"Zacznijmy od banalnej
konstatacji, iż zabicie OFE zmienia radykalnie atrakcyjność polskiego rynku z
punktu widzenia emitentów. Faktyczne zgaszenie II filara systemu emerytalnego,
mizeria III filara oraz ciągle daleki od siły znanej z innych giełd rynek TFI
powodują, iż GPW straci ważną przewagę, jaką miała na innymi rynkami w
regionie. Zwyczajnie to, co przyciągało zagraniczne spółki na GPW przestaje
istnieć. W praktyce oznacza to, iż GPW właśnie przestaje być rynkiem
regionalnym a staje się znów rynkiem lokalnym, którego przyszłość w największym
stopniu zależy od oferty rodzimej gospodarki. Inaczej rzecz ujmując to, czy
pula spółek będzie na GPW rosła zależy teraz głównie od liczby przyszłych
debiutów kreowanych przez polską gospodarkę."
Pokazywanie postów oznaczonych etykietą IPO. Pokaż wszystkie posty
Pokazywanie postów oznaczonych etykietą IPO. Pokaż wszystkie posty
Facebook’s horrible, stroke-of-genius IPO
"At the time of the Facebook
IPO, 21 months ago, the markets knew full well what the biggest challenge
facing Facebook was. The desktop product was wildly popular, but the mobile
product wasn’t, and it was far from clear how Facebook could thrive in a world
based around the smartphone. Zuckerberg had one job above all others: manage
the transition to mobile, and do it as fast and as aggressively as possible.
And
that’s exactly what he did.
By
the time last quarter’s earnings came out, Facebook was getting 53% of its revenue from its 945,000,000 mobile users: nobody saw that coming
at the time of the IPO."
Infinite Loop Of Facebook IPO Stories Caused By Actual Infinite Loop During Facebook IPO
"Remember when Facebook
IPOed last May and it was a mess? Today the SEC released its amusing order
fining Nasdaq $10 million for the mess and explaining what happened. Some
computers were having a stressful day at work and so they decided to give up
and hide out in the nap room, is the gist of it. I feel like I’d get along with
those computers.
What started the mess is that Nasdaq opens the trading of a newly IPO’ed stock with an opening cross where it compiles quotes for a while and then crosses them in one big opening cross before continuous trading starts. And it uses the following process to do the opening cross:
1 Get a bunch of orders over a ~20 minute period before trading starts
2 Use a program called the IPO Cross Application to calculate the clearing price and shares crossed based on those orders, which takes a few milliseconds
3 Check if any of the orders were cancelled during those milliseconds
4 If they were, delete those orders and Goto 2
Did you spot the problem? Nasdaq’s systems engineers did not, even after the IPO Cross Application had been running on an infinite loop for twenty minutes."
"So some people who’d submitted marketable orders didn’t get their orders executed, other people whose orders were executed didn’t get confirmations, and general unpleasantness ensued. Also Nasdaq accidentally and illegally shorted 3 million shares of an IPO that it was in the process of (...), which is a great idea except for the “illegally” part: the stock went down and Nasdaq made $10.8 million dollars covering its short."
What started the mess is that Nasdaq opens the trading of a newly IPO’ed stock with an opening cross where it compiles quotes for a while and then crosses them in one big opening cross before continuous trading starts. And it uses the following process to do the opening cross:
1 Get a bunch of orders over a ~20 minute period before trading starts
2 Use a program called the IPO Cross Application to calculate the clearing price and shares crossed based on those orders, which takes a few milliseconds
3 Check if any of the orders were cancelled during those milliseconds
4 If they were, delete those orders and Goto 2
Did you spot the problem? Nasdaq’s systems engineers did not, even after the IPO Cross Application had been running on an infinite loop for twenty minutes."
"So some people who’d submitted marketable orders didn’t get their orders executed, other people whose orders were executed didn’t get confirmations, and general unpleasantness ensued. Also Nasdaq accidentally and illegally shorted 3 million shares of an IPO that it was in the process of (...), which is a great idea except for the “illegally” part: the stock went down and Nasdaq made $10.8 million dollars covering its short."
Wojciech Sobieraj
Dziś mniej naukowo, ale polecam wywiad z
W. Sobierajem. Niestety nie o życiu, ale o bankach, jednakowoż bardzo ciekawy.
"W
ubiegłym roku było tylko jedno większe IPO banku na świecie - to był Santander
Mexico. Jesteśmy największym bankowym debiutem w Europie. Mamy jedną z
najwyższych wycen na całym kontynencie. Pozyskaliśmy siedemset milionów
dodatkowego kapitału przy wartości sprzedaży około 2.1 miliarda. To było
największe w historii polskiego rynku kapitałowego upublicznienie spółki, która
była w 100% prywatna. Przez rok zbierałem pieniądze, żeby zbudować Alior Bank,
a miałem tylko dwa tygodnie, żeby sprzedać tak duży pakiet akcji. Nie wiem, co
było trudniejsze."
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