions

Few IPOs have garnered as much attention as social media giant Facebook’s public offering on May 18, 2012. It was the biggest IPO in Internet history, easily topping Google’s initial public offering eight years earlier. Let’s take a closer look at the IPO itself, as well as the payoffs to some of Facebook’s early investors.

Begin by navigating to the SEC EDGAR Web site, which provides access to company filings: http://www.sec.gov/edgar.shtml. Choose “Search for Company Filings” and pick search by company name. Enter “Facebook” and then search for its IPO prospectus, which was filed on the date of the IPO and is listed as filing “424B4” (this acronym derives from the rule number requiring the firm to file a prospectus, Rule 424(b)(4)).

2. Navigate to Google Finance and search for “Facebook.” Determine the closing price of the stock on the day of the IPO (use the “Historical prices” link). What was the first day return? How does this return compare to the typical IPO?

3.Using the data provided by Google Finance, calculate the performance of Facebook in the threemonth post-IPO period. That is, calculate the annualized return an investor would have received if he had invested in Facebook at the closing price on the IPO day and sold the stock three months later. What was the return for a one-year holding period?

4.Prior to the public offering, Facebook was able to raise capital from all the sources mentioned in the chapter. Let’s concentrate on one particular source, Microsoft Corporation.

a. Microsoft made one investment in Facebook, during October 2007. Go to Facebook’s corporate news Web site (http://newsroom.fb.com) and locate the press release announcing this investment. Using the information in that press release and the number of shares owned by Microsoft listed in the IPO prospectus, calculate the per share price Microsoft paid.

b. Calculate the return (expressed on an annual basis) Microsoft earned on its investment up to the IPO (using the IPO price).

c. How much money did Microsoft receive from the IPO?

5. Facebook had only one angel investor, Peter Thiel (the founder of PayPal). Mr. Thiel invested more than once in Facebook, both as an angel and, in later rounds, on behalf of investors in his venture capital firm, Founders Fund. As an angel, Mr. Thiel invested $500,000 in September 2004. Assuming that all the shares he received in the angel round were registered under the name Rivendell One LLC,24 use the information in the prospectus to calculate:

a. The per share price he paid as an angel.

b. The annualized return (using the IPO price) he made on his investment.

c. The amount of angel money Mr. Thiel received from the proceeds of the IPO (that is, from his Rivendell investments alone).

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