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Spotify news ipo2/25/2023 ![]() ![]() ![]() Bankers told us that they try to price new listings so that they rise 36 per cent once trading starts. That is why Spotify, the streaming service where I serve as chief financial officer, opted for a direct listing instead.īut the real elephant in the room is the enormous discount that investors extract from newly-floated companies. Among those areas are the quiet period, which limits what companies can tell investors ahead of the float, the lock-up rules that would have prevented our employees from selling their shares, and the size of the underwriting fees. But IPOs haven’t changed much since 1971, and the process no longer works in many key areas. That valued the company at $58m after the fundraising. The process as we know it was born on October 13 1971, when Intel raised less than $10m from 64 underwriters. The US initial public offering market is broken. This article first appeared in the Financial Times. ![]()
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