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1、CHAPTER19IssuingSecuritiestothePublicPARTFIVEOnAugust19,2004,inaneagerlyawaitedinitialpublicforinvestors,however.OnJuly11,2006,thestockwasoffering(IPO),theInternetsearchenginecompanysellingfor$417.43pershare.Inthischapter,weexamineGooglewentpublic.Initiallythecompanyexpectedtotheproce
2、ssbywhichcompaniessuchasGooglesellsellabout26millionsharesofstockatapriceof$108tostocktothepublic,thecostsofdoingso,andtheroleof$135persharethroughanunusual(foranIPO)Dutchinvestmentbanksintheprocess.auctionprocess.Justbeforethecompanywentpublic,Businesseslargeandsmallhaveonethingincom
3、mon:itreducedthepriceto$85pershareandcutthenumberTheyneedlong-termcapital.Thischapterdescribeshowofsharesofferedto19.6million.Evenwiththeselowertheygetit.Wepayparticularattentiontowhatisprob-numbers,thecompanysvaluewhenitfirstsoldsharesablythemostimportantstageinacompanysfinancialtoinve
4、storswas$23billion.Bysomestandardsthelifecycletheinitialpublicoffering.SuchofferingsareIPOwassuccessful,butseveralmisstepsplaguedthetheprocessbywhichcompaniesconvertfrombeingpri-offering,includingconfusionovertheDutchauctionvatelyownedtobeingpubliclyowned.Formanypeople,process,unregis
5、teredstockgiventoemployees,andstartingacompany,growingit,andtakingitpublicarethecommentsmadeininterviewsgivenbythecompanysultimateentrepreneurialdream.founders.TheIPOappearstohavebeenverysuccessful19.1ThePublicIssueThebasicstepsinapublicofferingaredepictedinTable19.1.TheSecuritiesActo
6、f1933setsforththefederalregulationforallnewinterstatesecuritiesissues.TheSecuritiesExchangeActof1934isthebasisforregulatingsecuritiesalreadyoutstanding.TheSECadministersbothacts.TheBasicProcedureforaNewIssue1.Managementsfirststepinanyissueofsecuritiestothepublicistoobtainapprovalfromth
7、eboardofdirectors.2.NextthefirmmustprepareandfilearegistrationstatementwiththeSEC.Thisstatementcontainsagreatdealoffinancialinformation,includingafinancialhistory,detailsoftheexistingbusiness,proposedfinancing,andplansforthefuture.Itcaneasilyrunto50ormorepages.Thedocumentisrequiredforallpu
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