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W.R. Hambrecht & Co.'s OpenIPO: A New Approach to Underwriting

Product Type: Market Research Report
Published by: TowerGroup
Published: October 1999
Product Code: R301-566
Description
Initial public offerings do not easily land in the hands of retail investors. IPOs are traditionally allocated to institutional clients of underwriting firms and syndicates. However, the retail brokerage industry is driving a change in these conventions. Some investment banks are creating opportunities for individual investors to participate in IPOs through the Internet. The Internet is used as the distribution channel as well as a means to reduce costs. Recently, the new investment bank, W.R. Hambrecht & Company, in partnership with BHC Securities, developed OpenIPO, an online underwriting service that enables individual retail investors to purchase IPOs via a Dutch auction method. This Research Note examines W.R. Hambrecht's OpenIPO service.
Table of Contents
Highlights

Vision

Introduction

Background

  • Online Underwriting

    OpenIPO

  • The OpenIPO Auction Process
  • Development and Technology
  • Transforming the Underwriting Process
  • Market Prices
  • Members of OpenIPO Network
  • Institutional Investors Have Access Too

    Discussion

  • Electronic Underwriting--Creating a Niche
  • OpenIPO--A New Type of IPO

    Conclusion

    • Ordering and More Information
    Price and Delivery Options


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