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Essay / Research Paper Abstract
Avaya is a large communications business which is considering an IPO. This 4 page paper looks at the potential for the organization to use an online IPO process rather than a traditional IPO process. The process itself is considered and the advantages and disadvantages associated with the process are discussed before determining if an online IPO is suitable for the company. The bibliography cites 5 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEAvayIPO.doc
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Unformatted sample text from the term paper:
use for the IPO. However, for firms such as Avaya, who are considering undertaking an IPO is todays environment there is an additional choice; whether to undertake a traditional IPO
or an online IPO. Avaya, as a provider of business communications systems, have a strong presence on the internet and are associated with the technological industries, so an online IPO
may have benefits. In order to assess which approach may be best of Avaya the advantages and disadvantages of the online IPO process may be assessed. If Avaya
chose to utilize the traditional approach for the IPO they would choose and work with one or more investment bank, finance or brokerage houses they would work with. The institution
or institutions chosen would then prepare to sell shares in the company (Howells and Bain, 2007). This process includes the publication of the prospectus, which would usually be sent out
to major investment houses, manage the sale of the shares in return for a fee, including the distribution of the shares as well as underwrite, arrange for the issue to
be underwritten (Howells and Bain, 2007). The approach is well understood by the markets, and can be seen as inherently biased towards large institutional investors. The alternative approach is the
utilization of an online auction, while appearing to be relatively cutting-edge, this is a process which has a ready been utilized successfully for a number of IPOs. Two major successful
IPOs which utilized the online process were Google and MorningStar (Cater, 2005) with more recent IPOs including Ravenswood Winery,Overstock.com and Interactive Brokers Group. The online IPO system utilized by
both Google and MorningStar is a form of modified Dutch auction. The foundation of the system is based on an auction system designed by William Vickery, a Nobel Prize winner.
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