What a difference a few years can make. Initial public offering volumes are sharply down in Hong Kong, while some markets in Southeast Asia appear to be enjoying a revival not seen since the 1997 financial crisis. I have mentioned earlier in Money Post on July 2 that much of this is due, at least in part, to the shrinkage of deal flow from China’s giant state-owned enterprises, which has generated much of the steady fee income for IPO bankers since the mid-noughties. read

In 2004, Google came to market with an IPO. The company took an unconventional approach to pricing. It put its offer to all investors through an open, Dutch auction. All investors, whether individuals or institutions, were asked to submit orders. The deal was then priced at exactly the level required to sell all shares at the highest possible valuation. read

Knowledge is power. And it’s especially true when it comes to investing in initial public offerings. On July 8, fellow columnist Jake van der Kamp argued that retail investors seem to be getting too little of it – or rather that information on IPO issuers is being made available to the public too late in the process (“SFC appears to be in la-la land over listing documents”). read