De dood en wederopstanding van de IPO
AMERIKAANSE VC-BELANGENCLUB START LOBBY RICHTING POLITIEK
The National Venture Capital Association is looking inward - and to Washington - to restore liquidity to the venture industry.A four-point plan announced today at the NVCA annual meeting in Boston incorporates a wide range of elements, some of which the trade group has talked about for a while. They range from encouraging small IPOs led by boutique investment banks to preserving tax breaks for long-term capital gains.
The absence of a robust public market for its companies has plagued the venture industry since the Internet bubble burst in 2000. In the 1990s, there were more IPOs than mergers and acquisitions of venture-backed companies - 56% versus 44% - but in this decade the IPO rate has wilted to 13%.?We were headed back in the right direction when we got intercepted by the meltdown,? said outgoing NVCA Chairman Dixon Doll. Although M&As can generate attractive returns, most VCs think that a strong IPO market is essential to getting acquirers to pay top dollar.
The absence of a robust public market for its companies has plagued the venture industry since the Internet bubble burst in 2000. In the 1990s, there were more IPOs than mergers and acquisitions of venture-backed companies - 56% versus 44% - but in this decade the IPO rate has wilted to 13%.?We were headed back in the right direction when we got intercepted by the meltdown,? said outgoing NVCA Chairman Dixon Doll. Although M&As can generate attractive returns, most VCs think that a strong IPO market is essential to getting acquirers to pay top dollar.