IPO Presentation Revised

8/13/2019 IPO Presentation Revised

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Initial Public Offering(IPO) PresentationByRobert Christopher

Argosy University


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Differences in Accounting

Private Company

track historical operationaland financial numbers,compile them and roll theminto financial statements.

many private companies relyon owner contributions,owner-guaranteed businessdebt and cash flow generatedby operations thus accountingtends to focus on finding low

interest debt, managing thatdebt and recording andmanaging accountsreceivable.

Public Company

must focus on preparingquarterly and annual reportsthat are subject to significantinspection by largeinstitutional investors, creditrating agencies and theSecurity and ExchangeCommission.

executive management mustdefend the information

accountants compile, sosignificant time is spentcollecting, recording andmonitoring internal financialsystems.


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Private Company

accounting at a privatecompany tends to be moreconcerned with the

company's overall financialand operational positionbecause of the focus oninternal management andthe smaller size inherent

with smaller companies. very few small private

companies have auditedfinancial statements

Public Company

public companyaccountants work closelywith external auditors toprepare auditedquarterly and annualfinancial statements.

public company

accountants help identifyways to minimizeexpenses to help drivegreater profitability.


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Private Company

accountants in private

companies generally focus

on creating accurate

annual tax returns

private company

accountants often focus on

identifying all possible tax

deductions in order fortheir owners or the

company to pay the

minimum possible tax.


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Five Reasons Why a Company

should Go Public

Corporations can earn more money than a

proprietorship or partnership.

(Horngren , Harrison, & Oliver 2008)

Issuing Bonds. A bond is a written promise to payback a specific amount of money at a certain date

or dates in the future.

Issuing Preferred Stock. A company may choose to

issue new "preferred" stock to raise capital.


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should Go Public

Selling Common Stock. Usually, investment banks

help companies issue common stock, agreeing to

buy any new shares issued at a set price if the

public refuses to buy the stock at a certainminimum price.

Using profits. Corporations also finance their

operations by retaining their earnings.


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should Go Public

A corporation has a continuous life.


Continuous life. The life of a corporation, unlikethat of a business partnerships and sole

proprietorship, does not expire upon the death of

its stockholders directors or officers.


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should Go Public

There is no mutual agency among stockholders.


Lack of mutual agency for stockholders. Acorporation acts through its agents, who are its

officers and managers not through its stockholders.


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should Go Public

Stockholders have limited liability.


Stockholders arent liable for the corporations actsand debts, stocks usually are transferred easily, the

life of the corporation is unlimited, and

stockholders are not corporate agents.


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should Go Public

The transfer of corporate ownership is easy.


In corporations, the individual owners' rights andprivileges are represented by the shares of stock

they hold. On the back of each stock certificate

there is usually a place indicated for the

shareholder to endorse and sign over any shares

that are to be sold or otherwise disposed of.


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Information the firm is required to provide to

the investor with complete transparency.

Transparency is the extent to which

investors have ready access to any

required financial informationabout a company such as price

levels, market depth and audited

financial reports.


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Income Statement. (Horngren , Harrison, &

Oliver 2008) It provides a summary of a firms

revenues and expenses for a period of time. It

displays the following: Net income (total revenues greater that total

expenses) or

Net loss (total expense greater that total revenues).


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Statement of Owners Equity. (Horngren,

Harrison, & Oliver 2008) It shows the changes in

owners equity during a period of time.

The only increase in owners equity comes from netincome.

Decreases in owners equity comes from two

things, withdrawals and net loss.


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Balance Sheet. (Horngren ,

Harrison, & Oliver 2008)It lists

the firms assets liabilities andowners equity as of a specific

date.


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Statement of Cash Flows.(Horngren , Harrison,

& Oliver 2008) It reports cash receipts and

payments. It shows the following:

Where cash came from (receipts) and cash wasspent (payments).

Reports why cash decreased or increased during a

period.

Covers a span of time and is dated the same as theincome statement.


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Thinking about Going Public

Eighty-seven percent of CFOs participating in a recent

survey of US firms that have gone public in the past several

years indicated that their firms spent more than $1 million

on one-time costs associated with the transaction.

The survey indicated that CFOs were more likely to be surprised

by the costs of going public than the costs of being public.

Specifically, 23% of surveyed CFOs reported that the costs of

taking their firm public had exceeded their expectations by

a significant amount. In contrast, 13% of the participating

CFOs indicated that the costs of managing a public firm were

significantly more than they had anticipated before the IPO.

(PwC Deals.com, 2012)


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Cost of Going Public

Typically 5%7% of gross proceedsUnderwriter'sdiscount

Fees from securities counsel to draft the registration statement andprovide other advice directly related to the offering.Legal

Fees incurred by the independent registered public accounting firmdirectly related to the offering.External auditor

Fees incurred by financial reporting advisors directly related to theoffering, for example, preparation of financial statements, and help inaddressing comments from the SEC.Financialreporting advisor

Document management, SEC filing, printing and distribution expenses.

Registration/other

Registration-related fees and expenses (SEC, state, rating agency).Printing


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Initial Listing fees and Annual Listing fees

0

100000

200000

300000

400000

500000

600000

Initial listing Annual listing fees

Column1

Column2


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Percentage of CFOs

One-time cost vs. expectations

0

10

20

30

40

50

60

Significantly more

than expected

Slightly more than

expected

In line with

expectations

Being public

Going public


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The Process of Going Public


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Underwriter. A liaison between the corporation

and capital markets.

(referenceforbusiness.com,2013)

Select one Three types of underwriting arrangements: best

efforts all or none, and firm commitment

Lead underwriter will select a team of underwriters

and brokers. Select an underwriting team consisting of

attorneys, independent accountants, and a financial

printer.


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SEC (Securities Exchange Commission)

Regulations (referenceforbusiness.com,2013)

Prepare an initial registration statement according

to SEC regulations Initial registration statement, it is sent to the SEC

for review

During this incubation period the company's

attorneys correspond with the SEC in order to learnof any necessary changes

under go SEC audit by independent accountants.


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distribute a prospectus to potential investors

business owners and top managers travel around to

make personal presentations of the material.

files various forms with different states in which the

stock will be sold

holding a due diligence meeting to review financial

statements one last time.


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At the end the review the SEC provides comments

on the initial registration statement that the

company must address ,agree to a final offering

price for the shares, and file a final amendment to

the registration statement.

The actual selling of shares then takes place,

beginning on the official offering date and

continuing for seven days.


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After a successful offering, the underwriter meets

with all parties to distribute the funds and settle

all expenses.

At that time the transfer agent is given

authorization to forward the securities to thenew owners.

Disadvantages of Public


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Ownership

Your books will be open to the public and your

competition. (myownbusiness.org 2013)

Corporations are required to keep shareholders

informed about operations, financial condition andany adverse circumstances.

In doing so you will also be sharing your overall

corporate mission and finances with your

competitors.

Your quarterly and annual report to the SEC is going

to disclose comprehensive details of your

company's operation and performance.



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Ownership

Higher accounting costs. (myownbusiness.org

2013)

Accounting costs for at least two years prior to

going public and while public will be increased dueto the requirements of audited financial statements

and compliance with Sarbanes-Oxley Act (SOX).

The companies accounting department will need an

increase in staff to prepare quarterly and annual

financial information provided in formats required

by the SEC.



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Ownership

Majority of independent directors.

(myownbusiness.org 2013)

Corporations must have a majority of its board of

directors be people from outside the company. To counter reluctance of potential board members

to join public boards compensation is paid to board

members



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Ownership

Ownership valuation will be subject to market

fluctuations. (myownbusiness.org 2013)

Ownership valuation is going to fluctuate

with the stock market. At times the company will be valued at

higher than its intrinsic value and other

times where it can be much below its true

value.



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Ownership

Companies will lose some flexibility in operating

their business. (myownbusiness.org 2013)

Conforming to state and federal securities laws,

especially on occasions when you are required to getshareholder approval for your actions, will impose

constraints not present when operating a privately

owned business.

In most instances however such restraints will be

constructive in helping avoid business mistakes that

could result without the restraints in place.



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Ownership

Defend against hostile takeover.

(referenceforbusiness.com 2013)

If enough shareholders become disgruntled with the

company's stock value or future plans, they can stage atakeoverand oust management.


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Concerns the company should guard against while

transitioning from privately held to publicly held

Your books will be open to the public and yourcompetition.

Practice ethics in accounting and separate dutiesaccordingly to discourage fraud

Ownership valuation will be subject to marketfluctuations

Study market carefully to make informed decisions

Defend against hostile takeover.(referenceforbusiness.com 2013)

Have built-in defensive measures that make acompany difficult to take over. (howstuffworks.com2013)


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References

cfs.purdue.edu(2013) Chapter 13Accounting for Corporations Retrieved

from: http://www.cfs.purdue.edu/class/HTM141/Chapter_13.pdf

economics.about.com (2013) HowCorporations Raise Capital Retrieved from:

http://economics.about.com/od/smallbigbusiness/a/corp_capital.htm

entrepreneur.com (2013)Incorporating Your Business Retrieved from:

http://www.entrepreneur.com/article/77730#ixzz2O1s8tpu8Google (2013)Retrieved from:

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&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.

7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-

ioevF7jL4#imgrc=WnLDbN3yDWNIjM%3A%3B4gZIV7_MFygDtM%3Bhttp%253

A%252F%252Fwww.aaefo.com%252Fimages%252Fipo_chart.jpg%3Bhttp%253

A%252F%252Fwww.aaefo.com%252Fconsulting_services_1.htm%3B500%3B2

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&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4https://www.google.com/search?hl=en&biw=1366&bih=598&noj=1&tbm=isch&sa=1&q=ipo+chart&oq=ipo+&gs_l=img.1.1.0l8j0i10l2.22518.23589.0.25931.7.7.0.0.0.0.94.532.7.7.0...0.0...1c.1.7.img.7-ioevF7jL4http://www.residual-rewards.com/businessformscompared.html


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References

Horngren, C. T. Harrison Jr., W.T., Oliver, M. S. (2008) Accounting, 8th Edition

http://wpscms.pearsoncmg.com/wps/media/objects/6716/6877765/hha08_fl

ash_main.html?chapter=null&page=133&anchory=null&pstart=null&pend=nul

l

Howstuffworks. com(2013) Retreived from:

http://money.howstuffworks.com/hostile-takeover3.htmInvestopedia.com (2013)Retrieved from:

http://www.investopedia.com/terms/t/transparency.asp

myownbusiness.org(2013 )Session 13: Public ownership Retrieved from:

http://www.myownbusiness.org/public_ownership/

PwC Deals.com(2012) Considering an IPO? The costs of going and being public

may surprise you Retrieved from: http://www.pwc.com/en_us/us/transaction-

services/publications/assets/pwc-cost-of-ipo.pdf

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http://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Due-

Diligence.html#ixzz2O5RY0l00
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References

referenceforbusiness.com(2013)Retrieved from:

http://www.referenceforbusiness.com/encyclopedia/For-Gol/Going-

Public.html#ixzz2O2pd4x6L

residual-rewards.com(2013) Retrieved from: http://www.residual-

rewards.com/businessformscompared.html

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private-company-public-company-25017.html
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Documents

IPO Presentation Revised