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Text Content

 * About
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 * Our Expertise
   Topics
   
   With unique access to the latest industry news, insights and analysis, we
   deliver highly relevant and engaging learning programmes with a lasting
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 * euromoney.com

 * Home
 * Banking & Finance
 * Corporate Finance
 * Initial Public Offerings (IPO) & Equity Capital Markets (ECM)


COURSE DETAILS

 * 1 alternative locations available
   London
   UK
   
    * Virtual (European Timezone - GMT)
      Online
   
   
 * Date
   28-29 Nov 2022
 * Duration
   2 days
 * Price
   £2245 + VAT

These dates are guaranteed to run
Dates are currently being finalised. Get in touch to find out more
Request more information

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INITIAL PUBLIC OFFERINGS (IPO) & EQUITY CAPITAL MARKETS (ECM)

Be prepared for the execution of a successful IPO, understand equity capital
 * Overview
 * Agenda
 * Inhouse
 * Why us

 * This course is being offered as a hybrid course with delegates able to attend
   in-person in London or virtually via Zoom.  If you would like to book on to
   the virtual course, you can do so here
   
   
    
   
   Course Description
   
   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.
   
   
   

 * To find out more, please contact learning@euromoney.com
   
   
   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 with 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
   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


 * OUR TAILORED LEARNING OFFERING
   
   
   
   Do you have five or more people interested in attending this course? Do you
   want to tailor it to meet your company’s exact requirements? If you’d like to
   do either of these, we can bring this course to your company’s office. You
   could even save up to 50% on the cost of sending delegates to a public course
   and dramatically increase your ROI.
   
   If you want to run this course at a location convenient to you or if you want
   a completely customised learning solution, we can help.
   
   We produce learning solutions that are completely unique to your business.
   We’ll guide you through the whole process, from the initial consultancy to
   evaluating the success of the full learning experience. Our learning
   specialists ensure you get the maximum return on your training investment.
   
   

 * We have a combined experience of over 60 years providing learning solutions
   to the world’s major organisations and are privileged to have contributed to
   their success. We view our clients as partners and focus on understanding the
   needs of each organisation we work with to tailor learning solutions to
   specific requirements.
   
   We are proud of our record of customer satisfaction. Here is why you should
   choose us to help you achieve your goals and accelerate your career:
   
    * Quality – our clients consistently rate our performance ‘excellent’ or
      ‘outstanding’. Our average overall score awarded to us by our clients is
      nine out of ten.
    * Track record – 10/10 of the world’s largest banks have chosen us as there
      training provider and we have delivered training across the largest banks
      and have trained over 25,000 professionals.
    * Knowledge – our 100+ strong team of industry specialist trainers are world
      leading financial leaders and commentators, ensuring our knowledge base is
      second to none.
    * Reliability – if we promise it, we deliver it. We have delivered over
      25,000 events both in person and online, using simultaneous translation to
      delegates from over 99 countries.
    * Recognition – we are accredited by the British Accreditation Council and
      the CPD Certification Service. In an independent review by Feefo we
      scored 4.2/5 on service and 4.7/5 on Coursecheck

This course can be run as an In-house or Tailored Learning programme
Learn More



INSTRUCTOR

 *  * 
   
   
   BIOGRAPHY
   
   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
   in Luxembourg, before moving to the Investment Banking division at Citigroup
   (ex-Salomon Smith Barney) in London and New York where he worked on variety
   of M&A, LBO and debt offerings, mainly for financial services clients. He
   became Vice-President in the internal M&A department of Barclays Bank in
   London before moving on to a Directorship role at the Investment Banking
   division of Commercial International Bank (CIB), Egypt. Whilst there, he
   successfully completed several transactions including two sell-side M&A, one
   follow-on equity offering and a delisting. He worked extensively with leading
   sovereign wealth funds, private equity firms and prominent families in the
   Middle East.



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