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1、Chapter1Case1.1E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLANDOnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.E-Centives’sofferingcircularstatedthatnooffersorsalesofth
2、ecompany’scommonstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfro
3、mSwitzerlandandabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,andtoensuremarketliquidity,abankm
4、ustagreetomakeamarketinthesecurities.E-CentivesE-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,资料richdatabasesofconsumerprofilesandinterests.Inreturn,consumersreceiveafreepromotionaloffe
5、rsbasedontheirinterests.Atthetimeofthepublicoffering,E-Centivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroupsofE
6、-Centivesmembers.E-Centivescurrentlyemploysmorethan100peopleinitsBethesda,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.RevenuefortheyearendedDecember31,1999,was$740000,withanetlossabo
7、utUS$16million.AsofJune30,2000,aboutUS$39million.E-Centives‘growthstrategyistoexpandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandothercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitzerland
8、,theUnitedKingdom,andGermany.REQUIRED:1.Whichfactorsrelevantf
