摘要：Inicijalna javna ponuda akcija (IPO) pruža mogućnost pribavljanja dodatnog kapitala putem mehanizma primarnog tržišta kapitala i predstavlja važnu prekretnicu u životnom ciklusu zatvorenih akcionarskih preduzeća.Broj ivrednost realizovanih IPO transakcija na globalnom nivou se kontinuiranoo povećava.U isto vreme,zbog postojanja problema potcenjenosti akcija iz inicijalne javne ponude,preduzeća koja se otvaraju ne uspevaju da prikupe željeni iznos kapitala za finansiranje budućeg razvoja.Imajući u vidu limitirani značaj kojise u teoriji i praksi u procesu vrednovanja i trgovanja hartijama od vrednosti dodeljuje marketingu,a posebno promociji,cilj autora u radu je dvostruk.Autor najpre ukazuje na važnost definisanja i faznog sprovođenja adekvatne marketing strategije u IPO procesu,a zatim razmatra uticaj ulaganja u različite instrumente marketinga na smanjenje potcenjenosti akcija i kreiranje vrednosti za akcionare preduzeća koje se otvara putem inicijalne javne ponude akcija.
其他摘要：The initial public offering offers the ability to obtain additional capital through the mechanism of the primary capital market and represents an important milestone in the life-cycle of privately-held corporations.The value and the number of realized IPO transactions at the global level are increasing.At the same time,due to IPO underpricing problem,the companies that are going public fail to collect requested amount of capital to fund future growth.Given the limited importance granted to marketing,and especially promotion,in the theory and practice in the process of evaluating and trading securities,the author addresses two subjects in this paper.Firstly,the author emphasizes the importance of defining and implementing appropriate marketing strategies in the initial public offering process,and secondly,discusses the impact of marketing expenditures in various instruments to reduce IPO underpricing and create value for shareholders of the company that is going public through the initial public offering.
关键词：Inicijalna javna ponuda akcija (IPO) pruža mogućnost pribavljanja dodatnog kapitala putem mehanizma primarnog tržišta kapitala i predstavlja važnu prekretnicu u životnom ciklusu zatvorenih akcionarskih preduzeća.Broj ivrednost realizovanih IPO transakcija na globalnom nivou se kontinuiranoo povećava.U isto vreme,zbog postojanja problema potcenjenosti akcija iz inicijalne javne ponude,preduzeća koja se otvaraju ne uspevaju da prikupe željeni iznos kapitala za finansiranje budućeg razvoja.Imajući u vidu limitirani značaj kojise u teoriji i praksi u procesu vrednovanja i trgovanja hartijama od vrednosti dodeljuje marketingu,a posebno promociji,cilj autora u radu je dvostruk.Autor najpre ukazuje na važnost definisanja i faznog sprovođenja adekvatne marketing strategije u IPO procesu,a zatim razmatra uticaj ulaganja u različite instrumente marketinga na smanjenje potcenjenosti akcija i kreiranje vrednosti za akcionare preduzeća koje se otvara putem inicijalne javne ponude akcija.
其他关键词：The initial public offering offers the ability to obtain additional capital through the mechanism of the primary capital market and represents an important milestone in the life-cycle of privately-held corporations.The value and the number of realized IPO transactions at the global level are increasing.At the same time,due to IPO underpricing problem,the companies that are going public fail to collect requested amount of capital to fund future growth.Given the limited importance granted to marketing,and especially promotion,in the theory and practice in the process of evaluating and trading securities,the author addresses two subjects in this paper.Firstly,the author emphasizes the importance of defining and implementing appropriate marketing strategies in the initial public offering process,and secondly,discusses the impact of marketing expenditures in various instruments to reduce IPO underpricing and create value for shareholders of the company that is going public through the initial public offering.
