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An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application.
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IPOs and Equity Offerings Butterworth-Heinemann – The Securities Institute A publishing partnership About The Securities Institute Formed in 1992 with the support of the Bank of England, the London Stock Exchange, the Financial Services Authority, LIFFE and other leading financial organizations, the Securities Institute is the professional body for practitioners working in securities, investment management, corporate finance, derivatives and related businesses. Their purpose is to set and maintain professional standards through membership, qualifications, training and continuing learning and publications. The Institute promotes excellence in matters of integrity, ethics and competence. About the series Butterworth-Heinemann is pleased to be the official Publishing Partner of the Securities Institute with the development of professional level books for: Brokers/Traders; Actuaries; Consultants; Asset Managers; Regulators; Central Bankers; Treasury Officials; Compliance Officers; Legal Departments; Corporate Treasurers; Operations Managers; Portfolio Managers; Investment Bankers; Hedge Fund Managers; Investment Managers; Analysts and Internal Auditors, in the areas of: Portfolio Management; Advanced Investment Management; Investment Management Models; Financial Analysis; Risk Analysis and Management; Capital Markets; Bonds; Gilts; Swaps; Repos; Futures; Options; Foreign Exchange; Treasury Operations. Series titles Professional Reference Series The Bond and Money Markets: Strategy, Trading, Analysis Global Capital Markets Series The REPO Handbook Foreign Exchange and Money Markets: Theory, Practice and Risk Management IPOs and Equity Offerings European Securities Markets Infrastructure Best Execution in the Integrated Securities Market Operations Management Series Clearing, Settlement and Custody Controls, Procedures and Risk Relationship and Resource Management in Operations Managing Technology in the Operations Function Regulation and Compliance in Operations Understanding the Markets For more information For more information on The Securities Institute please visit their web site: www.securities-institute.org.uk and for details of all Butterworth-Heinemann Finance titles please visit ButterworthHeinemann: www.bh.com/finance IPOs and Equity Offerings Ross Geddes AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO Butterworth-Heinemann An imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 200 Wheeler Road, Burlington MA 01803 First published 2003 Copyright © 2003, Ross Geddes. All rights reserved The right of Ross Geddes to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced in any material form (including photocopying or storing in any medium by electronic means and whether or not transiently or incidentally to some other use of this