Reborn Capital Madman

Previously, in order to promote Cork Kirkirian's acquisition of Lianmei and negotiated with John Beckett, CEO of Lianmei's parent company Pan American, he used the subscription of the original shares of Sega, which was about to be listed as a bargaining chip.

It reflects a hidden rule in the field of investment banking, that is, investment banks as iPo underwriters have a lot of room for operation in specific share allotment for their own interests.

Since it is called the industry's unspoken rules, it naturally has its own real basis. It is not difficult to understand. Most companies' stocks listed and want to be recognized by investors, they cannot do without the reputational underwriters.

Recommended, from this perspective, investment banks can be said to have the power of life and death.

From another perspective, undervalued iPo is a common practice for investment banks, so there is often a phenomenon that on the day of listing of new stocks, prices rose sharply or even soared. This certainly shows that iPo has achieved great success, but it also shows that it also shows that the price of iPo is very successful.

The issuance price is set at a low level, which harms the financing interests of listed companies.

At this stage, Jobs still has many counterculture factors, and is ignorant and fearless. Of course, he dares to complain fearlessly that Morgan Stanley sets the issue price of Apple stocks at a low price. Regardless of whether it resists Wall Street's blood sucking, it will work first.

Let’s talk about it now!

Gao Xian was touched, thinking that whether it is Sega who is about to ipo or Gao Yi who is the underwriter, you will have the benefits. It is better to use reverse bidding to maximize the pricing power.

Leave it to the market to decide.

Of course, reverse bidding is not easy to use. In the case of ipo, it is only a percentage of the percentage, because this method has additional requirements for the qualifications of listed companies, but Sega does not have any problems.

The name and product have long been well known to consumers and investors.

John Whitehead pondered Gao Xian’s plan and finally nodded, "If I can really beat Morgan Stanley this time, that would be great."

Gao Xian smiled, John Whitehead's reaction was as expected. After all, Morgan Stanley, at least nominally, is still the largest investment bank on Wall Street, and such as the Solomon Brothers, Goldman Sachs, etc.

It's in a catching up position.

However, the contradiction is not limited to this.

Morgan Stanley, known as the "Wall Street Noble", is undergoing a transformation to adapt to this era under the leadership of Robert Baldwin.

In the past, Morgan Stanley's business was wholesale securities and was not involved in specific transactions. These work were rough in the eyes of the "noble" and were disdainful. As long as it was maintained, it would be good, such as large enterprises, national governments, powerful people, etc.

The relationship between capital users is enough to firmly rank at the top of the Wall Street food chain. Then at that time, Morgan Stanley was small and elegant, with about 200 people from all over the country, each giving people a gentle and gentlemanly demeanor.

Feelings.

Now, Morgan Stanley's scale has not only expanded significantly, but also after the replacement of new and old personnel, it is full of wolfishness. The tentacles of the business extend to various fields. Not only do they compete with peers for "rough jobs" like specific transactions, but they even have to do so.

In order to acquire the business, I did not hesitate to offend some old customers.

Take a corporate merger last year for example. Bellley Oil Company sold its body to Shell Oil Company, and Morgan Stanley provided consulting services, and received a huge reward of 14.3 million US dollars, but lost in the bidding.

Mobil Oil and Texaco Petroleum, customers, were naturally very angry about this, so that Mobil Oil simply parted ways with Morgan Stanley.

To put it bluntly, in the past, the "Jianghu" was particular, and "loyalty" was very important. Morgan Stanley was a gentleman, sitting high and looking down at his peers, while maintaining close contact with top customers like large enterprises and national governments.

The world is different now, in the face of interests, "loyalty" is no longer important. Morgan Stanley has become a vicious wolf and snatches food everywhere, which puts pressure on everyone. If you have the chance, you can kick it.

, 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, which has a more well-known saying in the "old script" of the Internet era—

—Dutch auction, and the most successful example is the Internet giant Google. Although the general trend is different, whether it is the electronic game boom, personal computer boom, Internet boom, or even the blockchain boom, etc.

There is no essential difference in the effect of the gimmick.

For players in the circle, the reverse bidding for temporary additions is not difficult to operate. Investors, including institutions, were very concerned about Sega Stocks, and now they just hand over the pricing power from the underwriter.

When it comes to investors, there is no obvious information and the opportunity to allocate shares is unfair. If you bid, who can win in the fierce competition for oversubscription will be left to the market decision.

This time, Wall Street caused a sensation.

It is worth mentioning that Jobs, who received the news, immediately asked Morgan Stanley to conduct a reverse bid for Apple's stock.

Even though Morgan Stanley has changed from a "gentleman" to a "evil wolf", the old habits like following the steps still need more time to change. He was suddenly a little busy and even alarmed the president

Robert Baldwin.

There were indeed too many changes in Morgan Stanley, and Jobs's request was quickly met.

In Gao Xian's view, Jobs' recklessness is not the acquiescence of the Apple board of directors and investors. They have long known the industry's unspoken rules and even become accustomed to it. Even if it involves personal interests, they do not have the courage to stand up and resist.

Let Jobs, the infatuated young man, charge into battle.

The effect of reverse bidding is very obvious. Sega's stock is originally set at $24 per share, but after reverse bidding, it has been raised to $29 per share; Jobs did not waste any effort, Morgan Stanley

The issue price set for Apple stock is $17 per share, which was increased to $20 per share after reverse bidding.

Gao Xian was secretly amused by this. After all, Apple has not escaped the influence of its own suppression. Judging from this price, as a company that has been in business for a few years, its glory in listing may be greatly reduced.

...

Time passed quickly in full swing. It was soon December 12, 1980, Sega was listed on the New York Stock Exchange and Apple was listed on the Nasdaq Stock Exchange.

In the craze of video games and personal computers, both stocks were sought after by investors. By the close of the day, Sega's stock price had just reached the 40-dollar level, raising $420 million; while Apple

The stock price rose to $27, with nearly $80 million in financing.

This result is a clear judgment, and there is no suspense. Sega crushed Apple casually, so that the new business attempt by Apple's underwriter Morgan Stanley was a bit bleak.

Gaoxian is still very satisfied with this effect.

As a traditional tycoon in the investment banking industry, Morgan Stanley can make a fortune by doing business in traditional fields. It is really too much to be involved in financing businesses in emerging fields like it.

Are you greedy, will you still give others a way out?

This time, you will get out of trouble!

...

ps: Sorry, I took the time to sort out my ideas and information.

ps: Bow to thank the book friend: I was ambushed and rewarded!!