Introduction to Equity Capital Markets

In this 2 hour class, we explore the process of placing equity including the initial public offering (IPO), and follow on placement, including the impact of return on equity expectation/use of proceeds on subscription price and take-up.   The class will be less focused on the legal procedures of placement, and on the needs and objectives of the company.  We will be using case studies throughout.

M&A

• Overview of the managed sale process
• Pros and cons of different marketing programs
• Key documents
• Roles of other advisers
• Technical tools
• Buy-side vs. sell-side tactics

Equity Capital Markets

• IPO process – preparation and marketing
• Key legal agreements and opinions required for an IPO
• "Hard" and "soft" underwriting
• Primary vs. secondary offerings
• Advantages and disadvantages of a pro-rata offering
• Suitability of stocks and client situations for accelerated offerings
• Block trades
• Private placements