Chapter 1403 I'll Take Care of It All

As soon as Andrew said this, the noisy conference room suddenly became quiet. The underwriters who expressed their opinions glanced at the faces of the four Googlers with great satisfaction, looking at them with great satisfaction. Changes in face.

Schmidt, who was still standing, was once again unable to get off the stage. How dare they?

But they did just that. The threat in Andrew's words was very clear. If our conditions were not met, more underwriters would leave.

Of course, as the lead underwriters, Morgan Stanley and Credit Suisse First Boston cannot leave. They still have to bear the responsibilities of the underwriting agreement.

However, for them, this is at best a business that cannot be done. If this business cannot be done, or it is a loss, there will be many opportunities later, and they can afford the loss.

For Google, this is a fateful event, and it can't afford to make any mistakes now.

In order to go public, the whole company has been preparing for such a long time. The public is also paying special attention to the progress of the listing. Under such circumstances, if the listing fails, it will definitely be a disaster.

As we all know, it is easier for American companies to go public than in our country, and the public also knows this.

It doesn’t matter that Google isn’t planning to go public, but since you are planning to go public and it turns out you can’t go public, God, how many problems must your company have?

This is probably what Yahoo and Microsoft, which have decided to increase investment in the search field, are most happy to see, and it is also what Amazon, which has decided to get involved in this field, is happy to see.

Page and Brin were shocked and angry. They did not expect that this incident would really happen.

Over the past few months, they have known that Wall Street institutions secretly hope that Google’s initial public offering (IPO) will fail. But of course the guys on Wall Street will not publicly express this intention. They are responsible for this $4 billion deal. Dozens of IPO underwriters obviously should not make such a statement.

Of course, it wouldn't be wrong to say that they secretly hope that Google's experiment with an auction-style IPO fails.

But now, these underwriters have clearly stated this intention.

They once again recalled what Feng Yiping had said, "Our stock auction will definitely pose a threat to Wall Street institutions, because it is likely to subvert their business model."

However, I did not expect that their will to oppose would be so strong.

In fact, the reason is very simple. Under normal circumstances, U.S. underwriters can obtain nearly 6% of the issuance gross profit in IPO transactions. However, if the IPO auction model becomes popular, their pattern of enjoying the benefits will be broken.

Fund managers also hope that the outcome of Google's IPO will be unfavorable, because if the IPO auction model prevails, these fund managers will buy new shares at low prices and take advantage of the opportunity to make arbitrage. The good times will be gone forever.

However, what those underwriters felt was a little strange was that the young Feng Yiping, the richest man in mainland China who was also a major shareholder of Google, had his head lowered, but he didn't look too angry at this meeting, and seemed to be a little excited. ?

How could he be excited under such circumstances?

The two people from Sand Hill Road were the same stakeholders as Google's four, Michael Moretz from Sequoia Capital. He didn't wait for Page and others to say anything out of control. He knew the characters of those two people very well. , they hate coercion the most.

In fact, he and John Doerr also hated such coercion. Unfortunately, the listing system in the United States was like this. These underwriters, composed of Wall Street guys, were the most important link and could not be avoided no matter what.

He spoke before Page, "Andrew, why not let us hear your specific requirements,"

"From 2000 to now, the average fee for IPOs in Silicon Valley over US$1 billion is 5.8%, we...,"

"It's totally useless." Page had already stood up. "There are many banks who want to sell our stocks."

What he said is actually quite good. Even Morgan Stanley and Credit Suisse Boston, which are leading the crowd today, started fierce competition with other companies in order to get the position of the lead underwriter of this IPO. However, they did not expect that today, they can be regarded as Completely on the opposite side of Google.

"We have been preparing for such a long time, and we don't mind waiting for another half month. By then, we will definitely form a better underwriter team,"

This is his temper, paranoid and decisive. At worst, he might overturn the table and reorganize the situation.

Otherwise, they would not have made the decision to fully withdraw from the mainland later.

Now, the relaxed guys were a little uncomfortable. What Page said was really not impossible.

Although everyone secretly expressed their intention to boycott Google's IPO, they knew their own affairs, and there were too many intrigues on Wall Street. Sometimes even if they signed an agreement, they couldn't guarantee it, let alone such a loose alliance. ?

They are very sure that as long as Google decides to kick them out and form another team, a large number of people will definitely come around after hearing the news. Some companies do not mind the low income. What they care about is that an IPO of the scale of Google can allow them to climb up the IPO rankings. top of the list.

However, Page also said it too simply. Even the listing application and prospectus must be submitted with the consent of the lead underwriter. This involves a careful verification of the situation described in the relevant documents.

Changing the lead underwriter is equivalent to starting over from scratch. It is really not a problem that can be solved in half a month or a month.

And now Google is also short of time. It can be imagined that if the listing is delayed for a long time, it will naturally not leave a good impression in the public mind.

David glanced at Andrew with an expression that I knew would be like this, "We...,"

They made such a request to gain more benefits for themselves, not to end up with a lose-lose outcome, but they didn't expect Page to be so stubborn and didn't want to bargain at all.

His words were interrupted again. Page said that he was sorting out his files on the table as if he was about to leave, "I don't want to hear any more...,"

At this time, a hand pressed on his shoulder and pushed him back. "Page, let me say a few words," Feng Yiping stood behind them.

Seeing Feng Yiping's calm look, Page calmed down a little and sat back.

"Andrew, David, can you two represent the opinions of all underwriters?"

"Of course," was such a natural answer. I don't know why. When Feng Yiping asked, Andrew was inexplicably hesitant.

Why does he ask this?

"I understand," Feng Yiping nodded, "I will reiterate your opinions again. Your biggest opinions include that the underwriting fee is too low. In fact, the core problem is that you are not satisfied with the underwriting terms, right?"

"Yes," David hesitated, "The returns we received are limited, but it seems that the subscription of the shares may not be too optimistic. Then it is likely that we will have to raise funds to purchase shares. We cannot accept this situation."

"Yes," Andrew said, "We are helping Google IPO. If the final result is that every one of us becomes a shareholder of Google, it will definitely be the biggest joke in the industry."

Some people actually laughed, including Feng Yiping. This is indeed more ironic than becoming a shareholder through stock trading.

"So, if we don't let you underwrite the sales, will we have no problem?" He stopped walking around and returned to his seat to sit down.

"No underwriting?" David and Andrew discussed again, this time they really discussed it.

Page was a little anxious, "Feng," he called in a low voice.

"Don't worry, it's okay," Feng Yiping replied with a smile.

David and Andrew over there have no disagreements on this issue. Obviously, they have just tested Google's bottom line. There is no need to think about raising fees. If they don't need underwriting, then they really have no risk.

Feng Yiping's condition should be the last step. If he is not satisfied, then the final result may be that he will not be able to get off the stage.

They quickly sought the opinions of other underwriters, and soon Andrew stated on their behalf, "If the underwriting clause is cancelled, we have no other opinions."

"Of course, we promise that we will fully fulfill our responsibilities and sell more shares,"

"That's good," Feng Yiping patted the table, "You don't have to worry about the stocks that can't be sold. I'll take care of all the stocks that haven't been sold!"

Including Paige and the others, everyone was in an uproar.