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Regulation A+: How the JOBS Act Creates Opportunities for Entrepreneurs and Investors by Robert R. Kaplan Jr., Dinesh Gupta, Paul M. Getty

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CHAPTER 3

Benefits of Regulation A+

Intel (INTC) went public in February 1971 with an IPO that raised $8M (million) supported by an underwriting group of 63 firms, of which fewer than 10 still exist. In March 1986, Microsoft (MSFT) went public with an offering of $58M with 116 underwriters, of which only about one quarter remain in operation in a similar line of business. Apple, Cisco, FedEx, Genentech, Starbucks, and many other firms are examples of small companies that raised growth capital outside of Regulation D via relatively small IPOs that helped them grow to become industry leaders.

By contrast, LinkedIn’s IPO (LNKD) in May 2011 raised $358M with only six underwriters. For a myriad of reasons which were covered in more detail in Chapter ...

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