Investors get:

Equal access – Qualified investors, whether institutions or individuals, have equal access to bid on IPO shares through our OpenIPO auction.

Fair allocation – Shares are allocated in an even-handed and impartial way by an auction system.

More flexibility – Investors can bid for shares at a price they feel represents fair market value for the company.

Equal treatment – All investors pay the same price and never more than they bid.

Companies get:

Better allocation – The issued stock will more likely be purchased by investors who want to hold the shares, not ‘flippers’ who sell for a quick profit.

Better pricing – Our OpenIPO auction produces an offering price based on market demand. Traditional pricing methods just approximate the value in the open market.

Less dilution – Deal size is driven by the economics of the issuing company, not the cost structure of the underwriting investment bank.

Lower costs – By leveraging technology, WR Hambrecht + Co attempts to reduce expenses for the issuing company, including underwriting commissions.