IPO & Shares
Pre-IPO Share Structure =>
-> Founder's Shares: You initially owned 100% of the shares.
-> Investor's Shares: After the investment, you owned 90%, and the investor-owned 10%. (Some investors inject some money into your company for a 10% share)
Preparing for IPO =>
-> Issuing New Shares: To raise capital, the company will issue new shares to the public. This process is called "dilution" because it reduces the percentage ownership of existing shareholders.
-> Underwriters: Investment banks (underwriters) help determine the number of shares to issue and the initial price per share.
Post-IPO Share Structure =>
-> Total Shares: The total number of shares will increase. For example, if the company issues 1,000,000 new shares, the total number of shares will be the sum of existing shares plus the new shares.
-> Ownership Percentage: Your ownership percentage will be recalculated based on the new total number of shares.
Example Calculation
Let's assume:
Pre-IPO: You have 90 shares, and the investor has 10 shares (total 100 shares).
IPO: The company issues 100 new shares to the public.
Post-IPO:
Total Shares: 100 (existing) + 100 (new) = 200 shares.
Your Ownership: 90 shares / 200 total shares = 45%.
Investor's Ownership: 10 shares / 200 total shares = 5%.
Public Ownership: 100 shares / 200 total shares = 50%.
Key Points to Consider =>
-> Valuation: The company's valuation will determine the price per share during the IPO.
-> Lock-Up Period: Founders and early investors might have a lock-up period during which they cannot sell their shares immediately after the IPO.
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Types of Share
1. Common Shares =>
Voting Rights: Common shareholders typically have voting rights, allowing them to vote on important company matters such as electing the board of directors.
Dividends: They may receive dividends, which are portions of the company's profits. However, dividends are not guaranteed and can vary based on the company's performance.
Risk and Reward: Common shares usually offer higher potential returns through price appreciation but come with higher risk. In the event of liquidation, common shareholders are paid after debt holders and preferred shareholders.
2. Preferred Shares =>
Fixed Dividends: Preferred shareholders receive fixed dividends, which are paid out before any dividends to common shareholders.
No Voting Rights: Typically, preferred shares do not come with voting rights.
Priority in Liquidation: In the event of liquidation, preferred shareholders have a higher claim on assets than common shareholders but are still behind debt holders.
3. Non-Voting Shares =>
No Voting Rights: As the name suggests, these shares do not provide voting rights.
Dividends: They may still receive dividends, similar to common shares.
Purpose: These are often issued to employees or other stakeholders who the company wants to reward without diluting control.
4. Redeemable Shares =>
Buyback Option: These shares can be bought back by the company at a future date, either at the company's discretion or at the shareholder's request.
Flexibility: They provide flexibility for both the company and the shareholder regarding the timing of the buyback.
5. Convertible Shares =>
Conversion Option: These shares can be converted into a different type of share, usually common shares, at a predetermined rate.
Advantages: They offer the potential for capital appreciation if the company's common shares increase in value.
6. Class Shares =>
Different Classes: Companies can issue different classes of shares (e.g., Class A, Class B) with varying voting rights and dividend policies.
Control and Ownership: This allows companies to structure ownership and control in a way that meets their strategic needs.
Each type of share serves different purposes and offers various benefits and risks.
Example =>
Company XYZ is registered by you in the year 2020 with a capital of 1Lakh Rupee
After 6 months of company operation, a investor invests money in your company ('P' investor)
After 1 year, another investor sees growth in the company and invests money in your company. ('Q' investor)
Now you can't treat both investors the same way as the investor 'P' comes first you need to give him some more benefit compared to investor 'Q' so here comes the use of various types of shares.
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Using different types of shares can help manage the varying interests and benefits of different investors. Here's how you might structure the shares for investors 'P' and 'Q':
Investor 'P': Receives preferred shares with fixed dividends and priority in liquidation.
Investor 'Q': Receives convertible shares that can be converted into common shares after a certain period.
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