IPO Presentation Revised
-
Upload
rchristopher36 -
Category
Documents
-
view
223 -
download
0
Transcript of IPO Presentation Revised
-
8/13/2019 IPO Presentation Revised
1/35
Initial Public Offering(IPO) PresentationByRobert Christopher
Argosy University
-
8/13/2019 IPO Presentation Revised
2/35
Differences in Accounting
Private Company
track historical operationaland financial numbers,compile them and roll theminto financial statements.
many private companies relyon owner contributions,owner-guaranteed businessdebt and cash flow generatedby operations thus accountingtends to focus on finding low
interest debt, managing thatdebt and recording andmanaging accountsreceivable.
Public Company
must focus on preparingquarterly and annual reportsthat are subject to significantinspection by largeinstitutional investors, creditrating agencies and theSecurity and ExchangeCommission.
executive management mustdefend the information
accountants compile, sosignificant time is spentcollecting, recording andmonitoring internal financialsystems.
-
8/13/2019 IPO Presentation Revised
3/35
Differences in Accounting
Private Company
accounting at a privatecompany tends to be moreconcerned with the
company's overall financialand operational positionbecause of the focus oninternal management andthe smaller size inherent
with smaller companies. very few small private
companies have auditedfinancial statements
Public Company
public companyaccountants work closelywith external auditors toprepare auditedquarterly and annualfinancial statements.
public company
accountants help identifyways to minimizeexpenses to help drivegreater profitability.
-
8/13/2019 IPO Presentation Revised
4/35
Differences in Accounting
Private Company
accountants in private
companies generally focus
on creating accurate
annual tax returns
private company
accountants often focus on
identifying all possible tax
deductions in order fortheir owners or the
company to pay the
minimum possible tax.
-
8/13/2019 IPO Presentation Revised
5/35
Five Reasons Why a Company
should Go Public
Corporations can earn more money than a
proprietorship or partnership.
(Horngren , Harrison, & Oliver 2008)
Issuing Bonds. A bond is a written promise to payback a specific amount of money at a certain date
or dates in the future.
Issuing Preferred Stock. A company may choose to
issue new "preferred" stock to raise capital.
-
8/13/2019 IPO Presentation Revised
6/35
Five Reasons Why a Company
should Go Public
Selling Common Stock. Usually, investment banks
help companies issue common stock, agreeing to
buy any new shares issued at a set price if the
public refuses to buy the stock at a certainminimum price.
Using profits. Corporations also finance their
operations by retaining their earnings.
-
8/13/2019 IPO Presentation Revised
7/35
Five Reasons Why a Company
should Go Public
A corporation has a continuous life.
(Horngren , Harrison, & Oliver 2008)
Continuous life. The life of a corporation, unlikethat of a business partnerships and sole
proprietorship, does not expire upon the death of
its stockholders directors or officers.
-
8/13/2019 IPO Presentation Revised
8/35
Five Reasons Why a Company
should Go Public
There is no mutual agency among stockholders.
(Horngren , Harrison, & Oliver 2008)
Lack of mutual agency for stockholders. Acorporation acts through its agents, who are its
officers and managers not through its stockholders.
-
8/13/2019 IPO Presentation Revised
9/35
Five Reasons Why a Company
should Go Public
Stockholders have limited liability.
(Horngren , Harrison, & Oliver 2008)
Stockholders arent liable for the corporations actsand debts, stocks usually are transferred easily, the
life of the corporation is unlimited, and
stockholders are not corporate agents.
-
8/13/2019 IPO Presentation Revised
10/35
Five Reasons Why a Company
should Go Public
The transfer of corporate ownership is easy.
(Horngren , Harrison, & Oliver 2008)
In corporations, the individual owners' rights andprivileges are represented by the shares of stock
they hold. On the back of each stock certificate
there is usually a place indicated for the
shareholder to endorse and sign over any shares
that are to be sold or otherwise disposed of.
-
8/13/2019 IPO Presentation Revised
11/35
Information the firm is required to provide to
the investor with complete transparency.
Transparency is the extent to which
investors have ready access to any
required financial informationabout a company such as price
levels, market depth and audited
financial reports.
-
8/13/2019 IPO Presentation Revised
12/35
Information the firm is required to provide to
the investor with complete transparency.
Income Statement. (Horngren , Harrison, &
Oliver 2008) It provides a summary of a firms
revenues and expenses for a period of time. It
displays the following: Net income (total revenues greater that total
expenses) or
Net loss (total expense greater that total revenues).
-
8/13/2019 IPO Presentation Revised
13/35
Information the firm is required to provide to
the investor with complete transparency.
Statement of Owners Equity. (Horngren,
Harrison, & Oliver 2008) It shows the changes in
owners equity during a period of time.
The only increase in owners equity comes from netincome.
Decreases in owners equity comes from two
things, withdrawals and net loss.
-
8/13/2019 IPO Presentation Revised
14/35
Information the firm is required to provide to
the investor with complete transparency.
Balance Sheet. (Horngren ,
Harrison, & Oliver 2008)It lists
the firms assets liabilities andowners equity as of a specific
date.
-
8/13/2019 IPO Presentation Revised
15/35
Information the firm is required to provide to
the investor with complete transparency.
Statement of Cash Flows.(Horngren , Harrison,
& Oliver 2008) It reports cash receipts and
payments. It shows the following:
Where cash came from (receipts) and cash wasspent (payments).
Reports why cash decreased or increased during a
period.
Covers a span of time and is dated the same as theincome statement.
-
8/13/2019 IPO Presentation Revised
16/35
Thinking about Going Public
Eighty-seven percent of CFOs participating in a recent
survey of US firms that have gone public in the past several
years indicated that their firms spent more than $1 million
on one-time costs associated with the transaction.
The survey indicated that CFOs were more likely to be surprised
by the costs of going public than the costs of being public.
Specifically, 23% of surveyed CFOs reported that the costs of
taking their firm public had exceeded their expectations by
a significant amount. In contrast, 13% of the participating
CFOs indicated that the costs of managing a public firm were
significantly more than they had anticipated before the IPO.
(PwC Deals.com, 2012)
-
8/13/2019 IPO Presentation Revised
17/35
Cost of Going Public
Typically 5%7% of gross proceedsUnderwriter'sdiscount
Fees from securities counsel to draft the registration statement andprovide other advice directly related to the offering.Legal
Fees incurred by the independent registered public accounting firmdirectly related to the offering.External auditor
Fees incurred by financial reporting advisors directly related to theoffering, for example, preparation of financial statements, and help inaddressing comments from the SEC.Financialreporting advisor
Document management, SEC filing, printing and distribution expenses.
Registration/other
Registration-related fees and expenses (SEC, state, rating agency).Printing
-
8/13/2019 IPO Presentation Revised
18/35
Initial Listing fees and Annual Listing fees
0
100000
200000
300000
400000
500000
600000
Initial listing Annual listing fees
Column1
Column2
-
8/13/2019 IPO Presentation Revised
19/35
Percentage of CFOs
One-time cost vs. expectations
0
10
20
30
40
50
60
Significantly more
than expected
Slightly more than
expected
In line with
expectations
Being public
Going public
-
8/13/2019 IPO Presentation Revised
20/35
The Process of Going Public
-
8/13/2019 IPO Presentation Revised
21/35
The Process of Going Public
Underwriter. A liaison between the corporation
and capital markets.
(referenceforbusiness.com,2013)
Select one Three types of underwriting arrangements: best
efforts all or none, and firm commitment
Lead underwriter will select a team of underwriters
and brokers. Select an underwriting team consisting of
attorneys, independent accountants, and a financial
printer.
-
8/13/2019 IPO Presentation Revised
22/35
The Process of Going Public
SEC (Securities Exchange Commission)
Regulations (referenceforbusiness.com,2013)
Prepare an initial registration statement according
to SEC regulations Initial registration statement, it is sent to the SEC
for review
During this incubation period the company's
attorneys correspond with the SEC in order to learnof any necessary changes
under go SEC audit by independent accountants.
-
8/13/2019 IPO Presentation Revised
23/35
The Process of Going Public
distribute a prospectus to potential investors
business owners and top managers travel around to
make personal presentations of the material.
files various forms with different states in which the
stock will be sold
holding a due diligence meeting to review financial
statements one last time.
-
8/13/2019 IPO Presentation Revised
24/35
The Process of Going Public
At the end the review the SEC provides comments
on the initial registration statement that the
company must address ,agree to a final offering
price for the shares, and file a final amendment to
the registration statement.
The actual selling of shares then takes place,
beginning on the official offering date and
continuing for seven days.
-
8/13/2019 IPO Presentation Revised
25/35
The Process of Going Public
After a successful offering, the underwriter meets
with all parties to distribute the funds and settle
all expenses.
At that time the transfer agent is given
authorization to forward the securities to thenew owners.
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
26/35
Disadvantages of Public
Ownership
Your books will be open to the public and your
competition. (myownbusiness.org 2013)
Corporations are required to keep shareholders
informed about operations, financial condition andany adverse circumstances.
In doing so you will also be sharing your overall
corporate mission and finances with your
competitors.
Your quarterly and annual report to the SEC is going
to disclose comprehensive details of your
company's operation and performance.
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
27/35
Disadvantages of Public
Ownership
Higher accounting costs. (myownbusiness.org
2013)
Accounting costs for at least two years prior to
going public and while public will be increased dueto the requirements of audited financial statements
and compliance with Sarbanes-Oxley Act (SOX).
The companies accounting department will need an
increase in staff to prepare quarterly and annual
financial information provided in formats required
by the SEC.
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
28/35
Disadvantages of Public
Ownership
Majority of independent directors.
(myownbusiness.org 2013)
Corporations must have a majority of its board of
directors be people from outside the company. To counter reluctance of potential board members
to join public boards compensation is paid to board
members
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
29/35
Disadvantages of Public
Ownership
Ownership valuation will be subject to market
fluctuations. (myownbusiness.org 2013)
Ownership valuation is going to fluctuate
with the stock market. At times the company will be valued at
higher than its intrinsic value and other
times where it can be much below its true
value.
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
30/35
Disadvantages of Public
Ownership
Companies will lose some flexibility in operating
their business. (myownbusiness.org 2013)
Conforming to state and federal securities laws,
especially on occasions when you are required to getshareholder approval for your actions, will impose
constraints not present when operating a privately
owned business.
In most instances however such restraints will be
constructive in helping avoid business mistakes that
could result without the restraints in place.
Disadvantages of Public
-
8/13/2019 IPO Presentation Revised
31/35
Disadvantages of Public
Ownership
Defend against hostile takeover.
(referenceforbusiness.com 2013)
If enough shareholders become disgruntled with the
company's stock value or future plans, they can stage atakeoverand oust management.
-
8/13/2019 IPO Presentation Revised
32/35
Concerns the company should guard against while
transitioning from privately held to publicly held
Your books will be open to the public and yourcompetition.
Practice ethics in accounting and separate dutiesaccordingly to discourage fraud
Ownership valuation will be subject to marketfluctuations
Study market carefully to make informed decisions
Defend against hostile takeover.(referenceforbusiness.com 2013)
Have built-in defensive measures that make acompany difficult to take over. (howstuffworks.com2013)
-
8/13/2019 IPO Presentation Revised
33/35
References
cfs.purdue.edu(2013) Chapter 13Accounting for Corporations Retrieved
from: http://www.cfs.purdue.edu/class/HTM141/Chapter_13.pdf
economics.about.com (2013) HowCorporations Raise Capital Retrieved from:
http://economics.about.com/od/smallbigbusiness/a/corp_capital.htm
entrepreneur.com (2013)Incorporating Your Business Retrieved from:
http://www.entrepreneur.com/article/77730#ixzz2O1s8tpu8Google (2013)Retrieved from:
https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch
&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.
7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-
ioevF7jL4#imgrc=WnLDbN3yDWNIjM%3A%3B4gZIV7_MFygDtM%3Bhttp%253
A%252F%252Fwww.aaefo.com%252Fimages%252Fipo_chart.jpg%3Bhttp%253
A%252F%252Fwww.aaefo.com%252Fconsulting_services_1.htm%3B500%3B2
20
http://www.residual-rewards.com/businessformscompared.htmlhttps://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4http://www.residual-rewards.com/businessformscompared.htmlhttps://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4http://www.residual-rewards.com/businessformscompared.html -
8/13/2019 IPO Presentation Revised
34/35
References
Horngren, C. T. Harrison Jr., W.T., Oliver, M. S. (2008) Accounting, 8th Edition
http://wpscms.pearsoncmg.com/wps/media/objects/6716/6877765/hha08_fl
ash_main.html?chapter=null&page=133&anchory=null&pstart=null&pend=nul
l
Howstuffworks. com(2013) Retreived from:
http://money.howstuffworks.com/hostile-takeover3.htmInvestopedia.com (2013)Retrieved from:
http://www.investopedia.com/terms/t/transparency.asp
myownbusiness.org(2013 )Session 13: Public ownership Retrieved from:
http://www.myownbusiness.org/public_ownership/
PwC Deals.com(2012) Considering an IPO? The costs of going and being public
may surprise you Retrieved from: http://www.pwc.com/en_us/us/transaction-
services/publications/assets/pwc-cost-of-ipo.pdf
referenceforbusiness.com (2013) Retrieved from:
http://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-
Diligence.html#ixzz2O5RY0l00
http://money.howstuffworks.com/hostile-takeover3.htmhttp://www.investopedia.com/terms/t/transparency.asphttp://www.myownbusiness.org/public_ownership/http://www.myownbusiness.org/public_ownership/http://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-Diligence.htmlhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.pwc.com/en_us/us/transaction-services/publications/assets/pwc-cost-of-ipo.pdfhttp://www.myownbusiness.org/public_ownership/http://www.myownbusiness.org/public_ownership/http://www.myownbusiness.org/public_ownership/http://www.investopedia.com/terms/t/transparency.asphttp://www.investopedia.com/terms/t/transparency.asphttp://money.howstuffworks.com/hostile-takeover3.htmhttp://money.howstuffworks.com/hostile-takeover3.htmhttp://money.howstuffworks.com/hostile-takeover3.htmhttp://money.howstuffworks.com/hostile-takeover3.htm -
8/13/2019 IPO Presentation Revised
35/35
References
referenceforbusiness.com(2013)Retrieved from:
http://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-
Public.html#ixzz2O2pd4x6L
residual-rewards.com(2013) Retrieved from: http://www.residual-
rewards.com/businessformscompared.html
Youbusiness.azcentral.com (2013)Retrieved from:http://yourbusiness.azcentral.com/comparison-accounting-experience-
private-company-public-company-25017.html
http://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://yourbusiness.azcentral.com/comparison-accounting-experience-private-company-public-company-25017.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.residual-rewards.com/businessformscompared.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.htmlhttp://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-Public.html