Erfolgsfaktoren eines Going Public

Summary

The success of a stock market flotation is determined by a number of factors. Those involved in an initial public offering — the issuing company, the underwriting house, and the private and institutional investors — are able to organise and influence these factors in part. The success of a public flotation is highly dependent on the extent to which the company and the underwriting house succeed in meeting the investors⁴ modified needs and wishes. A targeted communication strategy on the part of the company and transparency in pricing and syndication are important determinants of this success. In addition, major demands are made of investors, in particular professional institutional investors, in terms of their active participation in a share issue. The book-building procedure, which is now established as a standard share placing technique with larger issues, is to be emphasised in this respect. The following article takes a closer look at a few selected factors determining the success of a stock market flotation.