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Essay / Research Paper Abstract
This 4 page paper discusses the Initial Public Offering of common stock of EnerNOC, an energy company. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: D0_HVAbIPOs.rtf
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Unformatted sample text from the term paper:
company. Discussion Hoovers, Inc., provides a great deal of information about IPOs; they list companies that are planning to go public as well as those that have done so. EnerNOC
was the first company on the list of "IPO Performance" so it will be the subject of this paper. Hoovers provides this basic information: "May 18 EnerNOC, Inc. (ENOC)
3.8/17.4 (22%) $26.00 $30.76/-- $31.13" (IPO performance, 2007). This line gives the date the company went public (May 18); its name ("EnerNOC, Inc.") and how it appears on the
stock market ticker ("ENOC"); the shares offered and outstanding (it offered 3.8 million of a total of 17.4 million, or 22%); the price at which the shares were offered ($26.00);
the price at which they opened on the first day of trading ($30.76); and the price at the days close ($31.13) (IPO performance, 2007). Thus far, EnerNOC seems to be
doing well. The registration statement was filed on February 12, 2007; it was amended six times, most recently on May 16, 2007 (SEC filings, 2007). The registration fee, according to
the SEC filing statement submitted in February, was $10,700 (Form S-1, 2007). "Disclosure" covers a wide area, but EnerNOC has discussed risk factors that investors should consider before making
an investment. They provide significant detail of these risks; we can summarize them here. First, they have "a limited operating history, have not achieved profitability for any calendar year and
had an accumulated deficit of $13.9 million as March 31, 2007" (Amendment no. 5, 2007). EnerNOC operates in "highly competitive markets" and fears it could lose market share if other
companies, such as "natural gas-fired power plants" expand to provide supplemental power (Amendment no. 5, 2007). EnerNOCs competitors have "greater financial resources" than it does, and would be able
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