An Introduction to Primary Equity Markets

Course Overview

This programme is designed to offer a practical insight into today's equity capital markets, from the different viewpoints of the full range of participants — investment banks, institutional investors, private equity houses and corporates.

Structuring a new equity listing — the primary markets — an issuer & investor perspective

• Public offering or private placement? What sort of shareholders do you want?
• Pros and cons of going public
• Syndication, underwriting and the Greenshoe option
• Pricing methodology — book building or tender; "money left on the table"
• Role of the Lead Manager and Bookrunner
• What does it cost? What attracts investors? Cornerstone investors
• Case study — a walk through a new issue in practice

Cross-border listings

• Considering the case for cross-border listings
• Catalysts — valuation, liquidity, cost, corporate reputation
• Which exchanges dominate the IPO statistics?
• Depositary receipts for emerging market corporates — sponsored vs unsponsored
• Case study — what separates "emerging" from "frontier" markets?

Private equity involvement in today's equity capital markets

• Who is populating the IPO pipeline? Private equity funds
• From venture capital through to buyout funds
• Private equity fund structures; fees and hurdle rates
• Public to private — leveraged buyouts
• Private to public — looking for the exit: listing, trade sale, secondary sale
• Why has the membership of the "unicorn" club increased so much?
• The PISCES platform