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Ipo Study

Ipo Study

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Published by Fortune
Ipo Study
Ipo Study

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Published by: Fortune on Aug 08, 2013
Copyright:Attribution Non-commercial

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08/15/2013

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Two Hands better than One: An Analysis of Sole-book and Joint-book VC-backed IPOTransactions
 
2
Methodology
The study includes all US VC-backed IPOs from Q1 2010 to approximately Q1 2013.
The data is sourced from VentureSource.
 A VC-backed company is defined as a company that has received funding from atleast one institutionalized venture capital firm.
Only IPOs launched on major US stock exchanges are included (NASDAQ and NYSE)
% change in price is calculated as the change between the daily last reported priceand the
security’s
offering price .
60-D volatility refers to the 60-D volatility metric for each security, measured at 60trading days out from the initial IPO date.
 All trading data are sourced from Bloomberg
 
3
Conclusion
IPO transactions led by sole-book running managers tend to fully better priced than
their counterparts, by about average of 15%.
However, sole-led transactions tend to have more volatility and worse overallperformance.
Overall, companies continue to prefer joint-led over the sole-led structure.
7/26/2013 3

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