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1、Chapter1Case1.1E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLANDOnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.E-Centives’sofferingcircularstatedthatnoofferso
2、rsalesofthecompany’scommonstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidl
3、ygrowingcompaniesfromSwitzerlandandabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,and
4、toensuremarketliquidity,abankmustagreetomakeamarketinthesecurities.E-CentivesE-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,richdatabasesofconsumerprofilesandinterests.Inretur
5、n,consumersreceiveafreepromotionaloffersbasedontheirinterests.Atthetimeofthepublicoffering,E-Centivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswh
6、osemarketingmatterisdeliveredtotargetedgroupsofE-Centivesmembers.E-Centivescurrentlyemploysmorethan100peopleinitsBethesda,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.Revenu
7、efortheyearendedDecember31,1999,was$740000,withanetlossaboutUS$16million.AsofJune30,2000,aboutUS$39million.E-Centives‘growthstrategyistoexpandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandoth
8、ercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitzerland,theUnitedKingdom,andGermany.REQUIRED:1.Whichfactorsrelevantfor
