Going public

Searching for shareholders

 Petrobras - $70B in 2010 General Motors - $23.1B in 2010 Agricultural Bank of China - $22.1B in 2010 Industrial and Commercial Bank of China - $21.9B in 2006 American International Assurance $20.5B in 2010 NTT DoCoMo - $18.4B in 1998 Visa Inc. - $17.9B in 2008 AT&T Wireless - $10.6B in 2000 Rosneft - $10.4B in 2006 Santander Brasil - $8.9B in 2009

Largest croatian IPOs

Virgin Blue IPO

The delifghtful thing about not being a public company is that we dont have to worry about foolish analysts who say stupid things. Richard Branson

Virgine Blue IPO

Virgin Blue goes public on 8th December 2003 Goldman Sachs JBWere and Credit Suisse First Boston were the investment banks involved 29% was companies free float when it went public 2.25$ was the price of the share more than 10 times subscribed

Virgin Blue IPO

Why do you think Richard Branson changed his mind ?

He is courting the stock market only to allow his loyal partners, many of whom are venture capitalists, to cash out of their investments.

Virgin Blue IPO

When is it better for a company to go public rather than stay private?

Being over-leveraged but still having profitable investments

First step in selling a company

Virgin Blue IPO

How would you decide whether or not to buy the shares of company that was going public?

of equity that is going public

Industry ....

Virgine Blue today

Fiscal year net loss of more than $30 million Stock price on 2nd of April 0.32$ Market share 5.11%

The Croatian stock market

shares, bonds and commercial bills
CROBEX CROBIS

share turnover - 5.8 billion the most traded stocks T HT in the last two years significant changes (still relatively
considerable market

T - Hrvatski Telekom is the national telecommunications company formerly part of the Croatian Post and Telecommunications 1999. - Deutsche Telekom 36% share 850 million US dollars high prices for fixed telephony services 2007 32% of T-HT went public

...The process

su re w i n e r n d i u n t p ri 2 8 5 sco ce kn / sh a re 2 5 % - citizens 7 , 5 % - institutional i ve sto rs n sh a re s p a cka g e p ri ce 5 , 100 m a j ri sh a re h o l e r o ty d

The

recession in Croatia continued into 2010 impacting consumer spending and business sector revenues. Our strategy has helped us to remain competitive and protect margins. Ivica Mudrini

Google six years later

all-time highs near $740 in late 2007 over 70 acquisitions

 Facebook IPO ?
May 30th 2012 a special purpose vehicle that Goldman Sachs is setting up it promised to raise $2 billion for Facebook at an incredible $50 billion valuation SEC (Securities and Exchange Commission) regulations

$2B Revenue in 2010

no cost of capital huge amounts can be raised brand value diversifying equity base correct valuation

disclosure of information

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway. Warren Buffett