Comparative Analysis of IPOs and M&A Premium for Emerging Market Companies

Student: Kotel`nikova Anastasiya

Supervisor: Ekaterina Tuzikova

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Bachelor

Year of Graduation: 2014

This paper compared premium of IPO and M&A for chemical companies in developing countries, determined the main factors influencing on the size of the premium and the company's choice between an IPO and M&A. The study turned out that the size of the IPO premium exceeds the premium amount of M&A. Moreover, the premium is not a significant factor of company’s choice. In the emerging market chemical companies with a great debt ratio, low sales growth rate and large need of investment should execute M&A, while companies with high sales growth rate, small debt ratio should undertake an IPO. Companies must take into account the characteristics of the industry and market in order to choose the best growth strategy.

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