Chapter 446 Woaw’s IPO starts

"Barron..."

"I'm here, baby."

Barron wiped his hair, walked out of the bathroom, and said softly:

"you are so Beautiful!"

"Thank you. I thought you...had already left."

Upon hearing Barron's praise, the expression on Miss Ella's face immediately changed from a little panic to a sweet smile.

"No, I went to the gym to exercise and just took a shower."

Barron walked to the bed, lowered his head and pressed a kiss on the woman's forehead.

In his previous life, although Barron's income was pretty good, he was addicted to drinking and sex all year round, and the financial industry was often extremely stressful. Therefore, by middle age, his figure had become bloated, and his energy was not as good as before.

Now that he had a chance to start over, and was born into a duke's family, he was now extremely wealthy, but he cherished his life even more. He always maintained a regular schedule and insisted on exercising every day.

It has to be said that the young Miss Ella at this time is indeed beautiful, and her figure is well maintained. More importantly, her royal background also adds a lot to her charm.

"I'm going to get up too..."

Although everything that was supposed to happen with Barron last night had already happened, but now she noticed that his eyes were on her, Miss Ella still subconsciously covered the cup, her face became more and more rosy, and she spoke softly.

"Okay, honey, I'll let them make breakfast and take care of the mail."

They are currently in a villa between Hyde Park and Kensington Gardens, which Barron purchased not long ago.

It is not far from Kensington Palace where Miss Ella lives, making it convenient for the two to have a tryst.

…

"My dear, breakfast is ready. Are you finished?"

"Sorry, I just forgot the time, I'll be here soon..."

After reading the email, Barron closed the computer and went to the restaurant.

He just saw the email about the IPO listing of Woaw Technology, and he focused on it for a while, but he forgot to have breakfast.

Yes, Woaw Technology is ready to go public, and its target is the Nasdaq market.

Yesterday, December 22, the listing application was submitted to the SEC and Nasdaq. Once approved, the IPO process will begin.

Since this year, Woaw.com has developed rapidly and currently has 150 million global users.

And since the launch of the information flow in the second half of the year, Woaw has also begun to make efforts in advertising revenue. It is expected that the revenue for the whole year this year will exceed 150 million US dollars. This is only in the fourth quarter when advertising revenue begins to grow significantly. Next, if this development momentum continues, they expect revenue next year to exceed US$250 million.

In fact, even so, Woaw still has great potential for development and there is still a lot of room to tap in terms of revenue, so it is not the best time to go public.

However, investors in Woaw Technology, including Sequoia Capital and Goldman Sachs, hope that it can be listed as soon as possible so that their investment can be profitable.

Barron also considered that the subprime mortgage crisis will come soon, and the financial market will enter a cold winter by then. Even if Woaw technology can bring better data at that time, then in this case In a listing environment, the final effect it can achieve may even be worse.

After the subprime mortgage crisis, I am afraid it will take at least two years, that is, until 2010, for the market environment to start to improve. Then it will be too late.

Therefore, he finally decided to go through the IPO listing process of 2aw Technology.

Today's Woaw Technology can be said to be the most high-profile unicorn project in the Internet industry. In its C round of financing, its valuation has exceeded US$3.5 billion. At this time, its number of users and profitability are both unmatched at that time. On the same day, according to the estimates of relevant institutions, the valuation of Woaw Technology has exceeded US$10 billion.

However, different institutions have different specific data regarding its current specific valuation, ranging from US$10 billion to the most optimistic US$15 billion.

The total share capital of Woaw Technology is currently 3.53 billion shares, of which DS Capital holds 2.355 billion shares, accounting for 66.72%; Sequoia Capital holds 395 million shares, accounting for 11.2%; Google holds 353 million shares, accounting for 10% ; Goldman Sachs Group holds 176.5 million shares, accounting for 5%; Blackstone Fund holds 250 million shares, accounting for 7.08%...

In this IPO, Woaw Technology is preparing to publicly sell 588 million ordinary shares, accounting for 15% of the total post-listing share capital, of which 392 million shares are newly issued shares, and the rest are sold by original shareholders. part.

Among them, Sequoia Capital, Goldman Sachs Group and the Blackstone Foundation sold part of their shares to recover some funds.

It is worth mentioning that this IPO of Woaw Technology will also draw on the dual-class structure of Google when it was listed. DS Capital will allocate 155 million shares of its total 2.355 billion Woaw shares to employee shares. The company, as an option incentive is issued to the company's management to employees.

At the same time, other shareholders unanimously agreed that of the remaining 2.2 billion Woaw shares held by Woaw Technology, 200 million shares will be classified as Class B shares, and all other shares will be Class A stocks.

After Woaw Technology is listed, it will have a dual-class share structure, that is, an AB share structure. Class B shares have 10 voting rights per share, while Class A ordinary shares only have 1 voting right.

In this case, after the listing of Woaw Technology, although the proportion of the 2.2 billion shares held by DS Capital has been diluted to 56%, its voting rights proportion is as high as 69.9%!

In other words, even if DS Capital sells 2 billion common shares of its 2.2 billion shares, leaving only 200 million Class B shares, its shareholding ratio is reduced to 5%...the voting rights they have will still Up to nearly 35%!

This is the power of the dual-class share structure, and it is also the reason why in so many Internet technology companies, including Alibaba and Penguin, the founders may only hold less than 10% of the shares, but they can still firmly control the company's management rights. .

Of course, if such a shareholding structure is implemented, there will definitely be some investors who will "reduce" the value of common shares because the voting rights of the shares purchased are significantly different from those held by management - just like Google's IPO. If it had not adhered to the dual-class share structure, its stock issuance price would definitely be higher, but considering the long-term control over the company, this "small" loss is within the tolerable limit.

For a high-profile "rising star" in the Internet industry like Woaw Technology, Nasdaq naturally welcomes its listing, so it can be said to be a green light for its IPO.

The SEC also gave a reply at a relatively fast speed - in principle, it agreed to Woaw's listing request, but it still needs to continue to communicate on some details of its prospectus...

The lineup of underwriters for Woaw's IPO is also very luxurious. The lead underwriters are Goldman Sachs Group and Morgan Stanley. Other underwriters include JPMorgan Chase, Barclays Bank, Standard Chartered Bank and Merrill Lynch... all He is a "big boss" on Wall Street.

Well, except for Barclays Bank and Standard Chartered Bank, they have a good presence in this listing because of their good relationship with DS Capital.