• WR Hambrecht + Co

Financial Times: Investment banks are losing their grip on IPOs

Google’s IPO was the first time a large technology company had expressed public frustration at the way investment banks cloaked IPOs in secrecy, making it impossible for either issuer or buyer to figure out what was happening behind the curtain. Instead, Google’s management asked the banks to run an open auction — much as eBay conducts a sale — to determine an eventual price.

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