Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Tom Schnettler
Vice Chairman & Chief Financial Officer
Todd Firebaugh
Chief Administrative Officer
Jim Chosy
General Counsel
Jon Salveson
Head of Investment Banking
Frank Fairman
Head of Public Finance Services
Bob Peterson
Head of Equities
Capital Markets
Ben May
Head of High -Yield & Structured Products
New Industries
Alternative Energy Business Services Industrial Growth
Distribution
Institutional Sales & Sales Trading
Research
Trading
Origination
John Baumgartner
Principal Consumer & FIG
Execution
Chris Christina
Principal Consumer & FIG
Steve Schmidt
Vice President Technology
Neil Riley
Vice President Health Care & Technology
John Crowther
Associate
Elissa Kluever
Associate
Greg Klancher
Associate
Jonathan Jewett
Analyst
PIPEs / RDs
David Stadinski
Managing Director
Chris Christina
Principal
Eric Helenek
Vice President
Chad Huber
Analyst
Follow-on Offerings
A follow-on offering is when an already public company sells its stock, either primary shares or shares from selling shareholders, in the public markets 457 follow-ons have been completed in 2006, raising nearly $92 billion in capital Piper has completed 43 follow-ons in 2006, raising over $7 billion in capital The average number of follow-ons completed since 2000 has been 416, with a high of 520 completed in 2004 and a low of 346 completed in 2002
$64,687,500
$97,232,500
$44,845,338
$57,960,000
$12,000,000
$54,740,000
$40,089,000
$17,710,000
$120,000,000
$16,615,932
$95,737,500
Piper Roles
Piper functions as a Bookrunner, CoLead Manager and Co-Manager depending upon the deal
Sole-Bookrunner: ECM desk functions as the lead manager on the deal and is responsible for coordinating the roadshow, building indications of interest, pricing the deal, allocating stock, billing & delivering the stock offered in the issue and stabilization in the immediate aftermarket; receives senior economic fees on the deal and furthest to the left on the cover Joint-Bookrunner: same responsibilities as sole-bookrunner, but split with another manager Co-Lead Manager: no bookrunning responsibilities; however, receives differentiated economics on the deal and a better position on the cover Co-Manager: most junior participating management position with no bookrun responsibilities; offers additional sponsorship to issuer; receives junior economics and far right position on cover
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Deal economics depend upon the status and maturity of the issuer
Deal Economics
Fixed Economics: set gross spread to the banks on the offering, which is comprised of management fees, underwriting fees, and the selling concession Jump-Ball: subset of the selling concession based on who the designated account gives credit for the sale, bookrunner(s) frequently capped; underwriting and management fees fixed Bought Deal Spread: banks principal capital put at risk to buy shares from the issuer/selling shareholder at a discount to last trade and in turn sold to institutions at a discount from last trade and a premium to the price paid to the issuer/selling shareholder
Deal economics depend upon the status and maturity of the issuer
Piper as Co-Manager
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Follow-on
August 2006
Follow-on
August 2006
Registered Direct
August 2006
$62,560,000
$44,845,338
$20,925,000
IPO
June 2006
Follow-on
June 2006
Follow-on
June 2006
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Origination Execution
Discussion of Economics and Number of Managers on Deal Size and Time of Transaction Constant Communication with Management during the Roadshow Marketing the Deal with Sales Roadshow Layout Distribution Strategy Allocation Decisions Deal Pricing Opening and Trading Process
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Role
Update of Equity Capital Markets Conditions/Trends Deal Strategy, Structure & Timing Company Positioning & Piper Jaffray Marketing Valuation Discussion Introduction Process Presentation Coaching Sales Force Education Institutional Sales Feedback Research Analyst Feedback Order Book Updates Market Updates Institutional Account Profiles Recap of Roadshow and Order Book Offering Distribution Overview Aftermarket Trading Intelligence Trading Updates Green Shoe Management Trading Monitoring/Account Intelligence
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Prior to Roadshow
During Roadshow
Pricing
Aftermarket
The goal is to find the so-called market-clearing price that pleases both parties
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Piper Jaffray Sole Bookrun Initial Public Offering July 29th, 2005
The Company is headquartered in Eden Prairie, Minnesota and is a leading specialty retailer of golf equipment, apparel and accessories
Transaction Highlights
Roadshow 9 Days, 14 Cities (Domestic Only); approximately 175 accounts on the roadshow via 62 institutional 1-on-1 meetings and 6 group functions 16x oversubscribed; 210 accounts indicating on the deal; 85% of 1-on-1 meetings converted into orders; 90 orders of 10% or greater Offer = $14.00; Open = $17.05; Close = $18.61; +33% from offer price Piper Jaffray served as the sole sell-side advisor to Golf Galaxy in their sale to Dicks Sporting Goods (11/13/06) at a price of $18.82 (+32% from IPO)
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Introduction
File IPO Deal kick-off. Piper Jaffray research analyst gives a teach-in to the sales force giving them a better understanding of the business and its growth outlook. Golf Galaxy travels to the Piper Jaffray office and presents its story to the sales force. This is the same presentation that will be used on the IPO roadshow with institutional investors. Golf Galaxy begins its roadshow. The company management travels with the Piper Jaffray investment banker and a member of the institutional sales force. The roadshow will take them to institutional investors throughout the United States. The roadshow begins in Chicago and continues through Kansas City, Denver, San Diego, Los Angeles, San Francisco, Minneapolis and Milwaukee.
Company continues its roadshow through Boston, New York, Baltimore and Philadelphia. Roadshow ends on Thursday afternoon. All-in-all, Golf Galaxy presented in front of 175 institutional investors via 62 1-on-1 appointments and 6 group functions
IPO is priced at $14.00 per share above the $11-$13 filing range. Piper Jaffray receives orders for 16x the number of shares that are being offered in the deal. 85% of 1-on-1 meeting attendees submit and order to Piper Jaffray. Piper Jaffrays Equity Capital Markets team works to allocate all of the shares to the institutional investors.
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Piper Jaffray continues to be one of the most active managers across key growth sectors
Rank 1 2 2 4 5 5 7 8 8 8 11 12
Manager Wachovia Capital Markets LLC Piper Jaffray & Co J.P. Morgan Securities Inc. Goldman Sachs & Co. Citigroup Global Markets Inc. Banc of America Securities Merrill Lynch & Co. Cowen & Co., LLC Lehman Brothers Credit Suisse Thomas Weisel Partners L.L.C. Deutsche Bank Securities Inc.
Health Care
Rank 1 2 3 3 5 6 6 8 9 9 11 11 Manager Cowen & Co., LLC Piper Jaffray & Co UBS Securities Inc. J.P. Morgan Securities Inc. CIBC World Markets Banc of America Securities Morgan Stanley Merrill Lynch & Co. Thomas Weisel Partners L.L.C. Lehman Brothers Goldman Sachs & Co. Rodman & Renshaw, Inc. N o. 27 25 21 21 20 19 19 17 16 16 15 15
Technology
Rank 1 2 3 4 5 5 5 8 9 10 11 12 Manager Credit Suisse Goldman Sachs & Co. Morgan Stanley Lehman Brothers Piper Jaffray & Co J.P. Morgan Securities Inc. Deutsche Bank Securities Inc. Thomas Weisel Partners L.L.C. Citigroup Global Markets Inc. Cowen & Co., LLC UBS Securities Inc. Banc of America Securities N o. 28 26 23 22 21 21 21 20 19 17 16 15
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170
146
$0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD
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2002
2003
2004
2005
2006 YTD
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Equity Capital Markets works with Investment Banking to tailor the best advice/approach for IPOs, follow-on offerings, and other equity-linked transactions Equity Capital Markets works with our corporate clients, Investment Banking, company/underwriters counsel, and Institutional Sales and Sales Trading to manage all aspects of the deal execution process
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Questions? Comments?
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