Large IPO auctions include Japanese tobacco, Singapore Telecom, BAA Plc and Google （ sorted by revenue size ）. A variant of the Dutch auction has been used to list many American companies, including Morning Star, Penete Securities Group, Clean Energy Fuel Company and Boston Beer Company. [22] In 2004, Google used the Dutch auction system for its first public offering. [23] Traditional US investment banks have shown resistance to the idea of using auction procedures to participate in public securities issuance.
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The auction method allows equal distribution of stocks and eliminates the preferential new data treatment given to important customers by traditional IPO underwriters. Faced with this resistance, although there have been hundreds of auctions of IPOs in other countries, Dutch auctions are still rarely used in US public offers. When determining the success or failure of a Dutch auction, you must consider competing goals.
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[26] [27] Quiet period Main entry: Quiet period According to the US Securities Act, there are two time windows in IPO history that are commonly referred to as “ quiet period ”. The first and the one linked above is the period after the company submitted S-1 but before the staff declared the registration statement effective. During this period, the ability of issuers, insiders, analysts, and other parties to Buy Email List discuss or promote the upcoming IPO is restricted by law （ US Securities and Exchange Commission, 2005 ）. Another “ silent period ” refers to a period of 10 calendar days after the first day of the IPO public transaction.
