Chapter 624: 624

When Gao Xian negotiated with John Beckett, the CEO of Pan am, the parent company of Lianmei, in order to promote the acquisition of Lianmei by corkerian, Gao Xian used the subscription of the original shares of Sega to be listed as a chip, reflecting a hidden rule in the field of investment banking, that is, the investment bank as an IPO underwriter, for its own interests, In the specific allotment, there is a lot of operating space.

Since it is called the hidden rules of the industry, it naturally has a realistic basis for its existence. It is not difficult to understand that the vast majority of companies' shares are listed. If they want to be recognized by investors, they can not be separated from the recommendation of reputable underwriters. From this point of view, investment banks can be said to hold the power of life and death.

From another point of view, the undervaluation of IPO pricing is a common practice of investment banks, so there is often a phenomenon. On the day when new stocks are listed, the price rises sharply or even soars, which not only shows the great success of IPO, but also shows that the issue price is set low, which damages the financing interests of listed companies.

At this stage, jobs still has a lot of anti mainstream cultural factors. He is ignorant and fearless. Of course, he dares to complain fearlessly that Morgan Stanley has set a low issue price for Apple shares. Whether it is effective to resist the blood sucking of wall street or not, let's do it first!

Gao Xian, who was touched, thought that whether it was Sega's side of the IPO or Gaoyi's side as an underwriter, he had advantages. It was better to hand over the pricing power to the market to the greatest extent through reverse bidding.

Of course, reverse bidding can not be used casually. In IPO cases, it is a few percent, because this method has additional requirements for the qualification of listed companies, but Sega has no problem. Its name and products have long been familiar to consumers and investors.

John Whitehead pondered Gao Xian's plan and finally nodded: "it would be great if he could really beat Morgan Stanley this time."

Gao Xian smiled, and John Whitehead's reaction was as expected. After all, so far, Morgan Stanley is still the largest investment bank on Wall Street, at least in name, while such as Solomon brothers and Goldman Sachs are in a catch-up position.

However, the contradiction is not limited to this.

Morgan Stanley, known as the "Wall Street aristocrat", is changing to adapt to this era under the leadership of Robert Baldwin.

In the past, Morgan Stanley's business was to wholesale securities without specific transactions. In the eyes of the "aristocrats", these jobs belonged to rough work and disdained it. As long as it maintained its relationship with capital users such as large enterprises, the government and dignitaries, it was enough to stay at the top of the food chain on Wall Street. At that time, Morgan Stanley was small and elegant, There are about 200 people up and down, all of whom give people a sense of gentleness and gentlemanly demeanor.

Now, the scale of Morgan Stanley has not only significantly expanded, but also full of wolves after the replacement of new and old personnel. Its business tentacles extend to all fields. It not only competes with its peers for "rough work" such as specific transactions, but even offends some old customers in order to merge and acquire business.

Take last year's corporate merger for example. Belridge oil sold itself to the whole company of shell oil. Morgan Stanley provided consulting services and received a huge reward of US $14.3 million. Mobil Oil and Texaco, which failed in the bidding, are also Morgan Stanley's VIP customers. Naturally, they are very angry, So that Mobil and Morgan Stanley simply parted ways.

To put it bluntly, in the past, "Jianghu" paid attention to "loyalty", and Morgan Stanley was a gentleman, sitting in a high position, overlooking his peers, and maintaining close cooperative relations with top customers such as large enterprises and national government; Now the world is different. In the face of interests, "loyalty" is not important. Morgan Stanley has become a wolf and looted everywhere, which puts great pressure on everyone. If you have the opportunity to kick, you will never let it go.

……

After Gao Xian and John Whitehead reached an agreement, Gao Yi and Goldman Sachs worked overtime overnight to add reverse bidding to Sega's IPO. In the "old script", there is a more well-known saying in the Internet age - Dutch auction. The most successful example is the Internet giant Google. Although the general trend is different, whether it is the video game boom There is no essential difference between the PC boom, the Internet boom, and even the later blockchain boom.

For players in the circle, there is no difficulty in the specific operation of the temporary reverse bidding. Originally, investors, including institutions, paid great attention to Sega's shares. Now they just handed over the pricing power from the underwriter to the investors. There is no opaque information and unfair allotment opportunity. You bid, Who can win in the fierce competition of oversubscription is up to the market.

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This caused a sensation on Wall Street.

It is worth mentioning that jobs, who got the news, immediately asked Morgan Stanley to make a reverse auction for Apple's stock.

Now, even though Morgan Stanley has changed from a "gentleman" to a "wolf", it still needs more time to change its old habits such as step-by-step. Being so rampant by Steve Jobs, it was a bit in a hurry, and even alerted President Robert Baldwin.

Morgan Stanley's changes were indeed too many, and jobs's requirements were soon met.

In Gao Xian's view, jobs's recklessness is not the acquiescence of Apple's board of directors and investors. They have long known and even become accustomed to the hidden rules of the industry. Even if it involves vital interests, they don't have the courage to stand up and resist, so let jobs, a stunned young man, rush to the front.

The effect of reverse bidding is very obvious. Sega's stock issue price was originally set at $24 per share, but after reverse bidding, it was increased to $29 per share; Jobs did not waste his time. Morgan Stanley set the issue price for Apple's shares at $17 per share, which was raised to $20 per share after reverse bidding.

Gao Xian secretly laughs at this. After all, Apple has not escaped the influence of its own repression. From this price, as a company that has not started a business for a few years, its listing brilliance may be greatly reduced.

……

Time passed quickly in the midst of intense efforts. Soon, on December 12, 1980, Sega was listed on the New York Stock Exchange and apple was listed on the Nasdaq Stock Exchange.

In the boom of video games and personal computers, both stocks were sought after by investors. By the close of the day, Sega's share price had just stepped up to $40, raising $420 million; Apple's share price rose to $27, raising nearly $80 million.

There was no suspense about this result. Sega crushed apple at will, so that Morgan Stanley, Apple's underwriter, made this new business attempt, which was somewhat bleak.

Gao Xian is very satisfied with this effect.

As a traditional giant in the investment banking industry, Morgan Stanley can make a lot of money just by doing business in those traditional fields. It's too greedy to give others a way to live because it still cares about the financing business in emerging fields such as it?

This time I'll let you back off!

……

PS: sorry, I took the time to sort out my ideas and materials.

PS: bow to thank the book friend: the reward of ambush!!

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