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1 IPO VC BO VC BO M&A IPO MBO VC IPO BO restructuring reorganization recapitalization VC BO GDP GDP VC 10 VC VC TEL DI Fax Kenichi.Tatsumi@gakushuin.ac.jp IPO VC VC VB VB VC
2 VC VC 2000 IT BO VC exit IPO VC BO IPO 2006 (a) 2006 (b) 2006 (c) 2-1 deal screening evaluationdue diligence deal structuring, strikingpost-investment activities VC 2002 VC VC VC 1 IT
3 IPO VC BO entrepreneurship 3 DCF 2 exitipo (sell-out, trade sales) a IPO bsell-out 4 M&A VB MBI secondary sale trade sale VB c buy-back redemption VC VB d e 5 d DCF discount cash flow method
4 IPOIPO M&A IPO VB ) VC VC VB 2 VC VB VC VB VB VB VB 3 VC 2 VC VB VC VC 1 (hands-on) M&A VC 2002
5 IPO VC BO VC VB VC 2000 IT 3 VC preferred stock purchase agreement 2002 IT VC VC Fenwick & West VC 11% corporate reorganizations 70%30%IT hands-onvc VC IRR internal rate of return VC IRR 2000VECVC IRR IRR IRR 100 IRR % IRR 2002 VEC VC GDP VC TOPIX JASDAQ TOPIX IPO M&A IPO VC VC VC MBA VB
6 2002 VC VC 4 BO VC BO TOB 3 2 BO TOB restructuring reorganization recapitalization BO BO VC BO VC 1 WSJ
7 IPO VC BO NDA VC VB NDA non disclosure agreement VC NDA 2 LOI LOI letter of intent VC VB LOI VC LOI 3 3 due diligence VC VC LOI VB VC review VC 4 4 deal structure term sheet VC VC 1 VB
8 2-3 Gomper-Shalman Metrick 2006 IPO VC IPO financial covenants VC VB VC VB VC VB VC VB VC VC VC pre-emptive rights IPO VC VC VB VC 2 VC co-sale right M&A VC VC
9 IPO VC BO 3 VC stage investment VB VC hands-on VC preferred stock 11 common stock anti-dilution provi EADS EADS
10 sions VC % full ratchet anti-dilution 78% weighted average anti-dilution 2% payto-play provisions % pay-to-play pay-to-play 50% 33% 2 MLP 2 (liquidation preference) CP convertible preferred stock VC 1000 VC VC VC % VC VC IT VC 2X 3X VC 2 3 MLP multiple liquidation preference MLP VB
11 IPO VC BO 2 3 MLP VC VB % senior liquidation preferencevb 41% provided for a multiple preference 87% % 3 PCP participating convertible preferred stock, convertible preferred stock provided for participation Metrick (2006) % VC 56% VBVC 1 VB MGM 20 2 vesting Metrick (2006)
12 cliff vesting 25 stage vesting VC Gomper-Shalman (2002) VC 3 VB VC VC buy-back redemption % a b 2 VC 2-4 VB VC VC , pp IPO IPO secondary share offering IPO IPO secondary share offering primary share offering
13 IPO VC BO primary secondary VC IPO Li-Klein (2006) IPO IPO Li-Klein (2006) 3 IPO IPO Li-Klein (2006) IPO IPO IPO 3-4 R&D OLS IPO R&D
14 IPO JASDAQ IPO VC 5 IPO VC 3-3 IPO IPO IPO
15 IPO VC BO IPO 84.4 VC VC VB 3-4 IPO friends and family program directed share program DSP IPO DSP DSP Ray IPO 98 ADR LBO IPO17 2 mutual to stock conversions IPO IPO 1496 Nasdaq IPO 92 IPO 87 DSP DSP 7.4 IPO the priority subscription rights the subscription price IPO
16 DSP IPO DSP IPO IPO IPO 2 DSP 3 DSP DSP DSP DSP DSP 13 Ray 2006
17 IPO VC BO IPO 180 DSP DSP DSP Ray 2006DSP IPO 67 DSP IPO DSP IPO DSP NYSE/NASDAQ IPO advisory committee (2003) DSP IPO DSP 5 SEC DSP 1 DSP DSP Ray 2006DSP DSP DSP DSP IPO 7 IPO IPO DSP DSP DSP DSP DSP IPO IPO
18 5 DSP FIML DSP DSP DSP DSP DSP DSP IPO 1 IPO Ray 2006DSP DSP DSP DSP DSP 2 Ray 2006 IPO DSP DSP DSP
19 IPO VC BO Ray DSP IPO 1 DSP DSP Ray 2006 DSP 2 2 Ray CEO 5 founder-chairman 6 DSPDSP Ray Ray 2006
20 (a) 2006 (b) 2006 (c) Brau, J., Francis, B. and Kohers, N., The choice of IPO versus takeover: empirical evidence, Journal of Business, 2003, 21, pp ATTRACTING INVESTORS, 2004 PHP VC GVC IPO # INTERNET MAGAZINE VC INTERNET MAGAZINE Gomper, P. A. and Shalman, W. A., Entrepreneurial Finance, A Case Book, John Wiley, Lian, Q. and Wang, Q., The Dual Tracking Puzzle: IPO Plans Turn into Mergers, May Li, M. and Klein, D., Factors Affecting Secondary Share Offerings In The IPO Process, August, 2006 ( Market Timing, Window Dressing, And Secondary Offerings In The IPO Process, Paper presented at FMA Annual Meeting, Salt Lake City, Oct. 2006). Metrick, A. Venture Capital and the Finance of Innovation, John Wiley & Sons, Muscarella, C. J. and Vetsuypens, M. R., Efficiency and Organizational Structure: A Study of Reverse LBOs, Journal of Finance, December 1990, pp Qin, L., Does The Market Penalize Second-Time-Successful Ipos? Paper presented at FMA Annual Meeting, Salt Lake City, Oct Ray. R., Directed Share Programs in IPO Underwriting and Agency Problems, July 30, 2006 (Paper presented at EFA 2006 Zurich Meetings). Vol.22/NO.2, 2002, pp a IPO pp b IPO pp c IPO pp
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