Initial Public Offerings

Article excerpt

Initial Public Offerings

By Richard P. Kleeburg

South-Western Educational Pub

265 pages, $49.95

Just when you thought your reading list was lacking, along comes "Initial Public Offerings," Richard Kleeburg's comprehensive account of the process, structure and an analysis of IPO's for students, managers and investors.

With the expected spate of IPOs in the futures and futures related industry, it is a good time to examine the IPO process.

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This book is a case study collection of real and imagined enterprises. Managers will find much to consider should they find themselves in the clearly unenviable position of embarking on an IPO. Lastly, investors can glean useful information for their own investment decisions and those made on behalf of others.

Kleeburg's endorsement of the balanced scorecard approach is perhaps the most salient feature. Kleeburg illuminates many of the failings of the dot-com IPO craze near the turn of the millennium by showing the IPO as a process to be considered well before and on an ongoing basis by owners and managers of firms.

He also makes a case that the aforementioned "irrational exuberance" was probably aberrant, which may provide little consolation for those whose sunny financial outlook turned gray as the bubble burst. …