If it's an auction.After Abel threw out the financing plan.That's when the 15 investment funds in the audience began to bid.That is, to report the valuation of the future of Blue Star in their minds.And the extent of their funding.Able to put an investor conference.It's like an auction.This is also a wonderful flower in the history of business.Investors who were forced to enter the market.At this time, even if you don't want to go, you can only grit your teeth.In case there is no offer.As a result, the other party's head was hot.Sell the shares to those companies that are making offers.Isn't this trip a waste?
In the future, it's okay that Blue Star will hit the street in the future.If it's going to be a big deal.You will regret it.Companies may even hold themselves accountable.At that time, it is not good to explain it at the shareholders' meeting or shareholders' meeting."
Advent is willing to value $4 billion.Inject more than 10% of the shares. ”A middle-aged man with glasses raised his hand.$4 billion valuation.As a unicorn company that has just started its business for less than a year.Actually, it's already pretty good.Normal high-tech unicorn company.Often at the time of the first angel round of funding.Unless it's the kind of big hit.Otherwise, the valuation would not exceed $1 billion.4 billion shares valued at 10%.That's $400 million in real money.Abel smiled.Noncommittal.In his heart, he sentenced Advent to death.Made.Such a little valuation.Do you want to send Hanako?
In the future, even if this Advent Capital increases its valuation.Definitely don't sell them either!"
Good.This is Advent's valuation.Alvertelli, you remember. ”Abel commanded with a smile.Alvertelli and Lana were always there for him.Hearing this, Alvertelli pulled out an iPad.I register it on iPad."
Who's next?"
A woman in her mid-thirties, sitting next to the bespectacled middle-aged man at Advent, raised her hand."
Ma'am.Please speak.What company are you from?
”Abel asked with a smile."
Apollo Management Company.I'm Maria, Venture Capital Director at Apollo Management. ”The average-looking strong woman said.Apollo invests primarily in companies in North America.Its overseas investments are only in Europe and are small in scale, including real estate and some consolidated businesses.In recent years, it has been committed to investing in high-tech enterprises.However, there are no well-known projects so far."
Apollo is willing to take 20% of the shares at a valuation of $5 billion!"
The representative of Advent looked up at the representative of Apollo.Directly raise the price by 20%.Is this a slap in the face?
Can't you just improve a little bit?
$5 billion.20% of the shares is $1 billion.The bid price of a single original share was about 20% higher than that of Advent.Looks pretty kind.Abel was sentenced to death again in his heart.This Apollo and Annon don't come next time."
Okay.Al remembered. ”He laughed."
Next."
Two consecutive investors made bids.The prices are a bit low.It's a temptation.Although Abel just said about the profit margin, they actually didn't believe it.Think it's a picture pie.But what Abel just said was false.With the possible abilities of [Blue Star One].There is also the e-waste disposal market and the broader market for low-content mineral powder refining.Valuations can't be billions of dollars, no matter how low they are.Advent and Apollo Management quoted such valuations.It's a temptation and a leak.It's just that they don't know yet, because of their idea of picking up the leak, Abel was sentenced to death in his heart.After seeing two offers in a row, Abel was indifferent.Representatives of Apollo Management and Advent Capital regretted it.Others were cautious.After a short stalemate.Representatives of Intel Investments raised their hands.This Intel investment is the investment company of Intel that sells CPUs, and Intel is willing to pay a market value of $10 billion.Inject capital into Bluestar Future, hoping to get 5% of the shares. ”It is worthy of Intel, which has deep pockets.raised the valuation from 5 billion to 10 billion at once.But the shot is still cautious.I'm only willing to pay $500 million.This is also related to the investment strategy of Intel Investment.As a strategic investment subsidiary of Intel that sells CPUs.Intel has always focused on IT-type unicorns.In recent years, the CPU market has not exploded as much as it used to be.Only then did he gradually try to reach out in other directions.Just very discreet.In fact, this $10 billion is not Abel's psychological price.But this is Intel.He just nodded, "Okay."
Move on to the next digit. ”Representatives of Intel Investment sat down in silence.One after the other.Representatives of other investment companies also made their own offers.This valuation.From the very beginning of $4 billion.Gradually climb upwards.Gradually, it surpassed $10 billion
.
"$10.5 billion!
That's KKR's bottom line!
”"The psychological price of DFJ is $11 billion
.
""$12 billion.This is the quote of Enyi Investment.We are willing to inject 10 percent. ”The valuations of "$13 billion ......", "$15 billion ......", "$15.5 billion ......", "$16.1 billion ......" and "......" are gradually increasing.The numbers are getting higher and higher.Even Advent and Apollo Management, which were initially tentative, have re-quoted.One came up with a $15 billion valuation offer.One re-came up with a valuation of 15.8 billion.In the end, the Carlyle Group's $16.1 billion valuation was the highest.But the investors present were a little unhappy.Because the Carlyle Group is obviously here to stir up the situation.Representatives of The Carlyle Group, although quoting a valuation of $16.1 billion.But they were only willing to pay $161 million for a 1 percent stake.Other investors suspect that the Carlyle Group is Abel's childcare.What can a 1% stake do?
The representative of The Carlyle Group smiled bitterly.He's really not Abel's babysitter.It's just that Oasis Investment Company has transformed this kind of investor meeting into an auction meeting.The Carlyle Group was ill-prepared.The company priced him at a maximum valuation of $10 billion.This representative has no authority to improve further.Seeing other companies' offers getting higher and higher.The Carlyle Group may be missing out on the future of Bluestar.He simply quoted the price to the detriment.I can't get it anyway.If you want to, bleed profusely.That's what the delegate thinks of his peers.At a time when other investors were glaring at the Carlyle Group's representatives.Out of a total of 15 investment companies, only two remain unbidden.John Dole and Vic Jean, who sat in front of the most composed.Sequoia Capital and KPCB.