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Good afternoon, everyone.
We'd like to start off with a preliminary discussion of pricing.
Let's do it. Where are we at?
At this point we're looking at a range of 32 to 34 a share.
At 7.2 million a share that gives us a valuation of 868 million.
Hang on just a minute.
We have to get a billion-dollar valuation.
We have looked at the comparables, Ed.
You said 34 to 36 in your pitch.
You can't leave tens of millions of dollars on the table.
We can get at least 35.
This is a balancing act. Raising money for your company...
while still promising our investors a deal for coming on board...
Look, you begged me for this IPO.
Do you want me to call Channing Trust?
I don't actually remember begging. Does anybody else?
No. So, what you want to avoid here, Ed, is a down...
Because we know what happened with your last IPO.
I don't think that's relevant here.
I believe our goal is to find the right number for all of us.
- The number's 35. - Possibly.
But you can think of it like a... Like a party.
We need to encourage people to show up to the party.
It could be the best party in the world.
- But if nobody shows up... - A party?
- I don't really think... - No, no, hang on.
I get this.
A party.
Go on.
With a 32 to 34 range, we'll get people in the door.
But if the party's good enough...
People will line up around the block.
world - mundo
while - enquanto
where - onde
valuation - avaliação
table - mesa
still - ainda
shows - mostra
remember - lembrar
company - empresa
channing - entoando
share - compartilhar
relevant - relevante
anybody - qualquer pessoa
preliminary - preliminares
board - borda
start - começar
dollars - dólares
could - poderia
people - pessoas
billion - bilhão
range - alcance
around - por aí
discussion - discussão
point - ponto
think - pensar
afternoon - tarde
comparables - comparáveis
actually - na realidade
balancing - equilíbrio
million - milhão
right - certo
avoid - evitar
coming - chegando
because - porque
leave - sair
gives - dá
begged - implorou
enough - suficiente
investors - investidores
really - realmente
everyone - todos
number - número
pitch - pitch
begging - implorando
happened - aconteceu
nobody - ninguém
least - pelo menos
trust - confiar em
looked - olhou
looking - olhando
minute - minuto
encourage - encorajar
dollar - dólar
money - dinheiro
millions - milhões
party - festa
believe - acreditam
possibly - possivelmente
pricing - preço
promising - promissor
block - quadra
raising - criando
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