Public or Private Equity? How Accelerated IPOs can Increase Competition in Offerings

Jenkinson, Tim (2008) Public or Private Equity? How Accelerated IPOs can Increase Competition in Offerings. Oxford Financial Research Centre.

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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.

Item Type: Other Working Paper
Keywords: Initial Public Offerings; Private Equity; Auctions; finance
Subject(s): Finance
Private equity
Centre: Oxford Private Equity Institute
Date Deposited: 18 Mar 2012 19:28
Last Modified: 27 Feb 2017 13:42
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/2518

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