Case Solution for TRX, Inc.: Initial Public Offering

Complete Case details are given below :

Case Name :      TRX, Inc.: Initial Public Offering
Authors :           Susan Chaplinsky, Kensei Morita, Xing Zeng
Source :             Darden School of Business
Case ID :           UV1207
Discipline :        Finance
Case Length :    21 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
The “TRX, Inc.: Initial Public Offering” case provides comprehensive coverage of a firm’s decision to undertake an initial public offering (IPO) and the process of going public. The case follows the sequence of events from the company’s incorporation in 1999 through the completion of an IPO in September 2005. In addition to raising capital, the TRX IPO case also includes consideration of another motivation for going public. At the time of its incorporation in November 1999, TRX attempted to go public but in the ensuing dot-com collapse, the IPO was never completed. In response to the failed IPO, TRX president and CEO, Trip Davis, turned to strategic investors to raise $20 million in a note convertible into equity at $11 per share. Although Davis had hoped the strategic investors would provide guidance and business opportunities for TRX, they never materialized. By 2004, he had come to believe that the largest strategic investor, Sabre, Inc. was not working in TRX’s best interest. Thus, the IPO is motivated by a twofold purpose: to raise money and to provide for a strategic reorganization of the firm’s ownership structure.
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