引受の種類: ダッチオークション

Dutch auction underwriting is a method of offering securities in which the price is determined based on investor bids.

In this auction format, investors specify the number of shares they want to buy and the highest price they are willing to pay. 

The issuing company or underwriter determines the final share price at the highest level, where all available shares can be sold. 

This approach contrasts with traditional fixed-price offerings, where the underwriter sets the price before the offering.

A notable example of Dutch auction underwriting is Google’s initial public offering in 2004.

Instead of setting a fixed price for its shares, Google allowed potential investors to bid on them. 

This led to a final price that reflected true investor demand.

Google raised one point six seven billion dollars, expanded its investor base, and demonstrated how Dutch auctions can open up market access.

Dutch auction underwriting allows for market-driven pricing, ensuring the share price reflects real investor demand, which can lead to a fairer valuation.