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Advisor(s)
Abstract(s)
Um passo importante no crescimento das empresas consiste na decisão de entrada em bolsa, conhecido por Initial Public Offering (IPO).
Em Portugal tem-se assistido a um aumento da relevância do turismo na economia nacional e o Grupo Mystic Invest SGPS, S.A. tem contribuído com a sua permanente inovação e visão para esta mudança e crescimento. Esta holding, em 2010, através da empresa DouroAzul – Sociedade Marítimo-Turística, S.A., esteve muito perto de realizar uma IPO e, de acordo com o Dr. Mário Ferreira - Presidente e Chief Executive Officer, este passo poderá vir ainda a acontecer no futuro.
O objetivo deste trabalho consiste em compreender e transmitir quais as determinantes e motivações que levam as empresas a procurar aceder ao mercado de capitais, e qual será o melhor timing para se realizar uma IPO. Neste contexto, analisou-se posteriormente, a potencial IPO do Grupo Mystic Invest SGPS, S.A que acabou por não acontecer em 2010, sobre a qual, recentemente, o Dr. Mário Ferreira referiu que “fará sentido realizar uma IPO daqui a três ou quatro anos”.
Foi efetuada uma análise aos principais temas relacionados com IPOs, tentando, sempre que possível, acompanhar a teoria com casos práticos reais. Finalmente, na sequência de uma entrevista com o Dr. Mário Ferreira foi possível responder a algumas das questões relacionadas com as IPOs da holding. Essencialmente concluiu-se que as condições de mercado em 2010 não eram as mais adequadas para a operação e que no futuro, tal poderá ser novamente equacionado.
For a company to continue growing, they can take an important step and decide to go public, a process also known as Initial Public Offering (IPO). In Portugal, there has been an increase in the importance and influence of tourism to the national economy and the holding Mystic Invest SGPS, S.A.’s continuous growth and innovation, surely contributes to this situation. This holding, through its subsidiary DouroAzul – Sociedade Marítimo-Turística, S.A., almost proceeded with an IPO in 2010. Recently, the holding’s Chief Executive Officer and President, Dr. Mário Ferreira said that an IPO may still occur in the future. The purpose of this report consists in comprehending and to communicate what are the main factors and motivations that makes companies choose to go public, and what would be the best timing. Later, there will be an analysis of why didn’t the holding’s IPO take place in 2010 and why it could “make sense to conduct an IPO in three or four years’ time”, accordingly to Dr. Mário Ferreira. An analysis was made to the main topics regarding IPOs and, whenever possible, the theory was supported by real case scenarios. Later, based on an interview that was made to Dr. Mário Ferreira, it was possible to answer some of the questions concerning the holding’s IPOs (both in 2010 and the potential future IPO). Essentially, the reached conclusion was that the market in 2010 was not ready to take on these types of operations, but in the future, there could be better market conditions to proceed with an IPO.
For a company to continue growing, they can take an important step and decide to go public, a process also known as Initial Public Offering (IPO). In Portugal, there has been an increase in the importance and influence of tourism to the national economy and the holding Mystic Invest SGPS, S.A.’s continuous growth and innovation, surely contributes to this situation. This holding, through its subsidiary DouroAzul – Sociedade Marítimo-Turística, S.A., almost proceeded with an IPO in 2010. Recently, the holding’s Chief Executive Officer and President, Dr. Mário Ferreira said that an IPO may still occur in the future. The purpose of this report consists in comprehending and to communicate what are the main factors and motivations that makes companies choose to go public, and what would be the best timing. Later, there will be an analysis of why didn’t the holding’s IPO take place in 2010 and why it could “make sense to conduct an IPO in three or four years’ time”, accordingly to Dr. Mário Ferreira. An analysis was made to the main topics regarding IPOs and, whenever possible, the theory was supported by real case scenarios. Later, based on an interview that was made to Dr. Mário Ferreira, it was possible to answer some of the questions concerning the holding’s IPOs (both in 2010 and the potential future IPO). Essentially, the reached conclusion was that the market in 2010 was not ready to take on these types of operations, but in the future, there could be better market conditions to proceed with an IPO.
Description
Keywords
Initial Public Offering (IPO) Timing Determinantes e motivações Determinants and motivations