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5 years ago

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

holding period has

holding period has elapsed (which may already be satisfied at the time of the IPO). There are numerous regulations and reporting requirements for the sale of such shares even after the company goes public. Hence all private equity and venture capital investments pre-IPO are subject to Rule 144. Underwriters do not distinguish between private equity and venture capital firms in trying to secure a lock-up provision for the IPO. 48

! ! 1! Figure 1: Average First-day Returns and Cost of Underpricing (2001-2009) Loss due to Underpricing (US$ billions) 0 2 4 6 8 10 12 14 2002 2004 2006 2008 Year Note: Bars represent cost of underpricing to issuers due to foregone Initial Public Offering (IPO) proceeds in US dollar billions. Lines represent average IPO first-day returns (second-stage return outcome: percent increase in share price from offer price to first-day close). 0 5 10 15 20 Average First-day Returns (percentage)

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