Initial Public Offerings (IPO) & Equity Capital Markets

Euromoney Learning Solutions

How long?

  • 2 days
  • in person

Euromoney Learning Solutions


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Who should attend

  • executives and managers
  • professionals in all functions
  • investment and commercial bankers
  • equity and fixed income investment managers
  • investment and analysts
  • credit analysts and credit controllers
  • treasury managers and staff
  • lawyers and newly-qualified accountants
  • company brokers and advisers.

About the course

Be prepared for the execution of a successful IPO, understand equity capital

This two-day training covers the main characteristics of Equity Capital Markets. Participants will start by covering the main functions of the capital markets, including the key players, markets, banks and investors. Using real life case studies, they will go through in detail Initial Public Offerings including drafting the prospectus, the roadshow, the book-building, pricing, allocation of shares and price stabilisation mechanisms. Participants will discuss the different types of follow-on offerings, namely private placements, accelerated book-buildings and rights issues as well as public takeovers. Finally, participants will review equity valuation in the context of an IPO pricing and share allocation.

Course Methodology

The course will be delivered in a highly interactive, participative way, involving many activities and exercises, thereby ensuring maximum learning and integration of the learning points into the workplace, when the participants return to their regular roles.


Day One

Session 1: Capital Markets Fundamentals

In this session participants will cover the main functions of the capital markets. Most importantly, the key players, banks and investors are covered in detail. Participants will then examine the life of a corporate and review the funding options

  • What financial markets do?
  • Who are the major players?
  • Domestic and international capital markets
  • Debt versus equity
  • Primary versus secondary market
  • Distinguishing between retail, corporate and investment banking
  • Buy side versus sell side
  • League tables, equity underwriting
  • Where transactions take place: Exchanges vs. OTC vs. ECNs
  • The buy-side industry/investors
  • Active vs. passive investment management
  • Placing an order

Session 2: Equity Products

In this session we introduce the different types of equity, their description and significance

  • Ordinary shares
    • Authorised, issued, outstanding and free float
    • With one voting rights or ith different voting rights
    • “Cum-div” and “ex-div” price
    • Corporate governance
  • Preferred stocks
  • Equity warrants
  • Convertible debt
    • Issuer motivation and investor base
    • Bond floor and option value
    • Issuer call

Session 3: Equity Capital Markets

In this session we introduce equity markets and products. We will drill down on the characteristics of equity and equity valuation. We will introduce the life-cycle of equities. We will also look at the differences between primary and secondary shares and primary and secondary markets, including motivations of investors.

  • Company life cycle, pros and cons
  • Primary vs. secondary markets
  • Main equity markets
  • What is an IPO, a secondary offering?
  • What are primary shares, secondary shares?
  • Equity markets and trading systems
  • Criteria for admission and voting rights

Session 4: Initial Public Offerings

This session focuses entirely on the characteristics of IPOs. We will focus on analysing the Facebook IPO.

  • ECM functions
    • Origination and execution
    • Syndicate desk
    • Sales team
  • Banking roles (bookrunner, manager, underwriter) and fees
  • Best efforts vs. underwriting
  • International offerings vs. Dutch auctions
  • Steps in equity offerings
    • Prospectus
    • Roadshow
    • Underwriting
    • Share allocation
    • Price stabilisation mechanism/greenshoe
  • What are the criteria of a successful IPO from vendors and banks viewpoint

Case study : Detailed analysis of the Facebook IPO

Session 5: Follow-on Offerings

During the final session of our training, we will focus entirely on the characteristics of the different type of offerings available following the Initial Public Offering. We will analyse the Barclays right issue in detail.

  • The need for re-capitalization and follow-on placements
  • Process and recent market deals
  • Pros and cons of various processes
  • ABBs (Accelerated book build)
  • Block trades
  • Overnight public offering
  • Rights issues
  • Depositary receipts (eg, GDR, ADR, etc.)

Case study : Detailed analysis of the Barclays rights issues

Day Two

Public Takeover, Equity Valuation and IPO Pricing

Session 1: Public Takeovers

During the final session of our training, we will focus on the Public Takeovers and the different rules that apply.

  • Public takeovers vs. private transactions
  • General principles of the takeover code
  • Mandatory offer
  • Squeeze-out mechanism
  • Offer price
  • Counter-offers
  • Timetables
  • Bidder’s strategy and tactics
  • Different types of buy-side approaches: from friendly to bearhug and hostile
  • Target’s defense strategy and tactics

Case study : Review of strategies used in Sanofi’s bid

Session 2: Equity Valuation

During this session, we will discuss the main equity valuation methods to derive a price for the equity offering

  • Determining fair value of the equity for an IPO
    • Trading comparables and discounted cash flow analysis (DCF)
  • Discount to fair value in the primary market
  • Value range and decision on final pricing for allocation
  • Trading comps as the main driver
    • Enterprise Value vs. equity multiples
    • Lack of cash flows and valuation methods
  • The five steps of DCF
    • Free cash flow
    • Terminal value
    • Weighted average cost of capital
    • Discounting cash flows to present value
    • From enterprise value to equity value

Case study: Valuation of a large private food manufacturer for its IPO

Session 3: Virtual Role Play on Valuation/IPO

During this session, we will perform basic modelling impact on the company and shareholders

  • Assessment of fair value: DCF and trading multiples
  • IPO modelling review
  • Pre-money and post money valuation
  • Earnings per share accretion and dilution

Case study: Financial modelling of Ferrero Rocher, a chocolate manufacturer


Serge Vidal

Serge is an experienced Corporate Finance professional with over 20 years’ experience in M&A and capital market transactions. He has successfully completed in excess of EUR 30 billion across multiple geographies (US, Europe, MENA).He began his career as a Credit Analyst at Banque Continentale...

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Initial Public Offerings (IPO) & Equity Capital Markets at Euromoney Learning Solutions

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Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

Read more about Marketing

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