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公众股的发行方案探讨
ChapterOutline19.1ThePublicIssue19.2AlternativeIssueMethods19.3TheCashOffer19.4TheAnnouncementofNewEquityandtheValueoftheFirm19.5TheCostofNewIssues19.6Rights19.7TheRightsPuzzle19.8ShelfRegistration19.9ThePrivateEquityMarket19.10SummaryandConclusions
19.1ThePublicIssueTheBasicProcedureManagementgetstheapprovaloftheBoardofDirectors.ThefirmpreparesandfilesaregistrationstatementwiththeSEC.TheSECstudiestheregistrationstatementduringthewaitingperiod.ThefirmpreparesandfilesanamendedregistrationstatementwiththeSEC.IfeverythingiscopaseticwiththeSEC,apriceissetandafull-fledgedsellingeffortgetsunderway.
TheProcessofAPublicOfferingStepsinPublicOffering Time1.Pre-underwritingconferences 2.Registrationstatements 3.Pricingtheissue 4.Publicofferingandsale 5.Marketstabilization Severalmonths 20-daywaitingperiod Usuallyonthe20thday Afterthe20thday 30daysafteroffering
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19.2AlternativeIssueMethodsTherearetwokindsofpublicissues:ThegeneralcashofferTherightsofferAlmostalldebtissoldingeneralcashofferings.
19.3TheCashOfferTherearetwomethodsforissuingsecuritiesforcash:FirmCommitmentBestEffortsTherearetwomethodsforselectinganunderwriterCompetitiveNegotiated
FirmCommitmentUnderafirmcommitmentunderwriting,theinvestmentbankbuysthesecuritiesoutrightfromtheissuingfirm.Obviously,theyneedtomakeaprofit,sotheybuyat“wholesale”andtrytoresellat“retail”.Tominimizetheirrisk,theinvestmentbankerscombinetoformanunderwritingsyndicatetosharetheriskandhelpselltheissuetothepublic.
BestEffortsUnderabesteffortsunderwriting,theunderwriterdoesnotbuytheissuefromtheissuingfirm.Instead,theunderwriteractsasanagent,receivingacommissionforeachsharesold,andusingi
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