Chapter 1906 The Valuation Is Too Low!

After talking about the office, Yin Jun and Bill Gates both had smiles on their faces.

Everyone felt that they had taken advantage, but only Yin Jun knew that he was the one who took advantage the most.

10% of Microsoft shares would be worth 80 billion U.S. dollars. There was no way I could let go of this wealth.

The two then also discussed the office development team, and finally decided to take it out and set up an independent department. Their team would be responsible for it, and Microsoft would only provide them with funding and other guarantees.

In terms of remuneration, Kirin Software's remuneration is higher than that of Microsoft. Now that it has been transferred to Microsoft, it certainly cannot be lowered.

So Bill Gates lists them out and operates them separately. The treatment will be different from that of Microsoft headquarters.

Speaking of these companies in Silicon Valley, Microsoft is really not a very generous company. It is hardly among the top ten most well-paid companies in the United States.

Compared with ancient songs and must-die companies, corporate culture is even worse.

This is the same as Apple.

Among the more than 100 global vice presidents in the hands of Gang Leader Qiao, more than 10 resign every year. They all resigned after being scolded by him because they could not stand the pressure.

Apple's own employee benefits cannot be improved because Gang Leader Qiao only receives $1 per year.

You said that the CEO only received 1 US dollar. Are you embarrassed that you received too much?

But that’s bullshit.

After Gang Leader Qiao sold Pixar to Disney, he owned Disney stock worth more than 4 billion U.S. dollars, and he couldn't use up the dividends every year. Of course, he didn't need to receive much money from Apple.

Moreover, Apple will give him a certain share of stocks based on his achievements every year. With these, he will also become Apple's largest individual shareholder in the future.

Besides, Gang Leader Qiao only receives a salary of US$1 per year, but all his business trip expenses and various work expenses are based on the best. Chartered flights and the like are completely routine.

Such a comfortable life is really similar to that of government employees in China, and the quality is even higher.

So it can be seen from this that Gang Leader Qiao, like Bill Gates, is a cold and selfish person at heart, especially towards lower-level employees.

Colauti was also in a bit of high spirits at this point.

Because after talking about the office, it was his turn to show off.

As a plenipotentiary representative of Goldman Sachs, he had dozens of phone calls and several face-to-face meetings with Bill Gates.

There is only one purpose, to let Goldman Sachs become the underwriter of Microsoft's IPO.

But after many talks, we still couldn't succeed.

Now that Yin Jun is finally here, this matter is naturally easier to talk about.

At Microsoft, as long as the two of them are dealt with, the listing and underwriting will be done.

"Mr. Gates, let's talk about Microsoft's listing now!" Colauti couldn't wait.

"good."

Yin Jun happened to be there, and Bill Gates thought this was a good opportunity to discuss and learn.

Although Yin Jun's dozens of companies have never been listed, Bill Gates knows that Yin Jun's reputation as a genius is definitely not in vain.

Let Yin Jun come up with some ideas, which will be of greater benefit and benefit to Microsoft's listing.

"As I have told you before, we have detailed charts on Microsoft's current development and annual sales, and you have already seen them." Colauti said, "We feel that the valuation of US$1.5 billion is And taking out 30% of the shares for IPO is a very appropriate ratio. In the future, it will be of great benefit to Microsoft to obtain funds in the market and further develop."

"As for giving out shares, you're so kind to ask Jun." Bill Gates raised his hand first, "What we discussed before was 20% of the shares, and he will take out all of them. If he is willing to give out 10% again, , I also agree very much.”

Little Fox!

Colauti muttered to himself, but could only look at Yin Jun helplessly.

Bill Gates and Paul Allen are of course happy. According to the previous regulations, only Yin Jun's shares will be diluted. Their shares can directly wait until after the listing to skyrocket.

Yin Jun holds a total of 50% of Microsoft's shares. If he takes out 30%, Yin Jun's shares will only be 20%, which is the same as Paul Allen's and less than Bill Gates' 30%.

On the surface, this gives Yin Jun an opportunity to arbitrage and leave, but everyone knows that Microsoft has a bright future. The more it takes out at this time, the more it will lose.

"30% of the shares is impossible." Yin Jun said straightforwardly, "According to the rapid development of Microsoft today, I actually think that 15% is enough. The remaining 5% will be given to the company. All senior management, as well as every employee, must take symbolic 1,000 or 10,000 shares, so that they can share the joy of the company's growth."

"Well, it is indeed a good idea to give them 5% of the shares." Bill Gates immediately expressed support for this suggestion.

This is what they did in the previous life.

After Microsoft went public, Bill Gates owned 45% of the shares, Paul Allen owned 25%, and then 5% was given to various executives of the company, and 25% was used to raise funds for the IPO.

"You are free to distribute as much as you want to the employees." Colauti was a bit dumbfounded, "But 15% of the shares listed in the IPO is too small, and it is not enough!"

"Why are there not enough shares?" Yin Jun said calmly, "We plan to issue 100 million shares, and 15 million shares will be used for IPO listing. Qualcomm will take 5 million shares, and the remaining 10 million shares will be given to the stock market. If they can spend it as investors, it’s pretty good.”

"100 million shares?" Colauti asked in surprise, "Then it's only $15 per share? Is the price a little low?"

The listing of technology stocks in the United States has become somewhat successful in recent years.

For high-end technology stocks like Microsoft, stocks with huge future development potential, Goldman Sachs estimates a listing price of around 20 yuan, which of course does not include 100 million shares.

"This is the second point I want to make." Yin Jun said, "Now I calculate it based on an IPO of US$1.5 billion, which is actually not that appropriate."

"1.5 billion is not low! This is the highest IPO valuation in the history of the company's listing!" Colauti said quickly, "With this 1.5 billion US dollars, we at Goldman Sachs are under tremendous pressure and need to pay a lot. We have to endure hardships to maintain the stock price and don’t let it fall.”

The listed underwriters all have to take part of the original shares of the listed company, and the reason is what Colauti said.

They are not only responsible for getting these companies listed, but also maintaining the company's stock price and preventing it from breaking out as soon as it comes up. That would be a shame.

In the next year or so, because the shares of the listed underwriters cannot be sold yet, their relationship will always exist and will not be abandoned halfway.

This is a kind of protection for shareholders of listed companies.

Otherwise, who would be willing to give them so many shares at the IPO valuation for nothing?

If I go to the stock market, it will definitely skyrocket by more than 50% on the first day, or even more.

After taking my stocks, you should naturally protect me from wind and rain. This is a normal exchange of interests.

But the object of the exchange of interests must also be found.

Don't find those who brag to the sky, only to have no one to catch them when something happens. Watching others smash the company's stock but having no way to stop them, this is what makes people mad.

Therefore, these well-known large companies have always sought out giants in this field to go public.

Goldman Sachs is one.

Merrill Lynch is one too.

So were Bear Stearns and Lehman Brothers.

Citigroup counts too.

Big Mo and small Mo are OK too.

Beyond that, the rest isn't that reliable.

It's not that super giants such as Royal Bank of Scotland, Royal Dutch Bank, and UBS are not strong enough, but in the United States, they are really not as effective as the locals.

On the other hand, these large investment banks and banks also have to choose their partners, and not everyone can find them to underwrite their projects.

It is obviously a bad stock that cannot be raised, and they are unwilling to touch it.

After all, he is not that poor.

Therefore, some small companies that are not qualified but want to go public find investment banks and banks that are not so reliable.

For both of them, it is a gamble, or a huge speculation.

The stock market has risks, and the stocks of companies in this category have always been risky.

Colauti's words were quite satisfactory, but Yin Jun didn't believe them all.

Even though Yin Jun and Colauti are good friends, he also knows deeply what kind of monster Goldman Sachs is.

In the business world of Goldman Sachs, there will be no warmth. If everyone believes in Colauti, Kirin Group will become a delicious meal for financial tycoons.

"Now it's 1.5 billion, but at this stage, does it join the office we just talked about?" Yin Jun didn't say much and asked Colauti directly.

Colauti was speechless.

Just now, he was happily discussing the value of the office, but unexpectedly he turned to the valuation negotiation side in an instant.

"According to what we said before, Office will reach the sales target of 5 billion U.S. dollars by the end of December next year... Such a gross profit will be as much as 2.5 billion U.S. dollars!" Yin Jun said, "If investors know that there is such a big It’s so good, why don’t they push up Microsoft’s stock more? In this case, do you think 1.5 billion US dollars is still appropriate?”

"That's just an uncertain future." Colauti quickly argued, "Besides, it will be on the market in May or June next year, and we can't tell at this time!"

"You don't believe I can do it?" Yin Jun said leisurely.

"This is not..."

"Then you take this into consideration." Yin Jun said sternly, "Only the most reasonable valuation can allow Microsoft to go public. Otherwise, it will be a waste of the hard work of hundreds of us! We don't ask for anything. We may become rich in one day, but if we underestimate our wisdom and the fruits of our labor, that is absolutely not allowed!”

"right!"

Bill Gates responded with a smile.

Just now, Yin Jun and Colauti came to run against him, and now it is him and Yin Jun who run against Colauti.

This identity change is so exciting!