New firm Venture Capital Initial Public Offering Quiet Period Seasoned Offering

 Venture capitalist Registration Potential Investors Partial Adjustment  General Cash Offer
 Wealthy individuals Statement (SEC) Phenomenon  Rights Offer
(angel investors)
 Investment banks Prospectus
(corporate  Approval from
ventures) BODs Shelf Registration
 Mature  File a registration
Corporations statement with SEC Red herring
 Crowdfunding  Distribute
preliminary
prospectus
 Firm can’t sell on
Consider: the waiting period
File Price Range
 Financial Strength  Price is determined
 Style on the effective
 References date of registration
 Contacts
 Exit strategy
Tombstone

Underwriters Green Shoe Provision

Lockup Agreement

Underwriting
Commitment Aftermarket
 Firm Commitment
 Best Effort
 Dutch Auction Syndicate

Spread Underpricing