STOP THE POP

摘要

The past year brought many high-profile IPOs and with average returns on US IPOs at 80% by year-end there was no lack of hot deals. Yet Unity Software's US$1.5bn NYSE debut in September was a first-of-its-kind and a potential game-changer. The software company employed a so-called hybrid auction - though it isn't really anything of the sort - as a new approach developed by Goldman Sachs to try to address tensions between Silicon Valley and Wall Street over the perceived "underpricing" of hot tech offerings.