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1、.Chapter1Case1.1E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLANDOnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.E-Centives’sofferingcircularstatedthatnooffersorsalesof
2、thecompany’scommonstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompanies
3、fromSwitzerlandandabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,andtoensuremarketliquidity,ab
4、ankmustagreetomakeamarketinthesecurities.E-CentivesE-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,richdatabasesofconsumerprofilesandinterests.Inreturn,consumersreceiveafreepromotionalo
5、ffersbasedontheirinterests.Atthetimeofthepublicoffering,E-Centivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroup
6、sofE-Centivesmembers.E-Centivescurrentlyemploysmorethan100peopleinitsBethesda,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.RevenuefortheyearendedDecember31,1999,was$740000,withanetlo
7、ssaboutUS$16million.AsofJune30,2000,aboutUS$39million.E-Centives‘growthstrategyistoexpandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandothercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitz
8、erland,theUnitedKingdom,andGermany.REQUIRED:1.Whichfactorsrelevantfo
