- Live television is ‘a high-wire act with no safety net’, TheGuardian.com, September 3, 2011.
2. Memo to Silicon Valley’s IPO candidates: If you’re looking for a sizable first day “pop” on your offering, you might want to tap Goldman Sachs as your the lead underwriter.
Of the tech IPOs that came to market in 2013 and the first quarter of 2017, the offerings Goldman Sachs’ bankers shepherded through the process have risen an average of almost 56% in their first day of trading. Goldman investment bankers have claimed the coveted “lead left” position on 17 tech IPOs over that period, including Aerohive Networks last Friday.
During that period, the average first-day “pop” on offerings Goldman led was tops amongst major underwriters. (We looked only at banks that at had least two tech IPOs that raised at least $30 million.)
Contrast that with the first-day performance of the eight tech IPOs led by JPMorgan Chase over the same period. JPMorgan served as lead underwriter on a batch of deals that haven’t been met with the most-glowing market reception. In November, Chegg—an online student textbook rental service—fell about 23% in its first day of trading. Violin Memory, which makes high-speed data storage systems, fell 22% its first day. Internet website publishing company Wix also slipped on day one. Just recently, King Digital Entertainment, the company behind the popular mobile game Candy Crush Saga arrived in the public markets with a resounding thud.
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