Rebirth in a Perfect Era Chapter 1494: Underwriter
Remember [novelmao.com] in one second, update fast, no pop-up window, free to read!
Mark Zuckerberg made his decision immediately after thinking about the Li Mu’s experience. After talking with Larry Page, he said to Li Mu in private: “Chief Li, I think carefully After a while, I decided to accept Mr. Page’s suggestion, take a break from Harvard, and then move the company to Silicon Valley, what do you think? “
Li Mu smiled slightly and said, “I support school suspension, because the next few years will be the golden period for the rapid development of internet. If you are still in school at half time, this high-speed train will leave you Tear, but it is not a good time for you to move the company to Silicon Valley. “
Mark · Zuckerberg puzzled and asked: “Why? Silicon Valley is the industry center. If you are in Silicon Valley, you can access more core resources in the industry.”
Li Mu laughed and said: “Your current business line is aimed at university students, Silicon Valley is a gathering place for internet elites, but not a gathering place for university students at school, so what you have to do now is to temporarily suspend school from school Come out, and then go all out into the huge ivory tower of entire US university campus and university students. “
Speaking of this, Li Mu asked Mark Zuckerberg: “Did you notice that those people just now, including Larry Page, didn’t care too much about the core of the Facebook project?”
Mark Zuckerberg nodded and said, “It is exactly like you said.”
Li Mu said: “Do you know why?”
Mark Zuckerberg shook his head.
Li Mu smiled and said: “Because they do not think you are a real internet entrepreneur in their hearts, they think you are just a university student in the university student group, and your project is just a small one. The playful university student project proves that they do not pay much attention to the university student group, just like the mentality of the NBA Lakers regarding a university campus basketball team, they think you are not a professional player at all, level and prospects Not worth mentioning at all. “
Mark Zuckerberg agreed: “Really …”
Li Mu snapped her fingers and laughed: “This is the best situation. When someone else starts, the development is all about Gou. With a little bit of head-starting, the boss will quickly wipe him out, but your start now It is in an area where these so-called bigwigs do not pay attention or care, but this group has tens of millions of potential users and nearly 100 million potential users around the world. Once they have grown to a sufficient level in this area, When you enter the Silicon Valley from the university campus, you are already one of the Silicon Valley gangsters. “
Speaking of this, Li Mu said again: “China has a great man who once created a great strategy of rural surrounding cities. Now this strategy is suitable for you to learn to emulate. For the elite of Silicon Valley, only Silicon Valley, New York, Los Angeles and Wall Street are the “city” of the internet industry, which is suitable for the strategy of surrounding the city with the countryside, and they are caught by surprise. “
Mark Zuckerberg could n’t hide his excitement: “Then I will take a break after I go back, and then Facebook will quickly become bigger and stronger in the university student community!”
Li Mu nodded: “I will arrange additional investment funds for you soon. Larry Page will guide you all the search traffic of Google about university. You do n’t have to worry about anything next. , Fully expand at a high speed within the university student group. “
……
After chatting with guests from afar at the reception, Li Mu and person in charge Steve · Johnson of Sequoia Capital met in private.
Steve · Johnson is most concerned about the follow-up capital operation of Muye Science and Technology and Li Mu and other companies. Sequoia has tasted the great sweetness in Muye Science and Technology, so I ca n’t wait to find another breakthrough, but Li Mu ’s attitude towards capital Extra caution, because of the upward trend in the global capital market, Li Mu now gives almost no opportunity for capital to infiltrate, which makes Steve Johnson scratching his head.
Every time the capital market goes down, companies are anxious to raise funds, because they are worried about the cold winter that may come at any time, so they sacrifice some shares in advance, and reserve cash to survive the winter. However, when the capital market goes up, companies They all started to clenched their teeth and waited for the price to continue to rise before selling the shares.
Now that the global capital market is doing well, Li Mu is naturally not in a hurry to raise funds, but is looking forward to being able to achieve a very large-scale fundraising by going public.
After Li Mu sat down with Steve Johnson, the latter handed a cigar to Li Mu, said with a laugh said: “Chief Li, try it, the best Cuban cigar in the world.”
Li Mu shook his head and smiled: “Thank you, but I ca n’t get used to it.”
Say, Li Mu took out a pack of domestic cigarettes from his pocket and asked him: “Do you want to try this?”
Steve · Johnson hesitated for a moment, then smiled briskly: “OK, try it.”
Li Mu took out two panda cigarettes, handed him one, and lit one himself, and then asked him with a smile: “Steve, are you so anxious to ask me to meet, is there any good thing to take care of?”
Steve · Johnson lit a cigarette, tasted it, then spit out white smoke, and said with a smile: “To be honest, Sequoia always has a lot of cash waiting for you to greet you, but you are not willing to do another one. I do n’t have a way to raise money … “
Li Mu smiled indifferently and said: “Apple has been acquired, and financing at this time is no longer attractive to me.”
Steve · Johnson said: “So I am not going to talk to you about financing this time. I want to talk to Chief Li about the future IPO of Muye Science and Technology.”
Li Mu raised an eyebrow and asked him: “What do you want to talk to me about the IPO?”
Steve · Johnson laughed: “I mainly want to know the approximate time plan of Muye Science and TechnologyIPO.”
Li Mu said: “After Google and Baidu are successfully listed in IPO, Muye Science and Technology will start its own IPO plan.”
Steve · Johnson nodded and said with a smile: “Chief Li is really clever, and after these two companies are IPO, the valuation of Muye Science and Technology will further increase, indeed is the best time.”
After taking a horse fart, Steve Johnson asked Li Mu with a serious expression: “Chief Li, Muye Science and Technology should have already begun to prepare for the IPO? Is it convenient to disclose the current progress?”
Li Mu smiled irresponsibly and said, “Steve, you have a big idea, you can say it directly, we also say that we are partners, there is no need to go around.”
Steve · Johnson hesitated for a moment and said: “Chief Li, in fact, for Sequoia and myself, I very much hope to be able to cooperate in depth with you on Muye Science and TechnologyIPO. We have estimated the future valuation of Muye Science and Technology, In the case of Muye Science and Technology maintaining the current growth rate, plus the additional Google30% stake, Muye Science and Technology‘s IPO fundraising is likely to exceed 20 billion USD, creating the largest IPO in Nasdaq history, but , All of this must be based on a mature, reliable and strong underwriter team. “
Li Mu nodded. At this time, he understood the motivation of Steve · Johnson. What he wanted was the qualification of an underwriter in the future Muye Science and TechnologyIPO.
In the Nasdaq IPO, the first step is to submit an audit, followed by finding a suitable team of underwriters, and then determine the valuation, number of shares issued and price with the other party, and then the other party will IPO The stocks are sold to the big customers in their hands. Generally speaking, the stocks issued by the US stock IPO are basically not for retail investors. They are all cleaned up at the level of large customers with assets of more than one million USD, and can fall into the IPO stage. The stocks in the hands of retail investors are generally junk stocks.
Sometimes, when a company fails to go public in the United States, it is not that the company does not meet the Nasdaq listing requirements, but that the company is not satisfied with the price given by the underwriter. Shanda Literature has repeatedly launched a plan to go to the United States for listing, but has repeatedly launched and stranded, and eventually abandoned the overall sale of the listing. The main reason for the listing stranded is the valuation difference with the underwriter.
An enterprise will have two valuations before it goes public, one is the valuation of the enterprise itself, and the other is the valuation of the capital market. This is the same as finding a job and communicating with the employer. If the salary of the enterprise is lower than expected, most job seekers will refuse, and if the salary of the job seeker is relatively high, most enterprises will also refuse.
If a company preparing to list on the Nasdaq has its own target valuation of 1 billion USD, they hope that by issuing 10 million shares, 10USD per share, and raising 100 million USD, they will account for the company ’s total shares 10%, but the underwriter feels that the prospect of this company is not as good as the company itself thinks. In the eyes of the underwriter, the valuation of this company can only be 500 million USD. If other conditions remain unchanged, the corresponding The price of 5USD per share can be sold. If the price is higher, it is difficult to sell all the shares issued by the IPO.
Under this foundation, if the enterprise accepts the valuation of the underwriter, then he also takes out 10% of the shares, but he can only raise funds 50 million USD. The psychological expectation is a half-off, which is naturally difficult to accept, but both parties No one wants to give in on this issue, so this IPO can only be stranded because of huge differences.
So, in the IPO process, the role of the underwriter is still very important. The strength of the underwriter must be sufficient, and the underwriter ’s value and prospects for the client company must be sufficiently recognized. Muye Science and Technology although has a high reputation worldwide High, and the capital market recognition is also very high, but when it comes to IPO, there is still a need for a reliable underwriter to work together to strive for the maximum benefit for the enterprise in the listing process.
At any time for the seller, the best selling price is just close to the maximum limit accepted by the buyer, as is Li Mu.
So Li Mu asked him: “Do you want to be an underwriter of Muye Science and Technology?”
Steve Johnson nodded frankly at the moment and said, “Chief Li, to be honest, with the volume of Muye Science and TechnologyIPO, I am afraid that no investment bank can eat it by itself. According to our estimation, it needs at least three to six The first-tier investment banks come together to form an underwriting team. We hope that our close cooperation with Muye Science and Technology can become the lead bank of Muye Science and TechnologyIPO. “