{"product_id":"investment-banking-valuation-lbos-ma-and-ipos-book-valuation-models-third-edition-9781119867876","title":"Investment Banking Valuation LBOs MA and IPOs","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eAdditional Resources xv\u003c\/p\u003e \u003cp\u003eAbout the Authors xvii\u003c\/p\u003e \u003cp\u003eForeword xxi\u003c\/p\u003e \u003cp\u003eAcknowledgments xxiii\u003c\/p\u003e \u003cp\u003eDisclaimer xxxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStructure of the Book 3\u003c\/p\u003e \u003cp\u003ePart One: Valuation (Chapters 1–3) 3\u003c\/p\u003e \u003cp\u003ePart Two: Leveraged Buyouts (Chapters 4 \u0026amp; 5) 5\u003c\/p\u003e \u003cp\u003ePart Three: Mergers \u0026amp; Acquisitions (Chapters 6 \u0026amp; 7) 6\u003c\/p\u003e \u003cp\u003ePart Four: Initial Public Offerings (Chapters 8 \u0026amp; 9) 8\u003c\/p\u003e \u003cp\u003eValueCo Summary Financial Information 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Valuation 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Comparable Companies Analysis 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary of Comparable Companies Analysis Steps 14\u003c\/p\u003e \u003cp\u003eStep I. Select the Universe of Comparable Companies 17\u003c\/p\u003e \u003cp\u003eStudy the Target 17\u003c\/p\u003e \u003cp\u003eIdentify Key Characteristics of the Target for Comparison Purposes 18\u003c\/p\u003e \u003cp\u003eScreen for Comparable Companies 22\u003c\/p\u003e \u003cp\u003eStep II. Locate The Necessary Financial Information 23\u003c\/p\u003e \u003cp\u003eSEC Filings: 10-K, 10-Q, 8-K, and Proxy Statement 24\u003c\/p\u003e \u003cp\u003eEquity Research 25\u003c\/p\u003e \u003cp\u003ePress Releases and News Runs 26\u003c\/p\u003e \u003cp\u003eFinancial Information Services 26\u003c\/p\u003e \u003cp\u003eSummary of Financial Data Primary Sources 27\u003c\/p\u003e \u003cp\u003eStep III. Spread Key Statistics, Ratios, and Trading Multiples 28\u003c\/p\u003e \u003cp\u003eCalculation of Key Financial Statistics and Ratios 28\u003c\/p\u003e \u003cp\u003eSupplemental Financial Concepts and Calculations 42\u003c\/p\u003e \u003cp\u003eCalculation of Key Trading Multiples 47\u003c\/p\u003e \u003cp\u003eStep IV. Benchmark the Comparable Companies 50\u003c\/p\u003e \u003cp\u003eBenchmark the Financial Statistics and Ratios 50\u003c\/p\u003e \u003cp\u003eBenchmark the Trading Multiples 50\u003c\/p\u003e \u003cp\u003eStep V. Determine Valuation 51\u003c\/p\u003e \u003cp\u003eValuation Implied by EV\/EBITDA 52\u003c\/p\u003e \u003cp\u003eValuation Implied by P\/E 52\u003c\/p\u003e \u003cp\u003eKey Pros and Cons 54\u003c\/p\u003e \u003cp\u003eIllustrative Comparable Companies Analysis for ValueCo 55\u003c\/p\u003e \u003cp\u003eStep I. Select the Universe of Comparable Companies 55\u003c\/p\u003e \u003cp\u003eStep II. Locate the Necessary Financial Information 57\u003c\/p\u003e \u003cp\u003eStep III. Spread Key Statistics, Ratios, and Trading Multiples 57\u003c\/p\u003e \u003cp\u003eStep IV. Benchmark the Comparable Companies 69\u003c\/p\u003e \u003cp\u003eStep V. Determine Valuation 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Precedent Transactions Analysis 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary of Precedent Transactions Analysis Steps 76\u003c\/p\u003e \u003cp\u003eStep I. Select the Universe of Comparable Acquisitions 79\u003c\/p\u003e \u003cp\u003eScreen for Comparable Acquisitions 79\u003c\/p\u003e \u003cp\u003eExamine Other Considerations 80\u003c\/p\u003e \u003cp\u003eStep II. Locate the Necessary Deal-Related and Financial Information 82\u003c\/p\u003e \u003cp\u003ePublic Targets 82\u003c\/p\u003e \u003cp\u003ePrivate Targets 85\u003c\/p\u003e \u003cp\u003eSummary of Primary SEC Filings in M\u0026amp;A Transactions 86\u003c\/p\u003e \u003cp\u003eStep III. Spread Key Statistics, Ratios, and Transaction Multiples 88\u003c\/p\u003e \u003cp\u003eCalculation of Key Financial Statistics and Ratios 88\u003c\/p\u003e \u003cp\u003eCalculation of Key Transaction Multiples 94\u003c\/p\u003e \u003cp\u003eStep IV. Benchmark the Comparable Acquisitions 98\u003c\/p\u003e \u003cp\u003eStep V. Determine Valuation 98\u003c\/p\u003e \u003cp\u003eKey Pros and Cons 99\u003c\/p\u003e \u003cp\u003eIllustrative Precedent Transaction Analysis for ValueCo 100\u003c\/p\u003e \u003cp\u003eStep I. Select the Universe of Comparable Acquisitions 100\u003c\/p\u003e \u003cp\u003eStep II. Locate the Necessary Deal-Related and Financial Information 101\u003c\/p\u003e \u003cp\u003eStep III. Spread Key Statistics, Ratios, and Transaction Multiples 103\u003c\/p\u003e \u003cp\u003eStep IV. Benchmark the Comparable Acquisitions 111\u003c\/p\u003e \u003cp\u003eStep V. Determine Valuation 113\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Discounted Cash Flow Analysis 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary of Discounted Cash Flow Analysis Steps 116\u003c\/p\u003e \u003cp\u003eStep I. Study the Target and Determine Key Performance Drivers 120\u003c\/p\u003e \u003cp\u003eStudy the Target 120\u003c\/p\u003e \u003cp\u003eDetermine Key Performance Drivers 120\u003c\/p\u003e \u003cp\u003eStep II. Project Free Cash Flow 121\u003c\/p\u003e \u003cp\u003eConsiderations for Projecting Free Cash Flow 121\u003c\/p\u003e \u003cp\u003eProjection of Sales, EBITDA, and EBIT 123\u003c\/p\u003e \u003cp\u003eProjection of Free Cash Flow 125\u003c\/p\u003e \u003cp\u003eStep III. Calculate Weighted Average Cost of Capital 131\u003c\/p\u003e \u003cp\u003eStep III(a): Determine Target Capital Structure 132\u003c\/p\u003e \u003cp\u003eStep III(b): Estimate Cost of Debt (rd) 133\u003c\/p\u003e \u003cp\u003eStep III(c): Estimate Cost of Equity (re) 134\u003c\/p\u003e \u003cp\u003eStep III(d): Calculate WACC 138\u003c\/p\u003e \u003cp\u003eStep IV. Determine Terminal Value 138\u003c\/p\u003e \u003cp\u003eExit Multiple Method 139\u003c\/p\u003e \u003cp\u003ePerpetuity Growth Method 139\u003c\/p\u003e \u003cp\u003eStep V. Calculate Present Value and Determine Valuation 141\u003c\/p\u003e \u003cp\u003eCalculate Present Value 141\u003c\/p\u003e \u003cp\u003eDetermine Valuation 143\u003c\/p\u003e \u003cp\u003ePerform Sensitivity Analysis 145\u003c\/p\u003e \u003cp\u003eKey Pros and Cons 146\u003c\/p\u003e \u003cp\u003eIllustrative Discounted Cash Flow Analysis for ValueCo 147\u003c\/p\u003e \u003cp\u003eStep I. Study the Target and Determine Key Performance Drivers 147\u003c\/p\u003e \u003cp\u003eStep II. Project Free Cash Flow 147\u003c\/p\u003e \u003cp\u003eProjection of Sales, EBITDA, and EBIT 149\u003c\/p\u003e \u003cp\u003eStep III. Calculate Weighted Average Cost of Capital 154\u003c\/p\u003e \u003cp\u003eStep IV. Determine Terminal Value 159\u003c\/p\u003e \u003cp\u003eStep V. Calculate Present Value and Determine Valuation 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Leveraged Buyouts 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Leveraged Buyouts 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKey Participants 171\u003c\/p\u003e \u003cp\u003eFinancial Sponsors 171\u003c\/p\u003e \u003cp\u003eInvestment Banks 172\u003c\/p\u003e \u003cp\u003eBank and Institutional Lenders 174\u003c\/p\u003e \u003cp\u003eBond Investors 175\u003c\/p\u003e \u003cp\u003ePrivate Credit Funds 176\u003c\/p\u003e \u003cp\u003eTarget Management 176\u003c\/p\u003e \u003cp\u003eCharacteristics of a Strong LBO Candidate 177\u003c\/p\u003e \u003cp\u003eStrong Cash Flow Generation 178\u003c\/p\u003e \u003cp\u003eLeading and Defensible Market Positions 178\u003c\/p\u003e \u003cp\u003eGrowth Opportunities 178\u003c\/p\u003e \u003cp\u003eEfficiency Enhancement Opportunities 179\u003c\/p\u003e \u003cp\u003eLow Capex Requirements 179\u003c\/p\u003e \u003cp\u003eStrong Asset Base 180\u003c\/p\u003e \u003cp\u003eProven Management Team 180\u003c\/p\u003e \u003cp\u003eEconomics of LBOs 181\u003c\/p\u003e \u003cp\u003eReturns Analysis—Internal Rate of Return 181\u003c\/p\u003e \u003cp\u003eReturns Analysis—Cash Return 182\u003c\/p\u003e \u003cp\u003eHow LBOs Generate Returns 182\u003c\/p\u003e \u003cp\u003eHow Leverage Is Used to Enhance Returns 184\u003c\/p\u003e \u003cp\u003ePrimary Exit\/Monetization Strategies 187\u003c\/p\u003e \u003cp\u003eSale of Business 187\u003c\/p\u003e \u003cp\u003eInitial Public Offering 188\u003c\/p\u003e \u003cp\u003eDividends \/ Dividend Recapitalization 188\u003c\/p\u003e \u003cp\u003eBelow Par Debt Repurchase 188\u003c\/p\u003e \u003cp\u003eLBO Financing: Structure 189\u003c\/p\u003e \u003cp\u003eLBO Financing: Primary Sources 192\u003c\/p\u003e \u003cp\u003eSecured Debt 192\u003c\/p\u003e \u003cp\u003eHigh Yield Bonds 196\u003c\/p\u003e \u003cp\u003eMezzanine Debt 198\u003c\/p\u003e \u003cp\u003eEquity Contribution 199\u003c\/p\u003e \u003cp\u003eLBO Financing: Selected Key Terms 202\u003c\/p\u003e \u003cp\u003eSecurity 202\u003c\/p\u003e \u003cp\u003eSeniority 202\u003c\/p\u003e \u003cp\u003eMaturity 203\u003c\/p\u003e \u003cp\u003eCoupon 204\u003c\/p\u003e \u003cp\u003eCall Protection 205\u003c\/p\u003e \u003cp\u003eCovenants 206\u003c\/p\u003e \u003cp\u003eTerm Sheets 209\u003c\/p\u003e \u003cp\u003eLBO Financing: Determining Financing Structure 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 LBO Analysis 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancing Structure 217\u003c\/p\u003e \u003cp\u003eValuation 218\u003c\/p\u003e \u003cp\u003eStep I. Locate and Analyze the Necessary Information 220\u003c\/p\u003e \u003cp\u003eStep II. Build the Pre-LBO Model 220\u003c\/p\u003e \u003cp\u003eStep II(a): Build Historical and Projected Income Statement through EBIT 221\u003c\/p\u003e \u003cp\u003eStep II(b): Input Opening Balance Sheet and Project Balance Sheet Items 224\u003c\/p\u003e \u003cp\u003eStep II(c): Build Cash Flow Statement through Investing Activities 226\u003c\/p\u003e \u003cp\u003eOperating Activities 226\u003c\/p\u003e \u003cp\u003eStep III. Input Transaction Structure 229\u003c\/p\u003e \u003cp\u003eStep III(a): Enter Purchase Price Assumptions 229\u003c\/p\u003e \u003cp\u003eStep III(b): Enter Financing Structure into Sources and Uses 231\u003c\/p\u003e \u003cp\u003eStep III(c): Link Sources and Uses to Balance Sheet Adjustments Columns 232\u003c\/p\u003e \u003cp\u003eUses of Funds Links 235\u003c\/p\u003e \u003cp\u003eStep IV. Complete the Post-LBO Model 238\u003c\/p\u003e \u003cp\u003eStep IV(a): Build Debt Schedule 238\u003c\/p\u003e \u003cp\u003eStep IV(b): Complete Pro Forma Income Statement from EBIT to Net Income 247\u003c\/p\u003e \u003cp\u003eStep IV(c): Complete Pro Forma Balance Sheet 250\u003c\/p\u003e \u003cp\u003eStep IV(d): Complete Pro Forma Cash Flow Statement 252\u003c\/p\u003e \u003cp\u003eStep V. Perform LBO Analysis 254\u003c\/p\u003e \u003cp\u003eStep V(a): Analyze Financing Structure 254\u003c\/p\u003e \u003cp\u003eStep V(b): Perform Returns Analysis 256\u003c\/p\u003e \u003cp\u003eStep V(c): Determine Valuation 260\u003c\/p\u003e \u003cp\u003eStep V(d): Create Transaction Summary Page 261\u003c\/p\u003e \u003cp\u003eIllustrative LBO Analysis for ValueCo 262\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Mergers \u0026amp; Acquisitions 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Sell-Side M\u0026amp;A 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAuctions 276\u003c\/p\u003e \u003cp\u003eAuction Structure 279\u003c\/p\u003e \u003cp\u003eOrganization and Preparation 279\u003c\/p\u003e \u003cp\u003eIdentify Seller Objectives and Determine Appropriate Sale Process 279\u003c\/p\u003e \u003cp\u003ePerform Sell-Side Advisor Due Diligence and Preliminary Valuation Analysis 281\u003c\/p\u003e \u003cp\u003eSelect Buyer Universe 281\u003c\/p\u003e \u003cp\u003ePrepare Marketing Materials 282\u003c\/p\u003e \u003cp\u003ePrepare Confidentiality Agreement 285\u003c\/p\u003e \u003cp\u003eFirst Round 286\u003c\/p\u003e \u003cp\u003eContact Prospective Buyers 286\u003c\/p\u003e \u003cp\u003eNegotiate and Execute Confidentiality Agreement with Interested Parties 286\u003c\/p\u003e \u003cp\u003eDistribute Confidential Information Memorandum and Initial Bid Procedures Letter 287\u003c\/p\u003e \u003cp\u003ePrepare Management Presentation 288\u003c\/p\u003e \u003cp\u003eSet Up Data Room 289\u003c\/p\u003e \u003cp\u003ePrepare Stapled Financing Package (if applicable) 291\u003c\/p\u003e \u003cp\u003eReceive Initial Bids and Select Buyers to Proceed to Second Round 291\u003c\/p\u003e \u003cp\u003eSecond Round 293\u003c\/p\u003e \u003cp\u003eConduct Management Presentations 293\u003c\/p\u003e \u003cp\u003eFacilitate Site Visits 294\u003c\/p\u003e \u003cp\u003eProvide Data Room Access and Respond to Diligence Requests 294\u003c\/p\u003e \u003cp\u003eDistribute Final Bid Procedures Letter and Draft Definitive Agreement 295\u003c\/p\u003e \u003cp\u003eReceive Final Bids 296\u003c\/p\u003e \u003cp\u003eNegotiations 300\u003c\/p\u003e \u003cp\u003eEvaluate Final Bids 300\u003c\/p\u003e \u003cp\u003eNegotiate with Preferred Buyer(s) 300\u003c\/p\u003e \u003cp\u003eSelect Winning Bidder 300\u003c\/p\u003e \u003cp\u003eRender Fairness Opinion (if required) 301\u003c\/p\u003e \u003cp\u003eReceive Board\/Owner Approval and Execute Definitive Agreement 301\u003c\/p\u003e \u003cp\u003eClosing 302\u003c\/p\u003e \u003cp\u003eObtain Necessary Approvals 302\u003c\/p\u003e \u003cp\u003eShareholder Approval 303\u003c\/p\u003e \u003cp\u003eFinancing and Closing 305\u003c\/p\u003e \u003cp\u003eNegotiated Sale 306\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Buy-Side M\u0026amp;A 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuyer Motivation 310\u003c\/p\u003e \u003cp\u003eSynergies 311\u003c\/p\u003e \u003cp\u003eCost Synergies 312\u003c\/p\u003e \u003cp\u003eRevenue Synergies 312\u003c\/p\u003e \u003cp\u003eAcquisition Strategies 313\u003c\/p\u003e \u003cp\u003eHorizontal Integration 313\u003c\/p\u003e \u003cp\u003eVertical Integration 313\u003c\/p\u003e \u003cp\u003eConglomeration 314\u003c\/p\u003e \u003cp\u003eForm of Financing 315\u003c\/p\u003e \u003cp\u003eCash on Hand 316\u003c\/p\u003e \u003cp\u003eDebt Financing 316\u003c\/p\u003e \u003cp\u003eEquity Financing 317\u003c\/p\u003e \u003cp\u003eDebt vs. Equity Financing Summary—Acquirer Perspective 318\u003c\/p\u003e \u003cp\u003eDeal Structure 318\u003c\/p\u003e \u003cp\u003eStock Sale 318\u003c\/p\u003e \u003cp\u003eAsset Sale 321\u003c\/p\u003e \u003cp\u003eStock Sales Treated as Asset Sales for Tax Purposes 324\u003c\/p\u003e \u003cp\u003eBuy-Side Valuation 327\u003c\/p\u003e \u003cp\u003eFootball Field 327\u003c\/p\u003e \u003cp\u003eAnalysis at Various Prices 330\u003c\/p\u003e \u003cp\u003eContribution Analysis 331\u003c\/p\u003e \u003cp\u003eMerger Consequences Analysis 333\u003c\/p\u003e \u003cp\u003ePurchase Price Assumptions 333\u003c\/p\u003e \u003cp\u003eBalance Sheet Effects 338\u003c\/p\u003e \u003cp\u003eAccretion\/(Dilution) Analysis 343\u003c\/p\u003e \u003cp\u003eAcquisition Scenarios—I) 50% Stock\/50% Cash; II) 100% Cash; and III) 100% Stock 346\u003c\/p\u003e \u003cp\u003eIllustrative Merger Consequences Analysis for the BuyerCo\/ValueCo Transaction 351\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Initial Public Offerings 373\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Initial Public Offerings 375\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Do Companies Go Public? 376\u003c\/p\u003e \u003cp\u003eCharacteristics of a Strong IPO Candidate 378\u003c\/p\u003e \u003cp\u003eAttractive Industry 378\u003c\/p\u003e \u003cp\u003eStrong Competitive Position 378\u003c\/p\u003e \u003cp\u003eGrowth Opportunities 379\u003c\/p\u003e \u003cp\u003eMoat \u0026amp; Barriers to Entry 380\u003c\/p\u003e \u003cp\u003eHealthy Financial Profile 380\u003c\/p\u003e \u003cp\u003eDisruptive \u0026amp; Differentiated Solutions 381\u003c\/p\u003e \u003cp\u003eFavorable Risk Profile 381\u003c\/p\u003e \u003cp\u003eProven Management Team 382\u003c\/p\u003e \u003cp\u003eKey Participants 383\u003c\/p\u003e \u003cp\u003eInvestment Banks 383\u003c\/p\u003e \u003cp\u003eCompany Management 386\u003c\/p\u003e \u003cp\u003eCurrent Owners\/Investors 387\u003c\/p\u003e \u003cp\u003eIPO Investors 387\u003c\/p\u003e \u003cp\u003eLawyers 388\u003c\/p\u003e \u003cp\u003eAccountants 388\u003c\/p\u003e \u003cp\u003eExchange Partner 389\u003c\/p\u003e \u003cp\u003eIPO Advisors 390\u003c\/p\u003e \u003cp\u003eVendors 390\u003c\/p\u003e \u003cp\u003eSelected Key Terms 391\u003c\/p\u003e \u003cp\u003eOffering Size 392\u003c\/p\u003e \u003cp\u003ePrimary\/Secondary 393\u003c\/p\u003e \u003cp\u003eOverallotment Option, a.k.a. “Greenshoe” 394\u003c\/p\u003e \u003cp\u003eSyndicate Structure 395\u003c\/p\u003e \u003cp\u003eLock-up Provision 396\u003c\/p\u003e \u003cp\u003eListing Exchange 396\u003c\/p\u003e \u003cp\u003eGross Spread 397\u003c\/p\u003e \u003cp\u003eDual-Track Process 398\u003c\/p\u003e \u003cp\u003eSpecial Purpose Acquisition Companies (Spac s) 401\u003c\/p\u003e \u003cp\u003eDirect Listings 403\u003c\/p\u003e \u003cp\u003ePost-IPO Equity Offerings 406\u003c\/p\u003e \u003cp\u003eIPO Considerations 407\u003c\/p\u003e \u003cp\u003eNasdaq Appendix 409\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The IPO Process 413\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrganization and Preparation 415\u003c\/p\u003e \u003cp\u003eSelect IPO Team, Exchange Partner and Assign Responsibilities 415\u003c\/p\u003e \u003cp\u003eManage Corporate Housekeeping 418\u003c\/p\u003e \u003cp\u003eC Corp vs. Up-C Structure 423\u003c\/p\u003e \u003cp\u003eDetermine IPO Timing 425\u003c\/p\u003e \u003cp\u003eDetermine Offering Structure and Preliminary IPO Valuation 426\u003c\/p\u003e \u003cp\u003eHost Organizational Meeting 429\u003c\/p\u003e \u003cp\u003eDue Diligence, Drafting, and Filing 430\u003c\/p\u003e \u003cp\u003ePerform Underwriter Due Diligence 430\u003c\/p\u003e \u003cp\u003eDraft and File the Registration Statement 431\u003c\/p\u003e \u003cp\u003ePrepare Other Key Transaction and Corporate Governance Documents 436\u003c\/p\u003e \u003cp\u003eCoordinate with Equity Research 437\u003c\/p\u003e \u003cp\u003eRespond to SEC Comments and File Amended Registration Statement 437\u003c\/p\u003e \u003cp\u003eMarketing and Roadshow 438\u003c\/p\u003e \u003cp\u003ePrepare Marketing Materials 438\u003c\/p\u003e \u003cp\u003eSalesforce Teach-in 439\u003c\/p\u003e \u003cp\u003eConduct Roadshow 440\u003c\/p\u003e \u003cp\u003eBuild Order Book 443\u003c\/p\u003e \u003cp\u003ePricing and Allocation 445\u003c\/p\u003e \u003cp\u003ePrice the Offering 445\u003c\/p\u003e \u003cp\u003eAllocate Shares to Investors 447\u003c\/p\u003e \u003cp\u003eClosing 447\u003c\/p\u003e \u003cp\u003eAfterword 449\u003c\/p\u003e \u003cp\u003eBibliography and Recommended Reading 451\u003c\/p\u003e \u003cp\u003eIndex 457\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":48866421670231,"sku":"9781119867876","price":67.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119867876.jpg?v=1722278568","url":"https:\/\/bookcurl.com\/products\/investment-banking-valuation-lbos-ma-and-ipos-book-valuation-models-third-edition-9781119867876","provider":"Book Curl","version":"1.0","type":"link"}