SlideShare a Scribd company logo
1 of 47
Download to read offline
Prof. Roy Sembel, PhD
LinkedIn: Prof. Roy Sembel
Twitter/Instagram: @ProfRoySembel Facebook/LinkedIn: Prof. Roy Sembel
e-Newsletter: Smart_WISDOM@yahoogroups.com
Cost/Benefit of Shares IPO
2
AGENDA
• Opening / Introduction
• IPO: What / Why / How
• Empirical Evidence
• Discussion
• Concluding remark
3
4
PROF. ROY SEMBEL, IR, MBA, PHD
EDUCATION
1982-86 IPB, Bogor. FMIPA. Major: Statistics, Minor: Economics; Ir., Best Graduate, Cum Laude
1988-90 Rotterdam School of Management, Erasmus University Rotterdam and The Wharton School,
University of Pennsylvania Philadelphia
MBA, Finance/Banking, Best Graduate, With Honours
1991-96 J.M.Katz Graduate School of Business, University of Pittsburgh; Major: Corporate Finance;
Minor: Econometrics; PhD; Dissertation: “IPO Anomalies, Truncated Excess Supply, and
Heterogeneous Information”
1997-98 Economics & Finance Staff, Office of Dr (HC) Radius Prawiro, Jakarta.
2000 ACUCA Lecturer: Japan, South Korea, Taiwan, Hong Kong, The Philippines, Thailand
1987-Now Lecturer, Faculty of Economics, Christian University of Indonesia, Jakarta.
1997-2001 Visiting Lecturer at IPMI, Institut PPM, Magister Management Program University of
Indonesia, University of Sam Ratulangi, Universitas Lampung, Magister Akuntansi & Post Graduate
(S2 & S3) Program Faculty of Economics University of Indonesia, Pelita Harapan University. Subjects:
Investment Analysis and Risk Management, Corporate Finance, International Finance, Derivative
Securities, Managerial Economics, Banks & Capital Markets, eBusiness Management.
WORK EXPERIENCE
1984-87 Teaching Assistant, FMIPA, IPB.
1990 Internship; ABN Bank, European Treasury Department, Amsterdam.
1990-91 Corporate Banking; ABN AMRO Bank Amsterdam
1994-96 Teaching Assistant, University of Pittsburgh.
1994-2000 Co-founder Indonesian Physics Olympic Team /TOFI Foundation & Indonesian
Computer Olympic Foundation TOKI
5
1998-2001 McKinsey & Co, Jakarta
2001-2006 Direktur Program Magister Manajemen Keuangan Universitas Bina Nusantara,
Co-founder Indonesia Learning Institute (InLIne), Indonesia School of Life (InSchoOL)
2005-2007 Komisaris Independen & Ketua Komite Pemantau Risiko PT Bank Niaga Tbk
2005- Professor in Financial Economics;
Charter member Lembaga Komisaris dan Direksi Indonesia
2006-2008 Academic Expert Advisor, Universitas Ciputra Surabaya,
2006- Owner/Komisaris (PT. Mobee Indonesia, PT MARS Indonesia)
2007- Supervisory Committee Asian Bond Fund Indonesia (TCW Bahana/BI),
Ketua Komite Sertifikasi FPSB Indonesia
2007-2008 Pejabat Dekan FE Universitas Multimedia Nusantara (UMN)
Ketua Umum Partai Barisan Nasional (BARNAS)
2008 Board of Advisor UMN
2008-2009 Ketua Dewan Pembina Partai Barisan Nasional (BARNAS)
2008-2010 Chairman CAPITAL PRICE
2009-2010 Dean of Business School and Director of Graduate Program, UPH
2010-2012 Director of Jakarta Futures Exchange
2012- IPMI International Business School; Senior advisor, Vriens & Partners
Independent Commissioner, HITS & MCS International
2014- Chairman of Index Committee, Indeks Investor 33
Advisory Council, PLN Corporate University
MISCELLANEOUS
Speaker in many seminars in Indonesia, USA, and Europe. Writer of more than 1000 articles in KONTAN, GATRA, Sinar Harapan, SWA, Bisnis
Indonesia, KOMPAS, Investor, Investor Daily, Warta Ekonomi, Manajemen & Usahawan Indonesia, InfoBank, Jurnal Pasar Modal, Media
6
Pioneer Business School in Indonesia since 1984, courses delivered fully in English with case
study / interactive method of learning
The best internationalized private business school in Indonesia (Rated 3 Palms in 2014)
(http://www.eduniversal-ranking.com/business-school-university-ranking-in-indonesia.html)
The only Indonesian Business School in the top 100 business school in Asia 2015
(http://find-mba.com/most-popular/asia)
Highlights about IPMI International Business School
Asian
Management
Conclave
2015
7
Relevant vs Rigor ?
IPMI IBS: Rigor AND Relevant
8
Academic
Rigor
Business Relevance
IPMI IBS
• Case Study, English
• Power Talk
• GFP, CIP
• Business Simulation
• Investment Simulation
• iReCons ; LRC
• Global and Industry networks
• Alumni networks
• Balanced Faculty members
High
High
Low
Low
Power Talk and Seminar
9
FACULTY MEMBERS: Academic Rigor + Business Relevance
OUTSTANDAING ALUMNI NETWORK
TESTIMONIAL E-MBA ALUMNI
EDUNIVERSAL RANKING
IPMI is the only Indonesian private business school
in 3 Palmes level
"Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata
15
DEAN’S MESSAGE FOR
STAKEHOLDERS OF IPMI IBS: 7 H’s
• 2B Be Hopeful and Helpful
• 3U Use Heart, Head, and Hand
• 2S Stay Hungry and Humorous
Prof Roy Sembel
16
KOMUNIKASI:
• E-mail: roy.sembel@ipmi.ac.id
• Twitter / Instagram: @ProfRoySembel
• LinkedIn: Prof. Roy Sembel
• Facebook: Prof. Roy Sembel
• E-Newsletter: Smart_WISDOM@yahoogroups.com
AGENDA
• Opening / Introduction
• IPO: What / Why / How
• Empirical Evidence
• Discussion
• Concluding remark
17
IPO = Initial Public Offering
• Penawaran sekuritas kepada masyarakat
• Dilakukan oleh perusahaan (Emiten) untuk
menjual sekuritas / efek (biasanya saham)
kepada masyarakat
• Berdasarkan tata cara yang diatur oleh UU
Pasar Modal dan Peraturan
Pelaksanaannya  diawasi oleh OJK
• Biasanya dilanjutkan dengan pencatatan
sekuritas untuk diperdagangkan di bursa
efek (BEI)
19
FOUR CORNER STONES OF
CORPORATE FINANCE?
McKinsey.com
1. Core of Value Principle
2. Conservation of Value Principle
3. Expectation Treadmill
4. Best owner Principle
When considering IPO, remember those principles
Why Do Companies Go Public?
• Fund Growth Plans
• Currency for M&A
• Recapitalization (retire debt)
• Liquidity
• Employee compensation
• Enhanced Image
– Landlords
– Creditors/Suppliers
– Recruiting/Retention
Penawaran Umum Perdana
Strategis Keuangan
Tujuan non-finansial
Mengoptimalkan kegiatan usaha
Antisipasi munculnya peraturan yang lebih ketat
Struktur Terbaik
Tujuan finansial
Kondisi pasar yang baik/timing
Harga optimal
Struktur TerbaikMeningkatkan nilai pemegang saham 
Penghematan pajak 
Kesesuaian dengan peraturan
Bapepam & peraturan lainnya
Dilusi






Strategic Aspects of Public Offering
22
IPO Process
• Underwriter Selection
• Registration
• Marketing and Book Building
• Pricing
• After Market Activities
"Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata
24
Before IPO During IPO After IPO
STAGES OF IPO
 Menentukan Tujuan
 Penilaian Kesiapan (Due
Dilligence)
 Corporate Plan
 Restrukturisasi
 Persiapan Data Keuangan
 Seleksi Profesi Penunjang
 Penyusunan Jadwal
 Familiarisasi Peraturan Pasar
Modal
 RUPS
 Penyusunan Pernyataan
Pendaftaran:
 Proyeksi Keuangan
 Laporan Keuangan
 Comfort Letter
 Legal Opinion
 Prospektus
 Agreements
 Penyerahan Pernyataan
Pendaftaran dan Pemasaran
 Publik Ekspose
 Pernyataan Pendaftaran
Dinyatakan Efektif
 Ketaatan Pelaporan
 Keterbukaan dan Pemerataan
Informasi
 Menghindari Benturan
Kepentingan
 Ketaatan Penggunaan Dana
dan Pernyataan Lainnya
Dalam Prospektus
 Membentuk Layanan Kepada
Investor dan Pihak Terkait
25
FINANCIAL MARKETS AND INSTITUTIONS ARE KEY
TO REALIZE VALUE
2. GO VS NO GO
Rewarding winners
1. SCREENING IDEAS
Separating winners and
losers
3. FUNDING OR
SELLING OUT
4. BUSINESS RESULTS
26
Kerangka Kerja Dasar
Pemahaman
Perusahaan
Faktor Internal
Faktor Eksternal
Analisa SWOT
Alternatif
Restrukturisasi
Memilih alternatif
terbaik
Penilaian Saham
Perusahaan
Atas dasar:
•Efisiensi Biaya
•Penghematan pajak
•Penyederhanaan proses
•Memaksimalkan nilai pemegang saham
•Kesesuaian dengan Peraturan
•Daya tarik untuk penanam modal
27
IPO
Valuation
Issue/Risk Analysis vs IPO valuation
Economic & Monetary
Condition
The Indonesian
Banking Industry
Capital Market
Sentiment
Government
Regulation
Legal aspects
Financial
Accounting Process
Accuracy &
Timeliness of F/S
Good Corporate
Governance
Capital Planning
Divestment/Dilution
strategies
Financial Accounting
Process Improvement
Portfolio Asset
Internal and external factors Issue/risk mitigation
Financial and Process
Environment
Information
Technology - MIS
Accounting standard
compliance
Operational - effectiveness
system & procedures
Asset Quality
IPO candidate evaluation:
Company Characteristics
• Growth Prospects
• Predictability of Results
• Management Team
• Historical Track Record – Size;Profitability
• First Mover Advantage
• Sponsorship
29
Analysis of Internal Factors
Visi, Misi, dan Tujuan jangka panjang
Strategi Operasi/Investasi Strategi Permodalan
Pendapatan Pajak Ekuitas
Strategi dan
Kebijaksanaan
Faktor
Pendorong
SDM, Teknologi, Cabang/Unit dan ModalSumber Daya
Kinerja Keuangan
Beban
Analisis Faktor Internal
IPO Evaluation:
Sector/Market Characteristics
• Overall Size
• Growth Rate
• Competitive Dynamics
• Comparable Companies’ Performance
• Institutional Appetite
Analysis of External Factors
Pendatang
baru
Produk pengganti
Pembeli
Pemasok
• •
•
Kompetisi
IPO Evaluation:
Market Conditions
• Backlog
• Cash Inflows to Mutual Funds
• Deals Pricing Below/Within/Above Range
• Withdrawn vs. Completed Offerings
• Market Performance of Recent IPOs
• Stable Economic Climate
IPO Evaluation:
Underwriter
• Research Expertise
• Distribution Capabilities
• Corporate Finance Focus
• Chemistry
• Geography (retail offices)
Pitch Book
• Executive Summary
• Capital Markets Update
• Company Positioning
• Valuation
• Structure and Timing of IPO Process
• Track Record of Investment Bank
• Team Members  Commitment
• References
Prospectus
• Cover
• Summary
• The Compnay
• Risk Factors
• Use of Proceeds
• Dividend Policy
• Capitalization
• Dilution
• Selected Financial Data
• Management Discussion
• The Business
• Management and Security Holders
• Description of Securities
Registration Statement
• Prospectus
• Exhibits
– Underwriting Agreement
– Articles of Incorporation
– Opinion of Company Counsel
– Stock Option Plan(s)
– Employment Agreements
– Registration Rights Agreements
– Material Contracts
– Computation of Earnings per Share
– Other supporting materials
Life As a Public Company
• Reporting
– Financial Reports, Press Releases, Conference Calls,
Forward-looking Statements
• Trading Blackouts
• BOD Liability
• Investor Relations
• Secondary Offerings
– Additional Cash
– Enhance the Float
– Orderly Exit for Large Holders
AGENDA
• Opening / Introduction
• IPO: What / Why / How
• Empirical Evidence
• Discussion
• Concluding remark
38
39
EMPIRICAL EVIDENCE ON IPO
Empirical evidence: Ibbotson (1975): P1 > Po
Instant Profit Overnight
Underpricing? Principal Agent, Winner’s Curse, Signaling, Overreaction
Ritter (1991) Inferior Performance Overtime  NOT underpricing
Sembel (1996)
IPO Anomalies Truncated Excess Supply, Heterogeneous Info
Withdrawn IPO (WIPO)
Diskusi:
IPO = Dana Murah ?
Case: IPO GARUDA, KRAKATAU STEEL
40
IPO Initial Return (“Underpricing”)
 Instant Profit
IPO Underpricing
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Years
Underpricing%
Source:Ritter,JayRialandWelch,Ivo,"AReviewofIPOActivity,Pricingand
Allocations"(February2002).YaleICFWorkingPaperNo.02-01.
http://ssrn.com/abstract=296393
41
Long-Run IPO Performance:
Inferior
Year IPOs
Market
Adjusted
Size and Book-to-
Market Adjusted
1980 88.20% 35.50% 17.10%
1981 12.80% -26.20% -7.40%
1982 32.20% -36.50% -48.70%
1983 15.40% -38.70% 2.50%
1984 27.70% -51.30% 3.00%
1985 7.60% -39.50% 7.30%
1986 18.60% -20.40% 14.30%
1987 -1.80% -18.90% 4.50%
1988 55.70% 8.30% 51.30%
1989 51.10% 16.80% 32.50%
1990 12.20% -34.10% -32.40%
1991 31.50% -1.70% 5.80%
1992 34.80% -2.30% -19.40%
1993 44.90% -7.80% -23.90%
1994 74.10% -8.30% 1.00%
1995 24.80% -62.30% -14.10%
1996 25.60% -57.00% 8.60%
1997 67.70% 6.80% 41.00%
1998 27.10% 9.10% 12.20%
1999 -46.20% -32.90% -74.20%
2000 -64.70% -36.40% -42.60%
Average 3-year Buy-and-Hold Return
Periods IPOs
Market
Adjusted
Size and Book-to-
Market Adjusted
1980-1989 20.80% -24.70% 6.90%
1990-1994 44.70% -7.20% -12.70%
1995-1998 36.00% -32.30% 11.60%
1999-2000 -53.80% -34.30% -61.20%
Average 3-year Buy-and-Hold Return
AGENDA
• Opening / Introduction
• IPO: What / Why / How
• Empirical Evidence
• Discussion
• Concluding remark
42
43
CASE DISCUSSION
IPO = Dana Murah ?
Buying IPO shares:
Is it a good investment for investors?
AGENDA
• Opening / Introduction
• IPO: What / Why / How
• Empirical Evidence
• Discussion
• Concluding remark
44
45
Advantages vs Disadvantages
of IPO
Advantages:
1. Access to capital markets
2. Improved liquidity for shareholders
3. Allow original owners to diversify
4. Monitored by external capital markets
5. Generate information from capital markets
6. Enhance credibility of company
Disadvantages:
1. Expensive out of pocket costs
2. High after IPO costs of dealing with shareholders
3. Competitors get easy access of company’s information
4. Public pressure
IPO
• Instant Profit Overnight
– Underpricing?
– Can retail investors make abnormal profit?
• Inferior Profit Overtime
– When to buy?
• Not cheap fund, but flexible fund for
issuers
47
FREE e-NEWSLETTER
WISDOM, WEB, WEALTH
Kirim e-mail dari e-mail anda ke
Smart_WISDOM-subscribe@yahoogroups.com
Kalau anda jalan-jalan ke Tasikmalaya
Jangan lupa ngemil sambel, tahu dan oncom
Kalau masih ada yang ingin ditanya
Jangan lupa kirim e-mail ke rsembel@yahoo.com
Facebook / LinkedIn: Prof Roy Sembel
Twitter / Instagram: @ProfRoySembel
Yahoogroup: Smart_WISDOM@yahoogroups.com

More Related Content

Viewers also liked

Trump Style In Negotiation
Trump Style In NegotiationTrump Style In Negotiation
Trump Style In Negotiationabdur rahman
 
Naked Finance - Pengelolaan Keuangan
Naked Finance - Pengelolaan KeuanganNaked Finance - Pengelolaan Keuangan
Naked Finance - Pengelolaan Keuanganabdur rahman
 
Perdagangan ikan hias laut di indonesia cahaya baru
Perdagangan ikan hias laut di indonesia cahaya baruPerdagangan ikan hias laut di indonesia cahaya baru
Perdagangan ikan hias laut di indonesia cahaya baruYayasan TERANGI
 
Edisi percuma 111 formula rezeki
Edisi percuma 111 formula rezekiEdisi percuma 111 formula rezeki
Edisi percuma 111 formula rezekiazzahairi
 
Blue Ocean Strategy
Blue Ocean StrategyBlue Ocean Strategy
Blue Ocean Strategyabdur rahman
 
Proposal Pembicara Seminar Inhouse Training Pensiun
Proposal Pembicara Seminar Inhouse Training PensiunProposal Pembicara Seminar Inhouse Training Pensiun
Proposal Pembicara Seminar Inhouse Training PensiunBambang Suharno
 
1 ppt sistem sirkulasi
1 ppt   sistem sirkulasi1 ppt   sistem sirkulasi
1 ppt sistem sirkulasienda151510
 
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPO
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPOCritical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPO
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPOtwinkle Chhadwa
 
Kunci rezeki mempermudah hidup
Kunci rezeki mempermudah hidupKunci rezeki mempermudah hidup
Kunci rezeki mempermudah hidupIntan Aprilia
 
Beli rumah tanpa uang
Beli rumah tanpa uangBeli rumah tanpa uang
Beli rumah tanpa uangandika_ariel
 
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan Rezeki
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan RezekiFlipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan Rezeki
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan RezekiIbrahim Ubaid
 
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...Habibie Muhammad
 

Viewers also liked (16)

Revolution
RevolutionRevolution
Revolution
 
12. Mengatasi Kesulitan Rizqi
12. Mengatasi Kesulitan Rizqi12. Mengatasi Kesulitan Rizqi
12. Mengatasi Kesulitan Rizqi
 
Trump Style In Negotiation
Trump Style In NegotiationTrump Style In Negotiation
Trump Style In Negotiation
 
Naked Finance - Pengelolaan Keuangan
Naked Finance - Pengelolaan KeuanganNaked Finance - Pengelolaan Keuangan
Naked Finance - Pengelolaan Keuangan
 
Pesiun bagi PNS
Pesiun bagi PNSPesiun bagi PNS
Pesiun bagi PNS
 
Perdagangan ikan hias laut di indonesia cahaya baru
Perdagangan ikan hias laut di indonesia cahaya baruPerdagangan ikan hias laut di indonesia cahaya baru
Perdagangan ikan hias laut di indonesia cahaya baru
 
Edisi percuma 111 formula rezeki
Edisi percuma 111 formula rezekiEdisi percuma 111 formula rezeki
Edisi percuma 111 formula rezeki
 
Blue Ocean Strategy
Blue Ocean StrategyBlue Ocean Strategy
Blue Ocean Strategy
 
Proposal Pembicara Seminar Inhouse Training Pensiun
Proposal Pembicara Seminar Inhouse Training PensiunProposal Pembicara Seminar Inhouse Training Pensiun
Proposal Pembicara Seminar Inhouse Training Pensiun
 
1 ppt sistem sirkulasi
1 ppt   sistem sirkulasi1 ppt   sistem sirkulasi
1 ppt sistem sirkulasi
 
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPO
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPOCritical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPO
Critical IPO disclosures in a prospectus and comparison of JustDial and TBZ IPO
 
Kunci rezeki mempermudah hidup
Kunci rezeki mempermudah hidupKunci rezeki mempermudah hidup
Kunci rezeki mempermudah hidup
 
Beli rumah tanpa uang
Beli rumah tanpa uangBeli rumah tanpa uang
Beli rumah tanpa uang
 
Crtical IPO Disclosures
Crtical IPO DisclosuresCrtical IPO Disclosures
Crtical IPO Disclosures
 
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan Rezeki
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan RezekiFlipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan Rezeki
Flipchart Riyadhoh Mengubah Nasib - Aktivasi Lompatan Rezeki
 
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...
Paper REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN PENERBITAN OBLIGASI SY...
 

Similar to "Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata

Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16
Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16 Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16
Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16 bicangels
 
Road To IPO - proposal update 08042022.pdf
Road To IPO - proposal update 08042022.pdfRoad To IPO - proposal update 08042022.pdf
Road To IPO - proposal update 08042022.pdfDjula1
 
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...PR Society of Indonesia
 
Duke Program for Entrepreneurs (P4E) - Info Session
Duke Program for Entrepreneurs (P4E) - Info SessionDuke Program for Entrepreneurs (P4E) - Info Session
Duke Program for Entrepreneurs (P4E) - Info SessionHowie Rhee
 
Startnowhow - Stage Financing for Ventures
Startnowhow - Stage Financing for VenturesStartnowhow - Stage Financing for Ventures
Startnowhow - Stage Financing for Venturesbicangels
 
Career Sessions Finance Roles
Career Sessions Finance Roles Career Sessions Finance Roles
Career Sessions Finance Roles SupportGCI
 
Startnowhow - Opportunity Recognition and Evaluation
Startnowhow - Opportunity Recognition and EvaluationStartnowhow - Opportunity Recognition and Evaluation
Startnowhow - Opportunity Recognition and Evaluationbicangels
 
So you think you need a PMO presentation SWWE 11th February 2016
So you think you need a PMO presentation SWWE 11th February 2016So you think you need a PMO presentation SWWE 11th February 2016
So you think you need a PMO presentation SWWE 11th February 2016Association for Project Management
 
ROI Basics: An Overview of the ROI Methodology with Patti Phillips
ROI Basics: An Overview of the ROI Methodology with Patti PhillipsROI Basics: An Overview of the ROI Methodology with Patti Phillips
ROI Basics: An Overview of the ROI Methodology with Patti PhillipsVFTNetworks
 
Startnowhow 9.2.17 Market and Competitor Research
Startnowhow 9.2.17 Market and Competitor ResearchStartnowhow 9.2.17 Market and Competitor Research
Startnowhow 9.2.17 Market and Competitor Researchbicangels
 
IIM Calcutta's Senior Management Program (Batch - 10)
IIM Calcutta's Senior Management Program (Batch - 10)IIM Calcutta's Senior Management Program (Batch - 10)
IIM Calcutta's Senior Management Program (Batch - 10)niitimperia01
 
Piamkwan Lam (Bew)_Resume
Piamkwan Lam (Bew)_ResumePiamkwan Lam (Bew)_Resume
Piamkwan Lam (Bew)_ResumeBew Siriphun
 
BICStartNowHow - Stage Financing for Ventures
BICStartNowHow - Stage Financing for VenturesBICStartNowHow - Stage Financing for Ventures
BICStartNowHow - Stage Financing for Venturesbicangels
 
career in investment banking
career in investment bankingcareer in investment banking
career in investment bankingTapas Kumar Das
 
The Better Approach to Succession Planning - MITBA CEO Conference 2011
The Better Approach to Succession Planning - MITBA CEO Conference 2011The Better Approach to Succession Planning - MITBA CEO Conference 2011
The Better Approach to Succession Planning - MITBA CEO Conference 2011Kenny Ong
 
Intro to Innoventor
Intro to InnoventorIntro to Innoventor
Intro to Innoventorkschien
 
6th annual investment conference speaker profile
6th annual investment conference speaker profile6th annual investment conference speaker profile
6th annual investment conference speaker profileShane See
 
Creating and capturing value: More than just cost reduction webinar, 13 Decem...
Creating and capturing value: More than just cost reduction webinar, 13 Decem...Creating and capturing value: More than just cost reduction webinar, 13 Decem...
Creating and capturing value: More than just cost reduction webinar, 13 Decem...Association for Project Management
 

Similar to "Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata (20)

Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16
Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16 Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16
Startnowhow - The Entrepreneurial Ecosystem in Turkey - 22.09.16
 
Road To IPO - proposal update 08042022.pdf
Road To IPO - proposal update 08042022.pdfRoad To IPO - proposal update 08042022.pdf
Road To IPO - proposal update 08042022.pdf
 
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...
PRSI Int PR conf 2011 day 1 Integrating investor relations to enhance investo...
 
Duke Program for Entrepreneurs (P4E) - Info Session
Duke Program for Entrepreneurs (P4E) - Info SessionDuke Program for Entrepreneurs (P4E) - Info Session
Duke Program for Entrepreneurs (P4E) - Info Session
 
Startnowhow - Stage Financing for Ventures
Startnowhow - Stage Financing for VenturesStartnowhow - Stage Financing for Ventures
Startnowhow - Stage Financing for Ventures
 
Career Sessions Finance Roles
Career Sessions Finance Roles Career Sessions Finance Roles
Career Sessions Finance Roles
 
Startnowhow - Opportunity Recognition and Evaluation
Startnowhow - Opportunity Recognition and EvaluationStartnowhow - Opportunity Recognition and Evaluation
Startnowhow - Opportunity Recognition and Evaluation
 
So you think you need a PMO presentation SWWE 11th February 2016
So you think you need a PMO presentation SWWE 11th February 2016So you think you need a PMO presentation SWWE 11th February 2016
So you think you need a PMO presentation SWWE 11th February 2016
 
ROI Basics: An Overview of the ROI Methodology with Patti Phillips
ROI Basics: An Overview of the ROI Methodology with Patti PhillipsROI Basics: An Overview of the ROI Methodology with Patti Phillips
ROI Basics: An Overview of the ROI Methodology with Patti Phillips
 
Startnowhow 9.2.17 Market and Competitor Research
Startnowhow 9.2.17 Market and Competitor ResearchStartnowhow 9.2.17 Market and Competitor Research
Startnowhow 9.2.17 Market and Competitor Research
 
IIM Calcutta's Senior Management Program (Batch - 10)
IIM Calcutta's Senior Management Program (Batch - 10)IIM Calcutta's Senior Management Program (Batch - 10)
IIM Calcutta's Senior Management Program (Batch - 10)
 
Piamkwan Lam (Bew)_Resume
Piamkwan Lam (Bew)_ResumePiamkwan Lam (Bew)_Resume
Piamkwan Lam (Bew)_Resume
 
Portfolio management
Portfolio managementPortfolio management
Portfolio management
 
BICStartNowHow - Stage Financing for Ventures
BICStartNowHow - Stage Financing for VenturesBICStartNowHow - Stage Financing for Ventures
BICStartNowHow - Stage Financing for Ventures
 
career in investment banking
career in investment bankingcareer in investment banking
career in investment banking
 
The Better Approach to Succession Planning - MITBA CEO Conference 2011
The Better Approach to Succession Planning - MITBA CEO Conference 2011The Better Approach to Succession Planning - MITBA CEO Conference 2011
The Better Approach to Succession Planning - MITBA CEO Conference 2011
 
Intro to Innoventor
Intro to InnoventorIntro to Innoventor
Intro to Innoventor
 
6th annual investment conference speaker profile
6th annual investment conference speaker profile6th annual investment conference speaker profile
6th annual investment conference speaker profile
 
PMOs: People, Styles and Lifecycles - 10th November 2015
PMOs: People, Styles and Lifecycles - 10th November 2015PMOs: People, Styles and Lifecycles - 10th November 2015
PMOs: People, Styles and Lifecycles - 10th November 2015
 
Creating and capturing value: More than just cost reduction webinar, 13 Decem...
Creating and capturing value: More than just cost reduction webinar, 13 Decem...Creating and capturing value: More than just cost reduction webinar, 13 Decem...
Creating and capturing value: More than just cost reduction webinar, 13 Decem...
 

More from Budi Rachmat

Indonesia Economy and ASEAN Economic Community by rizal djaafara
Indonesia Economy and ASEAN Economic Community by rizal djaafaraIndonesia Economy and ASEAN Economic Community by rizal djaafara
Indonesia Economy and ASEAN Economic Community by rizal djaafaraBudi Rachmat
 
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul TanjungBudi Rachmat
 
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas Buletin
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas BuletinFormula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas Buletin
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas BuletinBudi Rachmat
 
Tantangan Kepulauan Aru, Indonesia
Tantangan Kepulauan Aru, IndonesiaTantangan Kepulauan Aru, Indonesia
Tantangan Kepulauan Aru, IndonesiaBudi Rachmat
 
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experience
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experienceChairul Tanjung: transformasi 30 tahun - enterpreneurship experience
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experienceBudi Rachmat
 
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku Nasional
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku NasionalSOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku Nasional
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku NasionalBudi Rachmat
 

More from Budi Rachmat (6)

Indonesia Economy and ASEAN Economic Community by rizal djaafara
Indonesia Economy and ASEAN Economic Community by rizal djaafaraIndonesia Economy and ASEAN Economic Community by rizal djaafara
Indonesia Economy and ASEAN Economic Community by rizal djaafara
 
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung
"Prospek Ekonomi Indonesia 2014" laporan KEN 2014 - Chairul Tanjung
 
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas Buletin
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas BuletinFormula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas Buletin
Formula: Buletin Forum Remaja PeMUda Masjid Al Ikhlas Buletin
 
Tantangan Kepulauan Aru, Indonesia
Tantangan Kepulauan Aru, IndonesiaTantangan Kepulauan Aru, Indonesia
Tantangan Kepulauan Aru, Indonesia
 
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experience
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experienceChairul Tanjung: transformasi 30 tahun - enterpreneurship experience
Chairul Tanjung: transformasi 30 tahun - enterpreneurship experience
 
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku Nasional
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku NasionalSOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku Nasional
SOLUSI komunikasi Anda, GRATIS nelpon 24H, berlaku Nasional
 

Recently uploaded

Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxWorkforce Group
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfCharles Cotter, PhD
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarNathanielSchmuck
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.mcshagufta46
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessAPCO
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHelene Heckrotte
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfChicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfSourav Sikder
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024Stephan Koning
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Winbusinessin
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)tazeenaila12
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...Khaled Al Awadi
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003believeminhh
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Lviv Startup Club
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Reportamberjiles31
 

Recently uploaded (20)

Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry Webinar
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
 
Investment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV IndustriesInvestment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV Industries
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfChicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 
WAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdfWAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdf
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Report
 

"Cost/Benefit of Shares IPO" oleh @ProfRoySembel at IPMI Kalibata

  • 1. Prof. Roy Sembel, PhD LinkedIn: Prof. Roy Sembel Twitter/Instagram: @ProfRoySembel Facebook/LinkedIn: Prof. Roy Sembel e-Newsletter: Smart_WISDOM@yahoogroups.com Cost/Benefit of Shares IPO
  • 2. 2
  • 3. AGENDA • Opening / Introduction • IPO: What / Why / How • Empirical Evidence • Discussion • Concluding remark 3
  • 4. 4 PROF. ROY SEMBEL, IR, MBA, PHD EDUCATION 1982-86 IPB, Bogor. FMIPA. Major: Statistics, Minor: Economics; Ir., Best Graduate, Cum Laude 1988-90 Rotterdam School of Management, Erasmus University Rotterdam and The Wharton School, University of Pennsylvania Philadelphia MBA, Finance/Banking, Best Graduate, With Honours 1991-96 J.M.Katz Graduate School of Business, University of Pittsburgh; Major: Corporate Finance; Minor: Econometrics; PhD; Dissertation: “IPO Anomalies, Truncated Excess Supply, and Heterogeneous Information” 1997-98 Economics & Finance Staff, Office of Dr (HC) Radius Prawiro, Jakarta. 2000 ACUCA Lecturer: Japan, South Korea, Taiwan, Hong Kong, The Philippines, Thailand 1987-Now Lecturer, Faculty of Economics, Christian University of Indonesia, Jakarta. 1997-2001 Visiting Lecturer at IPMI, Institut PPM, Magister Management Program University of Indonesia, University of Sam Ratulangi, Universitas Lampung, Magister Akuntansi & Post Graduate (S2 & S3) Program Faculty of Economics University of Indonesia, Pelita Harapan University. Subjects: Investment Analysis and Risk Management, Corporate Finance, International Finance, Derivative Securities, Managerial Economics, Banks & Capital Markets, eBusiness Management. WORK EXPERIENCE 1984-87 Teaching Assistant, FMIPA, IPB. 1990 Internship; ABN Bank, European Treasury Department, Amsterdam. 1990-91 Corporate Banking; ABN AMRO Bank Amsterdam 1994-96 Teaching Assistant, University of Pittsburgh. 1994-2000 Co-founder Indonesian Physics Olympic Team /TOFI Foundation & Indonesian Computer Olympic Foundation TOKI
  • 5. 5 1998-2001 McKinsey & Co, Jakarta 2001-2006 Direktur Program Magister Manajemen Keuangan Universitas Bina Nusantara, Co-founder Indonesia Learning Institute (InLIne), Indonesia School of Life (InSchoOL) 2005-2007 Komisaris Independen & Ketua Komite Pemantau Risiko PT Bank Niaga Tbk 2005- Professor in Financial Economics; Charter member Lembaga Komisaris dan Direksi Indonesia 2006-2008 Academic Expert Advisor, Universitas Ciputra Surabaya, 2006- Owner/Komisaris (PT. Mobee Indonesia, PT MARS Indonesia) 2007- Supervisory Committee Asian Bond Fund Indonesia (TCW Bahana/BI), Ketua Komite Sertifikasi FPSB Indonesia 2007-2008 Pejabat Dekan FE Universitas Multimedia Nusantara (UMN) Ketua Umum Partai Barisan Nasional (BARNAS) 2008 Board of Advisor UMN 2008-2009 Ketua Dewan Pembina Partai Barisan Nasional (BARNAS) 2008-2010 Chairman CAPITAL PRICE 2009-2010 Dean of Business School and Director of Graduate Program, UPH 2010-2012 Director of Jakarta Futures Exchange 2012- IPMI International Business School; Senior advisor, Vriens & Partners Independent Commissioner, HITS & MCS International 2014- Chairman of Index Committee, Indeks Investor 33 Advisory Council, PLN Corporate University MISCELLANEOUS Speaker in many seminars in Indonesia, USA, and Europe. Writer of more than 1000 articles in KONTAN, GATRA, Sinar Harapan, SWA, Bisnis Indonesia, KOMPAS, Investor, Investor Daily, Warta Ekonomi, Manajemen & Usahawan Indonesia, InfoBank, Jurnal Pasar Modal, Media
  • 6. 6 Pioneer Business School in Indonesia since 1984, courses delivered fully in English with case study / interactive method of learning The best internationalized private business school in Indonesia (Rated 3 Palms in 2014) (http://www.eduniversal-ranking.com/business-school-university-ranking-in-indonesia.html) The only Indonesian Business School in the top 100 business school in Asia 2015 (http://find-mba.com/most-popular/asia) Highlights about IPMI International Business School
  • 8. IPMI IBS: Rigor AND Relevant 8 Academic Rigor Business Relevance IPMI IBS • Case Study, English • Power Talk • GFP, CIP • Business Simulation • Investment Simulation • iReCons ; LRC • Global and Industry networks • Alumni networks • Balanced Faculty members High High Low Low
  • 9. Power Talk and Seminar 9
  • 10. FACULTY MEMBERS: Academic Rigor + Business Relevance
  • 13. EDUNIVERSAL RANKING IPMI is the only Indonesian private business school in 3 Palmes level
  • 15. 15 DEAN’S MESSAGE FOR STAKEHOLDERS OF IPMI IBS: 7 H’s • 2B Be Hopeful and Helpful • 3U Use Heart, Head, and Hand • 2S Stay Hungry and Humorous
  • 16. Prof Roy Sembel 16 KOMUNIKASI: • E-mail: roy.sembel@ipmi.ac.id • Twitter / Instagram: @ProfRoySembel • LinkedIn: Prof. Roy Sembel • Facebook: Prof. Roy Sembel • E-Newsletter: Smart_WISDOM@yahoogroups.com
  • 17. AGENDA • Opening / Introduction • IPO: What / Why / How • Empirical Evidence • Discussion • Concluding remark 17
  • 18. IPO = Initial Public Offering • Penawaran sekuritas kepada masyarakat • Dilakukan oleh perusahaan (Emiten) untuk menjual sekuritas / efek (biasanya saham) kepada masyarakat • Berdasarkan tata cara yang diatur oleh UU Pasar Modal dan Peraturan Pelaksanaannya  diawasi oleh OJK • Biasanya dilanjutkan dengan pencatatan sekuritas untuk diperdagangkan di bursa efek (BEI)
  • 19. 19 FOUR CORNER STONES OF CORPORATE FINANCE? McKinsey.com 1. Core of Value Principle 2. Conservation of Value Principle 3. Expectation Treadmill 4. Best owner Principle When considering IPO, remember those principles
  • 20. Why Do Companies Go Public? • Fund Growth Plans • Currency for M&A • Recapitalization (retire debt) • Liquidity • Employee compensation • Enhanced Image – Landlords – Creditors/Suppliers – Recruiting/Retention
  • 21. Penawaran Umum Perdana Strategis Keuangan Tujuan non-finansial Mengoptimalkan kegiatan usaha Antisipasi munculnya peraturan yang lebih ketat Struktur Terbaik Tujuan finansial Kondisi pasar yang baik/timing Harga optimal Struktur TerbaikMeningkatkan nilai pemegang saham  Penghematan pajak  Kesesuaian dengan peraturan Bapepam & peraturan lainnya Dilusi       Strategic Aspects of Public Offering
  • 22. 22 IPO Process • Underwriter Selection • Registration • Marketing and Book Building • Pricing • After Market Activities
  • 24. 24 Before IPO During IPO After IPO STAGES OF IPO  Menentukan Tujuan  Penilaian Kesiapan (Due Dilligence)  Corporate Plan  Restrukturisasi  Persiapan Data Keuangan  Seleksi Profesi Penunjang  Penyusunan Jadwal  Familiarisasi Peraturan Pasar Modal  RUPS  Penyusunan Pernyataan Pendaftaran:  Proyeksi Keuangan  Laporan Keuangan  Comfort Letter  Legal Opinion  Prospektus  Agreements  Penyerahan Pernyataan Pendaftaran dan Pemasaran  Publik Ekspose  Pernyataan Pendaftaran Dinyatakan Efektif  Ketaatan Pelaporan  Keterbukaan dan Pemerataan Informasi  Menghindari Benturan Kepentingan  Ketaatan Penggunaan Dana dan Pernyataan Lainnya Dalam Prospektus  Membentuk Layanan Kepada Investor dan Pihak Terkait
  • 25. 25 FINANCIAL MARKETS AND INSTITUTIONS ARE KEY TO REALIZE VALUE 2. GO VS NO GO Rewarding winners 1. SCREENING IDEAS Separating winners and losers 3. FUNDING OR SELLING OUT 4. BUSINESS RESULTS
  • 26. 26 Kerangka Kerja Dasar Pemahaman Perusahaan Faktor Internal Faktor Eksternal Analisa SWOT Alternatif Restrukturisasi Memilih alternatif terbaik Penilaian Saham Perusahaan Atas dasar: •Efisiensi Biaya •Penghematan pajak •Penyederhanaan proses •Memaksimalkan nilai pemegang saham •Kesesuaian dengan Peraturan •Daya tarik untuk penanam modal
  • 27. 27 IPO Valuation Issue/Risk Analysis vs IPO valuation Economic & Monetary Condition The Indonesian Banking Industry Capital Market Sentiment Government Regulation Legal aspects Financial Accounting Process Accuracy & Timeliness of F/S Good Corporate Governance Capital Planning Divestment/Dilution strategies Financial Accounting Process Improvement Portfolio Asset Internal and external factors Issue/risk mitigation Financial and Process Environment Information Technology - MIS Accounting standard compliance Operational - effectiveness system & procedures Asset Quality
  • 28. IPO candidate evaluation: Company Characteristics • Growth Prospects • Predictability of Results • Management Team • Historical Track Record – Size;Profitability • First Mover Advantage • Sponsorship
  • 29. 29 Analysis of Internal Factors Visi, Misi, dan Tujuan jangka panjang Strategi Operasi/Investasi Strategi Permodalan Pendapatan Pajak Ekuitas Strategi dan Kebijaksanaan Faktor Pendorong SDM, Teknologi, Cabang/Unit dan ModalSumber Daya Kinerja Keuangan Beban Analisis Faktor Internal
  • 30. IPO Evaluation: Sector/Market Characteristics • Overall Size • Growth Rate • Competitive Dynamics • Comparable Companies’ Performance • Institutional Appetite
  • 31. Analysis of External Factors Pendatang baru Produk pengganti Pembeli Pemasok • • • Kompetisi
  • 32. IPO Evaluation: Market Conditions • Backlog • Cash Inflows to Mutual Funds • Deals Pricing Below/Within/Above Range • Withdrawn vs. Completed Offerings • Market Performance of Recent IPOs • Stable Economic Climate
  • 33. IPO Evaluation: Underwriter • Research Expertise • Distribution Capabilities • Corporate Finance Focus • Chemistry • Geography (retail offices)
  • 34. Pitch Book • Executive Summary • Capital Markets Update • Company Positioning • Valuation • Structure and Timing of IPO Process • Track Record of Investment Bank • Team Members  Commitment • References
  • 35. Prospectus • Cover • Summary • The Compnay • Risk Factors • Use of Proceeds • Dividend Policy • Capitalization • Dilution • Selected Financial Data • Management Discussion • The Business • Management and Security Holders • Description of Securities
  • 36. Registration Statement • Prospectus • Exhibits – Underwriting Agreement – Articles of Incorporation – Opinion of Company Counsel – Stock Option Plan(s) – Employment Agreements – Registration Rights Agreements – Material Contracts – Computation of Earnings per Share – Other supporting materials
  • 37. Life As a Public Company • Reporting – Financial Reports, Press Releases, Conference Calls, Forward-looking Statements • Trading Blackouts • BOD Liability • Investor Relations • Secondary Offerings – Additional Cash – Enhance the Float – Orderly Exit for Large Holders
  • 38. AGENDA • Opening / Introduction • IPO: What / Why / How • Empirical Evidence • Discussion • Concluding remark 38
  • 39. 39 EMPIRICAL EVIDENCE ON IPO Empirical evidence: Ibbotson (1975): P1 > Po Instant Profit Overnight Underpricing? Principal Agent, Winner’s Curse, Signaling, Overreaction Ritter (1991) Inferior Performance Overtime  NOT underpricing Sembel (1996) IPO Anomalies Truncated Excess Supply, Heterogeneous Info Withdrawn IPO (WIPO) Diskusi: IPO = Dana Murah ? Case: IPO GARUDA, KRAKATAU STEEL
  • 40. 40 IPO Initial Return (“Underpricing”)  Instant Profit IPO Underpricing 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Years Underpricing% Source:Ritter,JayRialandWelch,Ivo,"AReviewofIPOActivity,Pricingand Allocations"(February2002).YaleICFWorkingPaperNo.02-01. http://ssrn.com/abstract=296393
  • 41. 41 Long-Run IPO Performance: Inferior Year IPOs Market Adjusted Size and Book-to- Market Adjusted 1980 88.20% 35.50% 17.10% 1981 12.80% -26.20% -7.40% 1982 32.20% -36.50% -48.70% 1983 15.40% -38.70% 2.50% 1984 27.70% -51.30% 3.00% 1985 7.60% -39.50% 7.30% 1986 18.60% -20.40% 14.30% 1987 -1.80% -18.90% 4.50% 1988 55.70% 8.30% 51.30% 1989 51.10% 16.80% 32.50% 1990 12.20% -34.10% -32.40% 1991 31.50% -1.70% 5.80% 1992 34.80% -2.30% -19.40% 1993 44.90% -7.80% -23.90% 1994 74.10% -8.30% 1.00% 1995 24.80% -62.30% -14.10% 1996 25.60% -57.00% 8.60% 1997 67.70% 6.80% 41.00% 1998 27.10% 9.10% 12.20% 1999 -46.20% -32.90% -74.20% 2000 -64.70% -36.40% -42.60% Average 3-year Buy-and-Hold Return Periods IPOs Market Adjusted Size and Book-to- Market Adjusted 1980-1989 20.80% -24.70% 6.90% 1990-1994 44.70% -7.20% -12.70% 1995-1998 36.00% -32.30% 11.60% 1999-2000 -53.80% -34.30% -61.20% Average 3-year Buy-and-Hold Return
  • 42. AGENDA • Opening / Introduction • IPO: What / Why / How • Empirical Evidence • Discussion • Concluding remark 42
  • 43. 43 CASE DISCUSSION IPO = Dana Murah ? Buying IPO shares: Is it a good investment for investors?
  • 44. AGENDA • Opening / Introduction • IPO: What / Why / How • Empirical Evidence • Discussion • Concluding remark 44
  • 45. 45 Advantages vs Disadvantages of IPO Advantages: 1. Access to capital markets 2. Improved liquidity for shareholders 3. Allow original owners to diversify 4. Monitored by external capital markets 5. Generate information from capital markets 6. Enhance credibility of company Disadvantages: 1. Expensive out of pocket costs 2. High after IPO costs of dealing with shareholders 3. Competitors get easy access of company’s information 4. Public pressure
  • 46. IPO • Instant Profit Overnight – Underpricing? – Can retail investors make abnormal profit? • Inferior Profit Overtime – When to buy? • Not cheap fund, but flexible fund for issuers
  • 47. 47 FREE e-NEWSLETTER WISDOM, WEB, WEALTH Kirim e-mail dari e-mail anda ke Smart_WISDOM-subscribe@yahoogroups.com Kalau anda jalan-jalan ke Tasikmalaya Jangan lupa ngemil sambel, tahu dan oncom Kalau masih ada yang ingin ditanya Jangan lupa kirim e-mail ke rsembel@yahoo.com Facebook / LinkedIn: Prof Roy Sembel Twitter / Instagram: @ProfRoySembel Yahoogroup: Smart_WISDOM@yahoogroups.com