What do you think is the probability that 600 SPACs will be able to find a target and close the deal before “time’s up”? What happens at that point? What is “capital at risk”?
Do you think virtual IPOs will replace in-person IPOs? What is a disadvantage of the former over the latter?
We (formerly Wework) slashed its pre-IPO valuation estimate about in half. What gives with that? Why do you think it was “so high” to begin with?
Why would some firms choose a direct listing over a traditional IPO? What factors would you consider if you were a private firm and wanted to go public?
What is notable about the newly hired (at Airbnb) CFO’s background to make him suitable for the job? How do you think he will/should be compensated? Does this line of work appeal to you?
If you were the Chair of the SEC, would you be concerned about fewer public companies? If so, what would you do about it? Is promoting IPOs part of your official charge? Should it be?
Uber has a new CFO, who has had IPO experience, plus experience as a CEO. Do you agree with the assessment that “boards love to see CFOs who have done more than finance”? What in Mr. Chai’s background did Uber’s board want.
Dropbox prices its IPO at $21, and offers shares to the public with 1 vote per share, yet retains 10 votes per share for the founders and select investors. Do you think the price per share incorporates different voting rights? Should the SEC prohibit, or perhaps sunset, dual class structures? Why or why not?
Dropbox is planning to IPO. Do you agree with the statement that public firms are perceived to be “more stable” than private firms? Why or why not? What do you think is meant by “stable”?
If you were the founder of a company, what are the factors you would consider in deciding whether to IPO or direct list? Do you think more firms, like Spotify, will choose to direct list? Why or why not?
Does Snap’s share structure, in particular, no-voting rights, affect valuation of the stock? Why or why not?
Why is there a trend toward “de-equitizing” the capital markets? Do you believe (over) regulation of public companies plays a part? If you needed cash, what options are available and how would you choose?
If you are wanting to IPO your firm, what lessons can you take, if any, from this article about conducting your “road-show?”
If you are wanting to IPO your firm, how would you choose the state in which to incorporate? Why would Delaware not be as attractive as before? Where would you go, if not there?
If you want to raise capital as an entrepreneur, this research suggests that you also need to watch your body language. Thoughts?
If you were the CEO of Twitter, what is your reaction to the underpricing of your IPO? Why do you think it was underpriced? What could have been done to prevent the underpricing? Is there anything you could do “after-the-fact” to correct it?
What exactly is the problem with equity research analysts’ involvement with bankers who want to underwrite an IPO? Who gets hurt by this relationship between the analysts and the bankers? What should be done to alleviate the problem?
