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Is steinway´s ipo a good play
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Resumo(s)
The main goal of the thesis is to make considerations about if the company should proceed with
an Initial Public Offering (IPO) and recommend the company´s valuation. Based on the long
performance analyses, we believe the IPO is the optimal exit for the company with a final equity
valuation of $1,492 million on 31 December 2022. The UK IPO market presents an
Underpricing discount of 3.5% from 2002 to 2021 and the paper’s goal is to assess if the ROA,
Issue Size and Inflation affect the underpricing discount. As a result, it is verified that none of
the three variables significantly influence the underpricing value of IPOs, presenting a positive
coefficient among them. Even so, it is possible to verify that there is a positive correlation
between independent and dependent variables.
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Palavras-chave
Ipo Dcf valuation Multiple valuation Musical industry Luxury industry Underpricing discount Financial performance