From an announcement on the Ancapistan Capital Exchange (ACE):
FWD IPO Reversed
Due to drastically insufficent investment, this IPO, launched December 5th, 2007 does not appear likely to complete. For this reason we are reversing this IPO and returning funds to investors to reinvest elsewhere. We will keep you apprised of the CEO's future plans should they arise.
Interesting.
I didn't have a chance to see how FWD's IPO was going, but the ACE IPO, running concurrently on the same exchange, is 10.8% subscribed and has been listed since the start of the exchange. I would say it is suffering from "drastically insufficent investment" as well, but it stays on.
I leave my readers to draw conclusions as they like.
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This is an experiment. It is intended to be a place of many different authors supporting different views on Second Life. Specifically, this blog will mostly pertain to the Second Life economy, but may expand into other areas as its authors dictate. The content is not intended to be mandated, but rather open.
The only rule here is respect, and it will be enforced. After that, write what you will.
The only rule here is respect, and it will be enforced. After that, write what you will.
2 comments:
BAM IPO was recalled too, in order to be "revised". OIG is nowhere to be seen.
I believe that, generally speaking, there are 2 problems with IPOs taking place at the Ancapistan Capital Exchange: too much money is being asked and there is no time limit for the IPO.
Not much people wants to leave money parked and unusable for only God knows how much. Who invested into the ACE IPO has waited for a long time now.
BAM, prior to calling off the IPO, was trying to raise 5 millions L$. OIG 7 millions L$. ACE IPO itself is 7.7 millions L$ (source: Aldon Hynes's blog).
Ambitious IPOs...
New IPOs over at ACE are CRH, SLIB and SLIBRE.
CRH did initially apply with the VSTEX. Since it was the time of the new LL banking policy and subsequent turmoil, we took more time than the usual to review their application, and we found them successfully approved by our competitor.
They are asking a "more reasonable" amount of L$, so they could make it.
On the other side, SLIB is out for 7.5 millions L$. I'm not questioning the value of SLIB, but that may be too much to ask to the market.
SLIBRE on the other side is asking a "reasonable" amount of L$ to the market, but each share is priced at 100L$. Often SL stocks tend to lose value after they hit the trading room. Pricing each share at 100 doesn't seem a good move to me.
Oh, I forgot to add... I was quite surprised to see SLIB and SLIBRE over at ACE, expecially because of this post from Tyrian Camilo.
Business is business I guess :)
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