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About IPOs, SPACs, & Direct Listings
How do Initial Public Offerings (IPOs) work? In this book, you’ll learn about the various paths a company can take to become a publicly traded stock, including via Initial Public Offering (IPO) and alternative routes such as SPAC merger, direct listing, and spin-off. This book discusses every step of the IPO process by analyzing the S-1 prospectus and lifting the veil on the influence investment banks and hedge funds have on IPO pricing, share allocation, and valuation. Special Purpose Acquisition Company (SPAC) We’ll also talk about Special Purpose Acquisition Company (SPAC) using electric car company Lucid Motors as a case study on the SPAC merger process which included a PIPE financing. We’ll also dive into Spotify as an example of a successful direct listing and analyze the PayPal and Yum China spin-offs to complete our analysis of alternative routes to the public markets. Inspiration As an expert on IPOs, I often found myself on the receiving end of "Should I buy the stock?” questions each time a new IPO is in the news. I tried finding a book to recommend that would explain IPOs in easy-to-understand terms. Unfortunately, I mostly found dense finance textbooks and was inspired to write this book. This book also provides a framework, dubbed the “IPO Tool Kit”, to help you answer a second important question, “Should I Invest?” The framework includes analysis of valuation, secular trends, innovation, market share, brand equity, and business model profitability. With the IPO Took Kit, you’ll have the foundation to analyze whether the newly public stock is a worthwhile investment for your portfolio. I hope this book educates and empowers you.
