The Playtech Initial Public Offering
Playtech is a designer, developer, and licensor of software for the gam- bling industry. On 28 March 2006, Playtech raised approximately £265 million gross through an initial public offering of 103,142,466 ordinary shares at £2.57 per ordinary share. After the initial public offering, Playtech had 213,333,333 ordinary shares issued and outstanding.
Playtech received gross proceeds of approximately £34.3 million and net proceeds of £31.8 million. The ordinary shares that were sold to the public represented approximately 48 percent of Playtech’s total issued ordinary shares.
The question is how to get the 48% as the pc of nb of ordinary shares sold to public to Playtch's total issued ordinary shares ?
It seems to me that the moleculaire is 213 333 333 and the denominater is the sum of 213 333333 outstanding and shares hold by founder 89 796 162. But the % is not the same as 48% per the book.
(Level I 2012 Volume 5 Equity and Fixed Income, 7th Edition. Pearson Learning Solutions p. 54).
Playtech is a designer, developer, and licensor of software for the gam- bling industry. On 28 March 2006, Playtech raised approximately £265 million gross through an initial public offering of 103,142,466 ordinary shares at £2.57 per ordinary share. After the initial public offering, Playtech had 213,333,333 ordinary shares issued and outstanding.
Playtech received gross proceeds of approximately £34.3 million and net proceeds of £31.8 million. The ordinary shares that were sold to the public represented approximately 48 percent of Playtech’s total issued ordinary shares.
The question is how to get the 48% as the pc of nb of ordinary shares sold to public to Playtch's total issued ordinary shares ?
It seems to me that the moleculaire is 213 333 333 and the denominater is the sum of 213 333333 outstanding and shares hold by founder 89 796 162. But the % is not the same as 48% per the book.
(Level I 2012 Volume 5 Equity and Fixed Income, 7th Edition. Pearson Learning Solutions p. 54).