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Test Essay

2137 words - 9 pages

Raising Capital

10

Goldman Sachs 2011 Annual Report

For Prada, the time had come to capitalize on

the power of a global brand
In 2010, Prada, one of the world’s most recognizable fashion brands, knew it was time to go public, and that the place to do it was Hong Kong. The reason for choosing Hong Kong was simple: Asia, with its fast-growing economies, had become Prada’s biggest growth market. By 2010, Asia had rivaled Europe and had outpaced North America, accounting for 43 percent of Prada’s annual sales.
With Goldman Sachs’ London investment banking team working with the family-owned company, Prada began preparing to go public in 2007. Postponed by the global financial ...view middle of the document...

As lead underwriter, Goldman Sachs plays a critical role in executing an issuer client’s IPO, including:

Explaining the IPO process. Organizing a syndicate of banks to manage
the offering and coordinating diligence on the issuer.

Helping determine the size and composition of the
offering and the most appropriate listing venue.

Assisting the marketing of the offering to global institutional, high-net-worth and retail investors in a coordinated “road show” hosted by management. Building a “book of demand.” Underwriting the shares at a price agreed
between the syndicate and the issuer client. in consultation with the issuer client.

Allocating shares to participating investors, Providing liquidity in the secondary market.

Focus on...

a year of offerings despite volatile markets

#1 Globally in IPOs

In 2011, Goldman Sachs led the world in IPO activity, with a majority of offerings coming from Asia and Europe.

2011 Goldman Sachs IPO Deal Volume, by Domicile of Issuer
Source: Thomson Reuters

Asia and Europe 58%

Americas 42%

12

Goldman Sachs 2011 Annual Report

Goldman Sachs London Prada Deal Team left to right: Amedeo Cesco, Paolo Zannoni, Denni Manzatto, Eoghainn Calder, Antonino Mattarella, Antonio Gatti, Matthew Westerman, Anna Skoglund, Francesco Papa, Giuseppe Pipitone Goldman Sachs Hong Kong Prada Deal Team left to right: Christy Kwan, Steven Barg, City Chan, Lisa Feng, Linda Fu, Charlotte Yeow, Sindy Wan, William Smiley, Gloria Check, Phyllis Luk

A Global Network of Leading Investors: Prada 2011 IPO
During the road show, we reached a global base of institutional investors, enabling Prada to raise $2.5 billion in its recordbreaking IPO.

Potential Investors Attendance at Road Shows by Geographic Location

Asia 26% U.S. 45% Europe 29%

$46.6B
Source: Thomson Reuters

In 2011, Goldman Sachs led 54 IPOs across 12 countries, totaling

Goldman Sachs 2011 Annual Report

13

Making Connections

For Skype, when the future offered two paths, it was time

to prepare for both
In 2011, Skype, the Internet software company, faced a crucial decision. A strong and rapidly growing business, with more than 120 million monthly users, Skype had become one of the most recognizable brands on the Web. It had been acquired in November 2009 by an investment group led by Silver Lake and, after a year of focus on operations, product development, new monetization initiatives and strategic partnerships to further accelerate growth, was ready to go public.
With the help of Goldman Sachs, Skype was actively preparing for its IPO; at the same time, however, its brand and platform had attracted significant strategic interest and within weeks of the planned IPO, Microsoft made an offer. As a leader in technology mergers and acquisitions as well as capital markets, Goldman Sachs pivoted quickly from leading the IPO to advising on the sale. The transaction — at $8.5 billion — was one of the largest ever...

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