Raising capital after IPO withdrawal

Kevin K. Boeh and Craig G. Dunbar

Journal of Corporate Finance, 2021, vol. 69, issue C

Abstract: We document outcomes for withdrawn U.S. IPOs (1206) from 1998 to 2017. While prior literature has studied post-withdrawal IPO re-filings and M&A, we consider private capital raising as an alternative to these outcomes as well as a potential complement. We identify factors driving private capital raising post withdrawal. We also examine the impact of key regulatory changes enacted over our sample period intended to ease capital formation. We find no significant impact of the adoption of SEC Rule 155 but a positive effect of the JOBS Act. Private capital raising post withdrawal supports second time IPO plans but not M&A.

Keywords: IPO; Withdrawal; Private placement; Valuation; Raising capital (search for similar items in EconPapers)
JEL-codes: G14 G24 G32 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:69:y:2021:i:c:s0929119921001413

DOI: 10.1016/j.jcorpfin.2021.102020

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