Equity markets 1b - Situation

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Situation One You are a successful businessman. You started in the tourist business
10 years ago, first 5 years renting a house you inherited, than
building your first hotel (by taking mortgage over land, your
apartment and selling the inherited house). The hotel was so popular that you shortly decided to built another
one. Thanks to good publicity your two hotels are now well known. You would like to expand (built a network of 3-5 hotels) and you
cheaply bought a nice land in three tourist districts.
How can you finance your expansion. What are pros and cons of different options? Do you built hotels one by one or all at once?
Situation Two
You are leading a large oil group, that has a refinery and a network of petrol stations. The Company is listed at
the Hungarian stock exchange. You see the opportunity in entering the oil exploration. Thanks to your business contacts you have identified an interesting piece of land in Kazakhstan. The largest shareholder approves this strategy, however
some minorities consider it too risky.
How do you finance your plans? Within the existing
Company or by establishing new one? Do you use debt
or equity?
Situation Three
You are a bright postgraduate. Together with your friend you developed a social internet network for graduates of your uni but business-oriented (split by the type of job performed). It became popular and you started make money on adds. You financed it by „friends and family” money.Than another uni asked you to replicate this, which you did partly via prepayment from uni, but rest from own profits form first project.
Now you have the idea to expand the business onto 100 universities in US. This requires 200 million into IT, with expected profits of 30 million a year, but possible only after ca. 2 years when systems gain popularity. A well known business man offered you help in raising 95% finance for 66% of your profits. Do you accept his help? What options to finance you have and which would you choose.
Preparatory stages for IPO
Appoint an IPO advisor/ brockerage house
Appoint an auditor
Appoint legal advisor and PR agency
Register with securities commission
Publish preliminary prospectus (`red herring')
`Road Show'
Final Prospectus (with price range)
Share issue
IPO adviser (brkoegare house, investment bank etc) -
prepares prospectus, assists with investors and SEC meetings, helps in setting the price range, underwrites the issue
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