scholarly journals INITIAL PUBLIC OFFERING (IPO) OF CAPITAL MARKET AND CAPITAL MARKET COMPANIES IN INDONESIA

2019 ◽  
Vol 1 (1) ◽  
pp. 41-54
Author(s):  
Hartana Hartana
Keyword(s):  
Coal Mining ◽  
Initial Public Offering ◽  
Capital Market ◽  
Active Role ◽  
Legal Aspects ◽  
Public Offering

From the aspect of Capital Market Law, the Initial Public Offering (IPO) conducted by PT. Dian Swastatika Sentosa Tbk (PT. DSS Tbk) is legitimate and has complied with all the provisions governing this matter. This can be seen in a series of stages of the IPO implementation carried out by PT. DSS Tbk. Likewise, if viewed from the legal aspects of Mineral and Coal Mining, it does not indicate any contradiction with the article governing Coal Mining if it is associated with the IPO process of PT. DSS Tbk. In conducting the IPO, PT. DSS Tbk does not experience significant obstacles. The only obstacles faced are small bureaucratic obstacles and policies can be overcome by the active role of Bapepam-LK. This shows that Bapepam-LK has acted as a dynamic supervisor.

scholarly journals Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

2008 ◽  
Vol 56 (6) ◽  
pp. 59-68
Author(s):  
Tomáš Meluzín
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Western Europe ◽  
The United States ◽  
Bank Loans ◽  
Professional Literature ◽  
Mortgage Crisis ◽  
The Usa ◽  
Eastern European Countries ◽  
Public Offering

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

Part I General Aspects, 2 The IPO Process, IPO Disclosure, and the Prospectus Regulation

2020 ◽  
Author(s):  
Teerink Han
Keyword(s):  
Initial Public Offering ◽  
The Other ◽  
Business Information ◽  
Other Hand ◽  
The One ◽  
General Aspects ◽  
Public Offering ◽  
The Right ◽  
Insight Into

This chapter offers insight into a typical initial public offering (IPO) process, highlighting key practical and legal considerations around disclosure, through the IPO prospectus and otherwise. The prospectus plays a key role in the preparations for, and execution of, an IPO. As an IPO prospectus typically constitutes a company's first public dissemination of financial and business information, the company and other parties involved in the IPO process must carefully consider the right balance between, on the one hand, drafting the IPO prospectus as a marketing document introducing the company and its business to potential investors, whilst, on the other hand, being able to use the prospectus as a disclosure document that protects the company against liability arising from claims from investors or others after the IPO. Here, the chapter summarizes the different phases in an IPO process and the most important documents and parties involved, focusing on the central role of the IPO prospectus. In addition, a number of changes resulting from the enactment of the Prospectus Regulation are likely to be of particular relevance to IPO processes. The expected impact of these changes is therefore also discussed.

INITIAL PUBLIC OFFERINGS AND PRE-IPO SHAREHOLDERS: ANGELS VERSUS VENTURE CAPITALISTS

2012 ◽  
Vol 17 (04) ◽  
pp. 1250022 ◽  
Author(s):  
WILLIAM C. JOHNSON ◽  
JEFFREY E. SOHL
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Early Stage ◽  
Equity Capital ◽  
Venture Capitalists ◽  
Public Offerings ◽  
Corporate Investors ◽  
Public Offering ◽  
Angel Investors

At the time of an initial public offering, shares in a firm are typically held by venture capitalists, insiders, corporate investors and angel investors. We examine the role of angel investors in the IPO process. We find that angel investors provide equity capital in industries venture capitalists are less likely to serve and that shareholders in angel backed IPO firms are more likely to sell their shares at the time of the offering. Where venture capital backed IPO firms have higher underpricing, angel backed IPO firms do not, implying that angels may be the preferred investors for early-stage firms.

scholarly journals Initial Public Offering (IPO) as a Potential Source of Capital for the Development of the Wood-based Industry Enterprises in Poland

2019 ◽  
Vol 1 (1) ◽  
pp. 117-123
Author(s):  
Leszek Wanat ◽  
Łukasz Sarniak ◽  
Elżbieta Mikołajczak
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Green Economy ◽  
Development Level ◽  
Warsaw Stock Exchange ◽  
Order Preference ◽  
Public Offering ◽  
The Capital Market

Abstract The quest for new sources of financing for the development of green economy sectors and enterprises is one of the challenges to effective management. This study verifies whether a relationship exists between the activity of selected companies who access the capital market in search for new financing sources, their development level and their competitive edge. The sample used in this study was composed of companies from the forestry and wood-based sector (a major part of the Polish economy) listed on the Warsaw Stock Exchange. The Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) was used to assess the development level of selected enterprises. The main recommendations were formulated based on the findings from the analysis of performance ratios and from the comparative and descriptive analysis of data on stock exchange transactions in the wood-based sector. This is because the assumption was made that by becoming more active in the capital market and, as a consequence, by strengthening their competitive position, the enterprises covered by this study may contribute to adding value in the circular economy.

scholarly journals Determinants of performance of privatized firms: The role of the economy, competition, restructurings financial markets, corporate ownership and governance

2011 ◽  
Vol 1 (4) ◽  
pp. 39-64 ◽  
Author(s):  
José Manuel Bernardo Vaz Ferreira
Keyword(s):  
Financial Markets ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Economic Conditions ◽  
Corporate Ownership ◽  
Performance Improvements ◽  
Privatized Firms ◽  
Public Offering ◽  
Performance Behavior

The aim of this work is to investigate the determinants and why and how the post-privatization firm’s performance improvements occur in an application to the Portuguese case. We test the effects of some causes that may have effects on that performance behavior, based on the agency, property rights and public choice theories. We conclude that the privatization itself, the simple act of privatizing a firm, leads to performance improvements, independently of the effect of other determinants. We observe the same effect when there are favourable economic conditions, when they are in a competitive market, when companies are listed in a stock exchange after privatization, when they are privatized by an initial public offering and when companies develop restructurings before privatization.

scholarly journals ASPEK HUKUM DALAM PENERAPAN PRINSIP FULL DISCLOSURE DI PASAR MODAL

2017 ◽  
Vol 1 (2) ◽  
Author(s):  
Zaenah Zaenah
Keyword(s):  
Capital Market ◽  
National Development ◽  
Legal Aspects ◽  
Fund Raising ◽  
Investment Model ◽  
Public Offerings ◽  
Public Offering ◽  
Development Objectives ◽  
Public Offer ◽  
The Capital Market

Public Offering, known as Initial Public Offer (IPO), as ameans of fund raising with investment model, which is used as a means of expanding the business or to strengthen the company's finances without relying on debt to other parties.On a broad scale, as in the consideration of the formation of Capital Market Law No. 8 of 1995, that capital market has a strategic position to support the achievement of the national development objectives of creating a fair and prosperous society through one of the capital market activities namely the Public Offering of shares as a source of financing business field and investment means for the community.The law has been covering and regulating all capital market activities to create legal certainty for all parties involved in the capital market, through the obligation to apply full disclousure principle for companies conducting their public offerings that have implications to the IPO’s legality. Procedures and legal aspects in the application of the full disclousure principle will be explained in this paper, and expected to be an useful knowledge for anyone who needs information about IPO.Keywords : Capital Market, Initial Public Offer (IPO), duediligent, Full disclousure.

scholarly journals Exploring the Role of Merchant Banker as Capital Market Intermediary: With Special Reference to Role Played Under Stock Market

2020 ◽  
Vol 4 (10) ◽  
pp. 161-167
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Security Market ◽  
Issue Management ◽  
Public Issue ◽  
Indian Economy ◽  
Domestic Capital ◽  
Public Offering ◽  
A Company

For smooth and effective governance of corporate organizations and to achieve a sustainable development in the corporate fraternity, organizations require finance both for financing the fixed capital as well as for working capital. Finance is such an important aspect of business that enterprises cannot sustain without its interference and as such right from its incorporation till it’s winding up finance occupies a pivotal position. It is not only for the small and big enterprises which requires finance but also the entire economic structure of the country keeps reliance on it. As corporate sector contributes towards Indian economy about 53 % of Gross Domestic Product, the role of security market under the cloak of Security Exchange Board of India plays an important role in contributing to the Indian Economy. Security market also known as the stock market is a platform where a company can raise its fund or share-capital through the means of various kinds of marketable and financial instruments carrying voting rights, interest and payment of dividend both at domestic and international level. For a sustainable corporate governance, a compliance framework has to be established which will help and support the risk management system during identifying the sources of corporate funding and the pools of fund both from domestic capital market and international markets. Corporates should first create an established framework which will help them to evaluate and assess their financial requirement to the extent of managing funds from various sources. It is true that a company issues securities to the investors through the mechanism of initial public offering and further public offering in primary market and in furtherance such securities are additionally traded in secondary market through the platform of recognized stock exchange which makes it crystal clear that there is no direct congruence or connection between the issuer company and the security holders. In this gap the role played by the intermediaries are pertinent for the operations relating to issuance and trading of securities and as such merchant banker is one of the key intermediary in capital market appointed by the issuer company for public issue management. The paper will focus on the role played by the merchant banker in primary market. It will also attempt to define how the merchant banker functions with due regard to public issue management, credit rating of shares and how it complies with the changing laws and regulations for an effective management of corporate transactions.

scholarly journals A Social Network Analysis on Venture Capital Alliance’s Exit from an Emerging Market

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-10
Author(s):  
Jing Wu ◽  
Chuan Luo ◽  
Ling Liu
Keyword(s):  
Venture Capital ◽  
Initial Public Offering ◽  
Capital Market ◽  
Value Chain ◽  
Emerging Market ◽  
Enterprise Development ◽  
Short Term ◽  
Enterprise Value ◽  
Public Offering ◽  
Positive Effect

This study investigated the impacts of network structure on a venture capital (VC) alliance’s successful exit from an emerging market by empirically analyzing joint VC data in China. We find that, compared to a mature capital market, the mechanism not only has a certain commonality but also shows the emerging market’s particularities. From the commonality perspective, the mechanism has a positive effect on successful exit by obtaining heterogeneity information. These particularities are manifested in the following three aspects. First, the mechanism is not conducive to deepening the enterprise value chain to establish credibility by obtaining short-term cash during an initial public offering with the enhancement of the VC alliance’s intervention ability for enterprise development. In addition, a VC alliance’s independent judgment is bound by the VC market. Furthermore, the problem of over-trust in investees reduces the likelihood of a VC alliance’s successful exit. Therefore, we should pay more attention to the particularity of emerging markets such as China to improve the relevant management mechanism.

scholarly journals Examining affective and cognitive discourse at the time of IPO: Effects on underpricing and the moderating role of entrepreneurial orientation

2016 ◽  
Vol 19 (2) ◽  
pp. 13-25 ◽  
Author(s):  
William Wales ◽  
Fariss-Terry Mousa
Keyword(s):  
Initial Public Offering ◽  
Entrepreneurial Orientation ◽  
Time Span ◽  
High Tech ◽  
Negative Effects ◽  
Cognitive Rhetoric ◽  
Initial Support ◽  
Public Offering ◽  
Moderating Role

This study presents evidence concerning the effects of affective and cognitive rhetoric on the underpricing of firms at the time of their initial public offering. It is suggested that firms that use less affective, and more cognitively oriented discourse in their IPO prospectus will experience better underpricing outcomes. We examine these assertions using a sample of young high-tech IPO firms where investors rely on prospectuses as accurate and informative firm communications. Results from a robust five-year time span observe initial support for the hypothesized effects. Moreover, the signaling of a higher degree of entrepreneurial orientation in the firm prospectus is found to worsen the negative effects of affective discourse

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