On the contrary, Xiaoli always felt that everyone was gossiping about her behind her back, saying that she relied on her family to go through the back door, so others were anxious when they mentioned it.

"Okay, let's not say a word, we have been classmates together for a few years, and we are about to graduate, and it will not be so easy to meet again in the future. Lu Xiaoxue persuaded in a round game.

The little turmoil in the dormitory finally subsided.

This time, the reserve store manager of the best products was recruited, and went to three colleges and universities, and recruited more than 600 people in total.

In order to accommodate these new employees, Wang Xiaojuan bought a small vacant industrial park near the Priority Premium office building.

This small industrial park also has office buildings, dormitories, and workshops. The office building can be used for training, the dormitory building can be used for accommodation, and as for the workshop, it can be arranged as a store model room for students to practice and practice.

So Wang Xiaojuan took a fancy to it and bought it as a training base for the best products.

Time is tight, after recruiting employees, Preferred has negotiated with various schools, so that new employees can immediately report to the company for training.

I'm about to graduate, in fact, there are no classes to attend, of course there is no problem with those schools, this time the school recruitment of the best products, but it helped them a lot.

In these colleges and universities, the employment of graduates has always been a problem, and they wish that there would be a few more companies like Preferred Premium to recruit them.

……

The time has come to May, and the work of the online listing of Meigou is also advancing, and several listed underwriters are very powerful and cooperate seamlessly.

Companies like Citibank and Morgan Stanley, as well as Credit Suisse, are all too familiar with the NASDAQ listing process and have a strong background on Wall Street.

Now it is basically not difficult to assist Meigou to go public in the United States.

Meigou now has a total share capital of 850 million shares, and plans to issue 350 million shares on the market, with a total share capital of 1.2 billion shares.

The issue of the issue price of the shares has been discussed by the company's shareholders and the listed underwriters for a long time, but no consensus has been reached.

This is a very critical question because it involves the question of how much money the company can get back when it takes out so many shares.

Wang Ye had already said before the meeting that this was the last time to discuss pricing. You have to set the price today and then adjust it after the roadshow.

Time can't be delayed!

In the large conference room of the No. 2 office building of Mingguang Science and Technology Park, representatives of several major shareholders and three major underwriters of the U.S. stock network gathered together.

Wang Ye sat at the head and presided over the discussion: "Ladies and gentlemen, it is now May 8th, and we plan to go public before August. Therefore, the time is very urgent, and the preliminary offering price must be set today, and then the three underwriters are asked to hurry up and arrange the roadshow itinerary and time. ”

"Listing roadshow" refers to the stock promotion report activities held by stock issuers and underwriters for investors, and the purpose of the roadshow is to promote communication and exchanges between investors and stock issuers to ensure the smooth issuance of shares.

This link is very important, because it is through the roadshow that listed companies and investors can communicate directly face-to-face.

This can also increase investors' optimism about the prospects of listed companies, and they will be more enthusiastic about buying shares, which in turn will increase the stock price.

The quality of the roadshow effect also directly determines the stock pricing of the company when it goes public!

So what Wang Ye and they are discussing today is only a preliminary price, which is not equal to the real price at the time of listing. This price will also be adjusted according to the feedback of the roadshow. It may be raised or lowered.

"I think the price to start at $30 is appropriate, so that the valuation of Meigou will reach more than $36 billion. The representative of Morgan Stanley spoke.

Hearing this price, several major shareholders of Meigou frowned, especially Temasek's Lee Kuang Hua.

When Temasek took over Wangye's shares, the valuation of Meigou was almost at this price, so how could it still be at this valuation when it went public.

You must know that during this period of time, there have been a lot of big moves on Meigo.com.

The "Apparel Zone" has been opened, and the sales momentum is quite good. In addition, Meigou has also officially gone offline, and now more than 5,000 stores in Huashang brand stores across the country have set up cosmetics counters.

The cosmetics section of THE TOP SHOP is also being renovated one after another.

Although offline sales can't be compared with online, it's also a big channel.

In addition, the country's seven major transit warehouses, as well as its own logistics and distribution system have begun to put into use.

Meigo.com has officially put forward the slogan of "24-hour rapid delivery", promising customers that as long as they are in first, second and third-tier cities, they will get the purchased goods within 24 hours of placing an order.

This is also the first company in the domestic e-commerce industry to dare to make such a promise!

As for the opponents Tmall and JD.com, they have not established their own logistics and distribution systems at all, and they still cooperate with major express companies, and they can only be delivered two or three days after the customer places an order.

In terms of user experience, Meigou has left its opponents far behind, and even from a global point of view, there is only one e-commerce platform that can achieve "24-hour rapid delivery"!

From this point of view alone, Li Guanghua feels that the value of Meigou must be increased by at least 50% before it is barely acceptable.

Therefore, he immediately retorted: "Please pay attention to the fact that Meigo.com is profitable, operating very well, and its performance is very good! Moreover, it has a monopoly in the cosmetics telemarketing industry, the clothing zone continues to make efforts, the offline market is opening, and the transit warehouse and logistics distribution are unmatched! Is such a company worth a valuation of 36 billion US dollars?"

Everyone present knew that Morgan Stanley's representatives were deliberately lowering the price.

Why would he do that?

This brings us to the main responsibilities of the listed underwriters.

The so-called underwriting is a service provider that helps the client to underwrite the goods. In the financial market, the commodity underwritten by the underwriter is the securities, which is commonly said to help the principal sell the stock.

As an intermediary between enterprises and investors, one of the most important jobs of the underwriter in the IPO process is to help the company "price" the stock, that is, to determine the issue price, which should not be too high to discourage investors, and not too low to maximize the interests of the company.

For enterprises, they lack experience in dealing with the secondary market before the IPO, and the underwriters are familiar with the secondary market, and have accumulated judgments on the market environment, investment institutions and investors in the process of constantly working on cases, and know the investment preferences and risk tolerance of different institutions.

In the process of communicating with these institutions about their intention to subscribe, the underwriter can usually determine whether a company's shares are popular with the market, what the market's psychological price is, and so on.

In this process, the underwriters usually act as "mentors", giving advice and ultimately working with the company to determine the issue price.

Usually, IPO companies will find multiple investment banks or brokerages to help them complete stock underwriting. Pricing is generally led by the lead underwriter, and in addition to pricing, the lead underwriter has a lot of trivial work to complete.

The lead underwriter is the overall coordinator of the entire IPO project, responsible for coordinating all parties involved in the project, including enterprises, accounting firms, law firms, appraisers, public relations companies and other institutions, and managing their respective processes in the project.

In addition, the lead underwriter also supervises the drafting and submission of various IPO documents, maintains real-time communication with the exchange, provides listing guidance at any time according to the needs of the enterprise, and organizes roadshows to undertake the majority of stock sales.

In addition to cooperating with the lead underwriters, the other small and medium-sized underwriters in the underwriting group are mainly responsible for the sales level, that is, to find more investors interested in the shares of the IPO company.

The underwriter's profit model is simple, that is, to earn a percentage of the commission from the money raised by the listed company.

For example, the IPO raised a total of $10 billion, and the three underwriters took a commission of 5/1,000. The distribution between the three underwriters is how much money they raise for the listed company, and they use it as the basis to earn commissions.

……

As a result, underwriters want the stock to be priced a little lower, so that it is much easier for them to market to investment institutions.

Of course, if during the roadshow, investors have a strong willingness to buy, the underwriter will also increase the issue price of the shares accordingly. Because the more money they end up raising, the more commission they can get.

The lead underwriter of this online listing of Meigou is Citibank, so the real pricing still depends on the negotiation results between Citibank's representatives and Wang Ye.

Morgan Stanley's representatives took the floor first, just to express their attitude, and it didn't do much.

Citigroup's representative Milner pondered for a moment before he spoke: "It is true that the pricing during the roadshow should not be too high, but according to our team's evaluation of Meigou.com, we believe that the real market value of Meigo.com should reach more than $50 billion, or even $60 billion." In other words, the listed stock price is expected to rush to $50!"

Wang Ye nodded, the valuation was quite fair, and he immediately decided: "Then let's not do too much tangled in this issue, during the roadshow, the stock price range is set at $40 to $50, and then adjusted according to the effect of the roadshow." ”

If it starts at $40, the market value of Meigo.com will reach $48 billion, which will also create the highest valuation of mainland Internet companies to go public in the United States!

The rest of the shareholders also nodded with satisfaction, indicating that the price was reasonable.

Milner also readily said that he would come at this price first, and the other two underwriters, Morgan Stanley and UBS Credit Credit, saw that the lead underwriters agreed, and of course there was nothing to say.

As for the itinerary of the roadshow, Citibank has already made plans, and the first stop is, of course, the world economic center, New York, the capital of the United States!

The second stop is the European economic center, London!

The third stop is to return to Asia, and the location is set in Xiangjiang!

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