[Fwd: Democratization of Money]

Saikat Ghosh ([email protected])
Mon, 04 Oct 1999 10:06:22 -0700

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CONTRIBUTOR "Sendil ~zen~ Nathan" <[email protected]>

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From: "Sendil ~zen~ Nathan" <[email protected]>
To: <[email protected]>
Subject: Democratization of Money
Date: Sat, 2 Oct 1999 06:40:24 -0700
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Questions regarding the parallel between =91flipping=92 vs. =91spin-docto=
ring=92 and
the =91cash-on-table=92 vs. =91kickbacks=92 are certainly not attracting =
the
attention of SEC to the extent it should. But who waits for authority in =
a
post-modern world when one can silently deconstruct the old disorder?

In order to succeed in the IPO game, one must know the appropriate Clinto=
ns
& Vernon Jordans of banking who are willing to appreciate the *credential=
s*
of the startup. And the credentials also include the willingness to
sacrifice large sums of money in order to trigger the flipping process th=
at
generate the critical mass needed for the =91Law of greater Fool=92 hyste=
ria to
propel the stocks into outer space.

However, only a quarter of the post-IPOs are able to maintain the stocks =
at
either opening price or [god forbid] share price after 3+ months or so. T=
his
has created a significant majority among the startup populace who are rea=
dy
to discard the NDAs and openly criticize the system for its
=93irregularities=94 =96 articles like the one on Upside explaining the
spin-doctor process would have never appeared in the past =96 it was
considered sacrilegious to even discuss it.

The high rate of startup failures, combined with the SEC=92s failures to =
step
up to the Internet world has aggregated several willing *relationships* t=
o
create alternatives to Investment Banks.

Here=92s some concrete evidence to the warfare that=92s being waged betwe=
en the
modernists & the proponents of the post-modern capitalism.

=93Let the chaos begin !=94 :-)

Sendil ~zen~ Nathan
Digital Strategy & Information Architecture
http://iarchitect.org/

Underwriting, Internet Style
ISP Espernet files a $150 million IPO. Managing the deal: not Goldman Sac=
hs
or Morgan Stanley, but online investment banks. Wall Street, beware.
By Megan Barnett <mailto:[email protected]>
The downtown San Francisco office of online investment bank E-Offering is=
a
long way from Wall Street. Its walls are painted chartreuse and purple, t=
he
same colors as the logo for E-Trade, its largest investor. Among its 150
employees, there isn't a necktie to be found, and most of the staff seems=
to
have just come back from an advertising shoot for the Gap. A life-sized
cardboard Austin Powers stands in the corner.
This, E-Offering would like you to believe, is the future of investment
banking.
The Internet has set the stage for a number of new investment banks tryin=
g
to create a more efficient way for young companies to raise capital and t=
o
provide individual investors with access to initial public offerings.
Instead of giving the majority of IPO shares to large institutions lookin=
g
to make a quick profit on a first-day run-up =96 which often happens with
deals underwritten by old-line investment banks =96 the online banks offe=
r
shares to individuals, who are more likely to hold onto them for the long
haul.
At least, that's the theory. So far, neither the investment community nor
the current crop of young, capital-hungry Internet companies has taken th=
e
bait. On most deals in which these new banks participate, the lead
underwriters allot just a tiny portion of the shares to the online banks.
And companies going public today still want the level of service traditio=
nal
banks provide. In general, the capital markets have indicated they weren'=
t
quite ready for such a radical new form of investment banking.
But one little-known Net company is giving the new guys a chance to
demonstrate what it can do without the help of a traditional Wall Street
bank. Espernet.com, a New York-based ISP, filed a registration statement
with the Securities and Exchange Commission last week to raise as much as
$150 million in an IPO to be underwritten entirely by online investment
banks. E-Offering will lead-manage the deal, with DLJDirect and W.R.
Hambrecht & Co. as comanagers.
Now, this is not likely a deal that Goldman Sachs or Morgan Stanley lost =
to
E-Offering. Espernet is an ISP consolidator that was formed in April. The
company has letters of intent to acquire 45 local ISPs, and it plans to u=
se
the proceeds of the offering to pay for them. The risks are great: While
most registration statements for Internet companies claim that a "limited
operating history" is an investment risk, Espernet's statement admits tha=
t
"no operating history" is the primary risk in this investment.
Espernet is going out on a limb with the underwriters, as well. Never bef=
ore
has an IPO of this size been lead-managed by an online investment bank. B=
ut
a close examination of what happens in a traditionally underwritten IPO
could make the alternative look all the more desirable.
For decades, investment banks have distributed the vast majority of IPO
shares only to their most important institutional clients, shutting out
individuals and smaller institutions. These large institutions purchase
shares at the offering price and frequently sell them on the first or sec=
ond
trading day, a process called "flipping." The rest of the investing publi=
c
ends up buying shares after the institutions have sold out at prices far
above the offering price.
While the retail investors get shut out, the companies that are raising t=
he
capital also take a back seat to the institutions, leaving millions of
dollars on the table. Last week, for instance, the investment bankers for
Foundry Networks priced its IPO at $25 per share. The stock opened at $10=
9
and hit a high of $166 on its first day of trading. According to market
demand, Foundry could have raised far more than the $150 million it did.
Instead, institutional investors =96 the clients that keep Wall Street
humming =96 pocketed the money in their funds.
Ron Readmond, CEO of New York-based online investment bank Wit Capital,
estimates that 80 percent of deals are distributed to institutions and 20
percent to retail investors. One month later, institutions hold only 20
percent of those publicly traded shares and retail holds the rest. He hop=
es
to help bring that IPO distribution to a 50-50 retail-to-institutional
split.
Part of the pitch these online investments banks use to woo new corporate
clients is affinity marketing. By giving shares to customers, they argue,
the company is more likely to retain them as both shareholders and as
customers =96 and traditional investment banks can't do that.
"Who do you want your investors to be? Your customers," says Tim Newell
<http://www.thestandard.com/companies/display/0,1591,11073,00.html> ( NW=
L
<http://www.thestandard.com/articles/stock/1,2438,,00.html?symb=3DNWL> ) =
,
managing director of corporate finance for E-Offering. "It's a great way =
to
keep them coming back. Take their money and they'll come back."
But these online banks are still figuring this process out. When software
maker Red Hat went public earlier this summer, E-Offering was forced to
reckon with a slew of irate Linux programmers who were denied access to
shares after being promised them. When the programmers signed up for the
shares through new accounts with E-Trade =96 the distribution partner of
E-Offering =96 a regulatory screening prevented many of them from getting
through.
"What we've learned is that we have to do a really good job of
communication," Newell says. "Both the challenge and the power of the
Internet is that you reach a lot of people."
Affinity marketing isn't the only service online investment banks are sti=
ll
figuring out. While reaching the masses through online brokerages is a
promising idea, simply distributing IPO shares won't sustain a business
model for the longer term, particularly if the market turns sour. And
institutions can't be entirely removed from the picture.
"Distribution is becoming a commodity," says Wit's Readmond. Indeed, when
Merrill Lynch
<http://www.thestandard.com/companies/display/0,1591,10990,00.html> ( ME=
R
<http://www.thestandard.com/articles/stock/1,2438,,00.html?symb=3DMER> )
launches discount online trading in December, it intends to offer online
access to IPOs. As the rest of the Wall Street contingency adopts an
Internet strategy, IPO access will be available to virtually anyone who
trades online. Readmond says the quality of Wit's research and advisory
services will set the company apart from its online rivals.
So exactly how will the three online underwriters pull off a $150 million
IPO by distributing to a slew of retail investors? In part, by offering
shares to the ISP's customer base. But more likely it will be E-Offering'=
s
institutional client base that will help fill demand for the stock and
support it in the aftermarket. Unlike the other online banks, E-Offering
caters to midsize and smaller institutions in addition to the E-Trade
customer base.
Having institutional clients makes lead-managed online deals a possibilit=
y.
And lead underwriting fees are where the big money is on Wall Street; the=
y
typically account for as much as 60 percent of a deal's underwriting fees.
So far, E-Offering is the only one of the online players that sees the va=
lue
in lead-managed deals, with the exception of W.R. Hambrecht, which prices
its smaller deals based on a Dutch auction model. Wit Capital, which
currently distributes only to retail investors, has plans to expand into =
the
institutional base, but will always be heavily focused on serving retail
customers. Readmond says Wit has "no aspiration to lead-manage a deal," a=
nd
adds that Wit will never comanage a deal led by an online investment bank.
DLJDirect, likewise, has no intention of trying to take top billing on
underwritings. "We're not staffed to lead-manage a deal," says Glenn Tong=
ue,
president of DLJDirect. "Why would we want to?"
As for Espernet's fate in the public markets, it's far too early to tell.
Its entire business model is riding on this $150 million =96 without it, =
it
cannot acquire the ISPs it must in order to commence business. But there'=
s a
precedent that suggests it just might work: A deal similar to this one wa=
s
successfully completed earlier this year. ISP rollup OneMain.com went pub=
lic
in March with BT Alex Brown, Soundview Technology =96 and none other than=
Wit
Capital on the cover.
The Industry Standard October 01, 1999 Finance

http://www.thestandard.com/articles/display/0,1449,6746,00.html?home.tf

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Questions regarding the parallel =
between
‘flipping’ vs. ‘spin-doctoring’ and the =
‘cash-on-table’ vs. ‘kickbacks’ are
certainly not attracting the attention of SEC to the extent it should. =
But who waits
for authority in a post-modern world when one can silently deconstruct =
the old disorder?<o:p></o:p>

In order to succeed in the IPO game, =
one
must know the appropriate Clintons & Vernon Jordans of banking who =
are
willing to appreciate the *credentials* of the startup. And the =
credentials
also include the willingness to sacrifice large sums of money in order =
to
trigger the flipping process that generate the critical mass needed for =
the
‘Law of greater Fool’ hysteria to propel the stocks into =
outer space.<o:p></o:p>

However, only a quarter of the =
post-IPOs are
able to maintain the stocks at either opening price or [god forbid] =
share price
after 3+ months or so. This has created a significant majority among the
startup populace who are ready to discard the NDAs and openly criticize =
the
system for its “irregularities” – articles like the =
one on Upside explaining
the spin-doctor process would have never appeared in the past – it =
was
considered sacrilegious to even discuss =
it.<o:p></o:p>

The high rate of startup failures, =
combined
with the SEC’s failures to step up to the Internet world has =
aggregated several
willing *relationships* to create alternatives to Investment =
Banks.<o:p></o:p>

“Let the chaos begin !” =
<span
style=3D'font-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Wingdings;=

mso-ascii-font-family:"Trebuchet MS";mso-hansi-font-family:"Trebuchet =
MS";
mso-char-type:symbol;mso-symbol-font-family:Wingdings'>J<fo=
nt
size=3D2 color=3D"#333300" face=3D"Trebuchet MS"><o:p></o:p>

<![if =
!supportEmptyParas]> <![endif]><o:p></o:p>

<o:p></o:p>

Sendil ~zen~ Nathan<o:p></o:p>

Digital
Strategy & Information Architecture<o:p></o:p>

<a
href=3D"http://iarchitect.org/">http://iarchitect.org/</a><o:p></o:p></sp=
an>

<![if =
!supportEmptyParas]> <![endif]><o:p></o:p>

<![if =
!supportEmptyParas]> <![endif]><o:p></o:p>

Underwriting,
Internet Style<o:p></o:p>

ISP
Espernet files a $150 million IPO. Managing the deal: not Goldman Sachs =
or
Morgan Stanley, but online investment banks. Wall Street, =
beware.
<o:p></o:p>

By <a
href=3D"mailto:[email protected]">Megan =
Barnett</a> =
<o:p></o:p>

The downtown San =
Francisco office
of online investment bank E-Offering is a long way from Wall Street. Its =
walls
are painted chartreuse and purple, the same colors as the logo for =
E-Trade, its
largest investor. Among its 150 employees, there isn't a necktie to be =
found, and
most of the staff seems to have just come back from an advertising shoot =
for
the Gap. A life-sized cardboard Austin Powers stands in the corner. =
<o:p></o:p>

This, E-Offering would =
like you to
believe, is the future of investment banking. =
<o:p></o:p>

The Internet has set the =
stage for
a number of new investment banks trying to create a more efficient way =
for
young companies to raise capital and to provide individual investors =
with
access to initial public offerings. Instead of giving the majority of =
IPO
shares to large institutions looking to make a quick profit on a =
first-day
run-up – which often happens with deals underwritten by old-line =
investment
banks – the online banks offer shares to individuals, who are more =
likely to
hold onto them for the long haul. <o:p></o:p>

At least, that's the =
theory. So
far, neither the investment community nor the current crop of young,
capital-hungry Internet companies has taken the bait. On most deals in =
which
these new banks participate, the lead underwriters allot just a tiny =
portion of
the shares to the online banks. And companies going public today still =
want the
level of service traditional banks provide. In general, the capital =
markets
have indicated they weren't quite ready for such a radical new form of
investment banking. <o:p></o:p>

But one little-known Net =
company
is giving the new guys a chance to demonstrate what it can do without =
the help
of a traditional Wall Street bank. Espernet.com, a New York-based ISP, =
filed a
registration statement with the Securities and Exchange Commission last =
week to
raise as much as $150 million in an IPO to be underwritten entirely by =
online
investment banks. E-Offering will lead-manage the deal, with DLJDirect =
and W.R.
Hambrecht & Co. as comanagers. <o:p></o:p>

Now, this is not likely a =
deal
that Goldman Sachs or Morgan Stanley lost to E-Offering. Espernet is an =
ISP
consolidator that was formed in April. The company has letters of intent =
to
acquire 45 local ISPs, and it plans to use the proceeds of the offering =
to pay
for them. The risks are great: While most registration statements for =
Internet
companies claim that a "limited operating history" is an =
investment
risk, Espernet's statement admits that "no operating history" =
is the
primary risk in this investment. <o:p></o:p>

Espernet is going out on =
a limb
with the underwriters, as well. Never before has an IPO of this size =
been
lead-managed by an online investment bank. But a close examination of =
what
happens in a traditionally underwritten IPO could make the alternative =
look all
the more desirable. <o:p></o:p>

For decades, investment =
banks have
distributed the vast majority of IPO shares only to their most important
institutional clients, shutting out individuals and smaller =
institutions. These
large institutions purchase shares at the offering price and frequently =
sell
them on the first or second trading day, a process called =
"flipping."
The rest of the investing public ends up buying shares after the =
institutions
have sold out at prices far above the offering price. =
<o:p></o:p>

While the retail =
investors get
shut out, the companies that are raising the capital also take a back =
seat to
the institutions, leaving millions of dollars on the table. Last week, =
for
instance, the investment bankers for Foundry Networks priced its IPO at =
$25 per
share. The stock opened at $109 and hit a high of $166 on its first day =
of
trading. According to market demand, Foundry could have raised far more =
than
the $150 million it did. Instead, institutional investors – the =
clients that
keep Wall Street humming – pocketed the money in their funds. =
<o:p></o:p>

Ron Readmond, CEO of New
York-based online investment bank Wit Capital, estimates that 80 percent =
of
deals are distributed to institutions and 20 percent to retail =
investors. One
month later, institutions hold only 20 percent of those publicly traded =
shares
and retail holds the rest. He hopes to help bring that IPO distribution =
to a
50-50 retail-to-institutional split. <o:p></o:p>

Part of the pitch these =
online
investments banks use to woo new corporate clients is affinity =
marketing. By
giving shares to customers, they argue, the company is more likely to =
retain them
as both shareholders and as customers – and traditional investment =
banks can't
do that. <o:p></o:p>

"Who do you want =
your
investors to be? Your customers," says Tim <a
href=3D"http://www.thestandard.com/companies/display/0,1591,11073,00.html=
">Newell</a>
(<a =
href=3D"http://www.thestandard.com/articles/stock/1,2438,,00.html?symb=3D=
NWL">NWL</a>)
, managing director of corporate finance for E-Offering. "It's a =
great way
to keep them coming back. Take their money and they'll come back." =
<o:p></o:p>

But these online banks =
are still
figuring this process out. When software maker Red Hat went public =
earlier this
summer, E-Offering was forced to reckon with a slew of irate Linux =
programmers
who were denied access to shares after being promised them. When the
programmers signed up for the shares through new accounts with E-Trade =
– the
distribution partner of E-Offering – a regulatory screening =
prevented many of
them from getting through. <o:p></o:p>

"What we've learned =
is that
we have to do a really good job of communication," Newell says. =
"Both
the challenge and the power of the Internet is that you reach a lot of
people." <o:p></o:p>

Affinity marketing isn't =
the only
service online investment banks are still figuring out. While reaching =
the
masses through online brokerages is a promising idea, simply =
distributing IPO
shares won't sustain a business model for the longer term, particularly =
if the
market turns sour. And institutions can't be entirely removed from the =
picture.
<o:p></o:p>

"Distribution is =
becoming a
commodity," says Wit's Readmond. Indeed, when <a
href=3D"http://www.thestandard.com/companies/display/0,1591,10990,00.html=
">Merrill
Lynch</a> (<a
href=3D"http://www.thestandard.com/articles/stock/1,2438,,00.html?symb=3D=
MER">MER</a>)
launches discount online trading in December, it intends to offer online =
access
to IPOs. As the rest of the Wall Street contingency adopts an Internet
strategy, IPO access will be available to virtually anyone who trades =
online.
Readmond says the quality of Wit's research and advisory services will =
set the
company apart from its online rivals. <o:p></o:p>

So exactly how will the =
three
online underwriters pull off a $150 million IPO by distributing to a =
slew of
retail investors? In part, by offering shares to the ISP's customer =
base. But
more likely it will be E-Offering's institutional client base that will =
help
fill demand for the stock and support it in the aftermarket. Unlike the =
other
online banks, E-Offering caters to midsize and smaller institutions in =
addition
to the E-Trade customer base. <o:p></o:p>

Having institutional =
clients makes
lead-managed online deals a possibility. And lead underwriting fees are =
where
the big money is on Wall Street; they typically account for as much as =
60
percent of a deal's underwriting fees. <o:p></o:p>

So far, E-Offering is the =
only one
of the online players that sees the value in lead-managed deals, with =
the
exception of W.R. Hambrecht, which prices its smaller deals based on a =
Dutch
auction model. Wit Capital, which currently distributes only to retail
investors, has plans to expand into the institutional base, but will =
always be
heavily focused on serving retail customers. Readmond says Wit has =
"no
aspiration to lead-manage a deal," and adds that Wit will never =
comanage a
deal led by an online investment bank. <o:p></o:p>

DLJDirect, likewise, has =
no
intention of trying to take top billing on underwritings. "We're =
not
staffed to lead-manage a deal," says Glenn Tongue, president of =
DLJDirect.
"Why would we want to?" <o:p></o:p>

As for Espernet's fate in =
the
public markets, it's far too early to tell. Its entire business model is =
riding
on this $150 million – without it, it cannot acquire the ISPs it =
must in order
to commence business. But there's a precedent that suggests it just =
might work:
A deal similar to this one was successfully completed earlier this year. =
ISP
rollup OneMain.com went public in March with BT Alex Brown, Soundview
Technology – and none other than Wit Capital on the cover. =
<o:p></o:p>

The Industry =
Standard     October 01, =
1999       &nbsp=
;            =
    Finance<o:p></o:p>

<o:p></o:p>

<a
href=3D"http://www.thestandard.com/articles/display/0,1449,6746,00.html?h=
ome.tf">http://www.thestandard.com/articles/display/0,1449,6746,00.html?h=
ome.tf</a><o:p></o:p></f=
ont>

<![if =
!supportEmptyParas]> <![endif]><o:p></o:p>

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