How Twitter’s IPO will work
– The investment banks, or underwriters, immediately sell the IPO shares to clients, based on the orders it took earlier. The shares mostly go to big investors. Only a small percentage of individual investors will get shares in the IPO at this point. – New shareholders start preparing orders for the next day. Some shareholders want to sell all or part of their newly-acquired stock. Some want to add to their holdings if they didn’t get as much stock as they hoped. – Twitter will have made its money. When the stocks starts trading the next day, company executives will ring the opening bell and applaud as trading opens on the floor of the NYSE. But all the hoopla, buying and selling, and changes in the stock price won’t change the amount raised by Twitter. The 70 million shares will be owned by public investors, who can trade them among each other. The Day of the IPO: – Before the stock market opens, a “designated market maker” arrives on the floor of the NYSE and starts processing orders from the night before. The DMM is like a conductor for a company’s stock. He or she is an experienced stock trader in charge of ensuring the buying and selling goes smoothly. If trading becomes volatile, the DMM can step in and buy shares using his firm’s own money. It’s good to have this safety net if things go wrong with the IPO. DMMs, who used to be called specialists, are unique to the NYSE. – Around 9:15 a.m., 15 minutes before the market opens, traders get a first taste of the public demand for a company’s shares. Twitter’s DMM will work through any initial orders to get a price quote for newly-issued shares. The price quote is typically in a range. – At 9:30 a.m. company executives ring the bell to open the NYSE. – Twitters’ stock is expected to start trading Thursday morning, when traders will gather around the DMM. The traders, who represent dozens of clients and hundreds of investors who may buy or sell, start placing their own orders. The area can become crowded as dozens of traders compete for the attention of Twitter’s DMM. – Company executives head down to Twitter’s location on the NYSE to observe the first trade. – The NYSE’s floor traders shout their orders to the DMM. Some investors want to buy the IPO, some are clients who got shares in the IPO overnight and want to sell a portion of their holdings. The DMM’s job is to find that right price for a company’s newly-offered shares. “We’re trying to give an opportunity to everyone to get into the stock,” says Matt Cheslock, a DMM for Virtu Financial who works at the NYSE.
Which is why when Kate Moss decides to go shopping there are always a posse of stylists and sales assistants ready and willing to help her out. The 39-year-old English high fashion model was spotted in Mayfair at the weekend, enjoying lunch at C London restaurant before heading to Prada, Alexander McQueen and YSL in London’s New Bond Street, so scout out the latest trends. Me time: Kate Moss enjoys lunch at C London restaurant in Mayfair before heading to a number of luxury stores on a shopping spree Kate was spotted out in a chic all-black ensemble, wearing a black T-shirt, black skinny jeans, flat black boots and a short navy jacket. She was carrying a colourful crocodile skin handbag and kept her jewellery simple with just a pearl necklace and stud earrings. Her blonde locks were tousled in her signature effortless style and she wore minimal make-up, with just a touch of cheek and lip tint for her outing. Stylish as ever: Kate Moss looked effortlessly chic in all-black whilst she carried a colourful crocodile skin handbag around Mayfair Although she did not appear to be holding any bags when leaving the designer stores, Kate no doubt picked up on what pieces she would be looking to purchase from the designers’ new collections in the near future. When looking through the rails in the stores, Kate was seen being assisted by a couple of women who appeared all too happy to talk through the items with the Croydon-born supermodel. And clearly one to realise that staying on-trend is not easy work, she was sure to visit three stores of the most sought-after designer brands. Browsing: Kate Moss enjoyed looking at collections in stores such as Prada, Alexander McQueen and YSL in London’s New Bond Street Effortless style: Kate Moss looked effortlessly stylish for her shopping day in London Keeping it simple: Kate decided to go shopping alone, but seemed to be having a great time all by herself Just in case anyone failed to notice her, Kate Moss stepped out in a very bright red coat following a shoot in Paris on Monday. Showing off her natural beauty the 39-year-old appeared make-up free as she toted her own suitcase through the city. Looking very chic in an all black outfit, the model added a pop of colour with her cropped fur detail coat, which featured a matching scarf. City slicker: Kate Moss wowed in a bright red coat as she stepped out in Paris on Monday The coat matched perfectly with her glossy red finger nails, which were on show as she carried her luggage. Its thought that the Croydon-born star had taken part in a shoot with French actress Catherine Deneuve, who is now 70. While her hair still appeared to be styled it fell in big curls around her shoulders – she seemed to have taken off her make-up, making her appear very fresh faced. Dolled up: While Kate may have been wearing very little make-up she still had her hair styled in glamorous curls Kate was accompanied by a male friend, who she chucked her arm around while giggling away as they walked. But after leaving her pal, Kate carried on pulling her Fendi suitcase behind her, as well as a black handbag in the crook of her arm. Can’t be missed: Kate’s red coat really stood out particularly against the rest of her black outfit The stars appearance in Paris came a few days after she attended Jonathan Rosss annual Halloween party, dressed to impress as a Skeleton Lady. The mother-of-one, who was accompanied by her husband Jamie Hince and daughter Lila Grace, seemed to have a great time and really let her hair down. The partys host, Jonathan Ross, took to Twitter to share a picture of the famous star apparently kissing Nicole Scherzinger who was wearing a pig mask.