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Essay / Research Paper Abstract
This 4 page paper looks at the choices that eBay have in offering Skype for sale through an IPO. Google and MorningStar were both successful in the use of an online auction. The potential of an online auction is considered for this scenario and compared to the use of the traditional approach. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEskypeIPO.rtf
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Unformatted sample text from the term paper:
spin the firm off with an IPO. The question is in which way should the IPO go ahead? The traditional approach to
an initial public offering is for a firm to approach one or more brokerage/finance houses or investment banks who will set up the sale of the shares, they will also
publish the prospectus, manage the sale for a fee, distribute the shares and underwrite the offer (Howells and Bain. 2007). This is the usual approach and until the unique approach
adopted by Google in 2004 it was the only approach often considered. There is an alterative that may be argued as uniquely suited to eBay, that of an IPO auction.
After all, eBay is known to be an auction house and the use of a same tool may be attractive in both practical and PR terms.
The concept of using an auction as a tool to make an initial public offering was not new when Google used it, but they did help
to popularise it and make it more acceptable. W. R. Hambrecht & Co developed the system of a Dutch action IPO in 1999, and patented the OpenIPO process that was
used to run the auction (Carny, 2005). Google choose to use this with an IPO that resulted in a successful IPO valuing the firm at $1.7 billion. Google were happy
with the lunch, and the initial purchasers were also happy with the 17% jump in price on the first trading day (Carny, 2005).
The process must have been seen as successful by other firm, as despite its ongoing marginal use, it has increased in use, and it was a process used by
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