"I only wish that this guide had been available in the 1980s and 1990s, when the great international IPO boom took off. It is packed with the information that any practitioner - or would-be practitioner - needs to navigate their way through the cross-cutting complexities of getting an IPO up and running, right round the world. Espinasse never lets us forget that there is a great deal of art involved in an IPO and judgement is a vital component of the event. This brilliant guide is an invaluable support."
Author of "Freud in the City"
Former Vice Chairman, UBS Investment Bank
UK Minister for Welfare Reform
An up-to-date, practical guide to conducting an international initial public offering (IPO) for issuers, entrepreneurs, market practitioners, students in business or finance - and anyone generally interested in IPOs and equity capital markets (ECM) transactions.
It covers all the individual steps throughout the issue process and is the only publication with a truly global outlook, and a focus on market practice and transactions across the Asia-Pacific region, the Middle East, Europe and the Americas.
The book explains, in a straightforward, jargon-free style, the reasons why, and how, private businesses turn into listed companies; the strategies, procedures and documentation; as well as the valuation, marketing, investor base, pricing and allocation of an IPO. It also addresses post-IPO processes, including price stabilization, investor relations, as well as financing and other activities after listing.
The guide includes many recent, real-life case studies; a unique, extensive glossary of more than 550 industry terms; a review of listing requirements for major stock exchanges around the world; and sample documents to support the explanations. It discusses all equity products, from straight equity to units in real estate investment trusts (REITs) and infrastructure funds to more recent ECM developments.
Guides issued by stock exchanges tend to focus primarily on listing criteria. Those published by legal advisers, consultants and auditor firms usually only address that part of the issue process related to their particular area of expertise. They are often very technical in nature and generally do not include details of the marketing process or discuss institutional and retail investors.
Many publications on IPOs only focus on the theory of why companies go public, on corporate valuation (often using complex mathematical formulas), or consist of academic studies on anomalies associated with these transactions, especially how past IPOs have been over- or (more commonly) under-priced.
Other titles are also pretty much exclusively focused on the US or UK markets - and are often rather dated, whereas market practice for ECM offerings has evolved dramatically over the last five to 10 years.
I spent more than 19 years working, as a capital markets investment banker with major houses, on more than 140 IPOs and related transactions across some 30 countries. Drawing on this experience, I have produced an approachable guide intended to be applicable to any financial jurisdiction, and especially to emerging markets with vibrant IPO activity.