Chapter 59
Chapter 59
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Translator: Silver Dragon
Chapter: 59
Chapter Title: Listing
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New York Stock Exchange, located on 11th Street in the heart of Wall Street.
This exchange, commonly known as the NYSE, was renowned as the undisputed number one securities exchange in the world.
With most of America's major listed corporations concentrated here, getting listed on this exchange was akin to securing a ticket to become a globally growing powerhouse—or already being one.
"Today will be the busiest day of the remaining 97 days this year."
"Can't be helped. Big events like this don't happen every year—maybe once every ten."
Juan, a manager at the New York Stock Exchange, briefly pondered today's listing: Savior Soft, set to go public right at the opening bell.
Savior's IPO, dubbed the last major one of the 20th century, was the hottest topic on Wall Street right now.
- A company already raking in over a billion dollars a year in revenue—with predictions that this year is its lowest point yet. How exactly are we supposed to value that?
Typically, pre-IPO companies were valued highly on potential, leaving many in a gray area where they weren't quite big leagues yet.
For instance, Microsoft—now firmly in America's top five companies—was seen as highly promising at its IPO.
Back then, by company size, it wouldn't even crack the top 100 in the US.
But Savior Soft was different.
'Their current scale is on another level entirely. Growth potential? Honestly exceeds Microsoft's.'
If Microsoft monopolized the global PC OS market, Savior Soft had conquered the entire PC software market.
Just the Byte series, now spreading beyond America across the world, generated hundreds of millions in annual sales—and that was set to grow.
And that was just the start.
- We must prevent the Savior Engine from leaking outside the US!
The Pentagon had even kicked up a fuss, insisting the Savior Engine be treated as a strategic asset usable only by US government agencies.
'Strategic asset... not exactly an overstatement.'
Of course, such demands wouldn't fly in America, but it underscored the Savior Engine's stature.
From its first physics engine to the later graphics engine.
Both were in demand worldwide, with companies paying royalties to Savior—making future earnings anyone's guess.
"Manager, opening bell ceremony prep is complete. Shall I escort the VIPs?"
"Yes. They're probably in interviews right now, so bring them without too much disruption."
"Got it!"
The New York Stock Exchange had a storied tradition.
The opening bell.
Normally, it was a routine affair where staff took turns ringing to signal the market open. But on listing days, it transformed into a special event.
The listing company's CEO, exchange executives, and underwriting firm's reps would ring it together—that was NYSE tradition.
With Savior's listing today, Juan had been prepping the opening bell ceremony a full month in advance.
Crackle.
- VIPs are heading to the ceremony venue now.
- Okay, I'll be ready at the entrance.
Juan replied "Got it" into his earpiece as a subordinate's voice came through, then positioned himself by the venue entrance.
Soon, a group appeared.
'That must be Savior's CEO. So young. If I didn't know his age, I'd mistake him for a high schooler.'
East Asian ages were notoriously hard to gauge, but this young man truly looked it.
Yet, come 9:30 AM market open, he might top the list of America's richest twenty-somethings by personal wealth—which kept drawing Juan's eyes.
'Offering price of $200 a share? Insane.'
Typical IPO share prices topped out at $50.
Savior shattered that, not doubling but quadrupling it to NYSE's highest ever offering price.
'If you could set offering prices that easily, everyone would jack them up.'
Offering prices weren't arbitrarily set by the company; underwriters determined them based on valuation.
And underwriters were hypersensitive about it. Set too low, failing to reflect true value? The listing company sues immediately—and no one trusts that underwriter again.
Too high? Post-listing crash, and investors sue.
Thus, investment banks had to nail the right price.
Morgan Stanley—top dog globally, number one in IT IPOs—wouldn't botch the price for Savior, a company captivating America and the world.
— "$200 a share too pricey? Then don't buy. If any shares are left on day one, Morgan Stanley will take them all."
That was Morgan Stanley CEO Stanley's retort to gripes about the "excessive" $200 price.
"Allow me to escort you to the venue."
"Thank you."
Savior CEO Seon Woo-hyuk, walking beside a smiling Morgan Stanley CEO Stanley.
Juan guided them courteously, glancing at his watch.
November 3, 1997. 09:10.
Savior's listing in twenty minutes.
Tap tap.
Redmond, Washington.
Home to Microsoft headquarters—one of America's top five companies.
Its unique campus-like layout sprawled over thirty-plus buildings, like a university.
On the top floor, a white man in glasses—middle-aged but closer to youthful—tapped his desk.
'They've probably listed by now.'
Microsoft founder Bill Gates, now whispered as America's richest, checked his watch while thinking.
09:54.
NYSE would've opened, and Savior CEO Seon Woo-hyuk should've rung the bell, debuting spectacularly.
Having pre-bought 2 million Savior shares via anchor investment, Gates cared little about the listing itself.
He'd been through it; for a company like Savior with unprecedented growth, it was expected.
But,
- If you want to be true partners with Savior, consider it.
That lingering remark from Savior CEO Seon Woo-hyuk still troubled him.
'Can they really block my path at every turn?'
Microsoft's ambitious MiniOffice project.
Gates had foreseen massive gains from dominating the expanding office software market since Windows' inception.
What he hadn't anticipated? Savior's existence.
He'd expected early fragmentation in office apps.
But once Windows monopolized OS, office software would follow suit under Microsoft—that was the plan, approached leisurely.
Then Savior struck fast with the Byte chat line, infiltrating the cracks and seizing the office market overnight.
Too late for Gates to counter; Microsoft had to retreat from what it'd claimed as its own.
'We'd like exclusive rights to sell your software.'
Developer first, but shrewd businessman too, Gates reached out preemptively, securing Byte Office exclusive distribution rights—minimizing losses by handing over 1 million Microsoft shares.
Now, distribution alone nets hundreds of millions annually—not a bad deal.
And wise: it opened doors to Savior Engine ventures.
'Time to choose.'
From outside, Savior and Microsoft looked chummy partners.
But Gates plotted to backstab and devour Savior's assets.
Until a week ago.
We're entering the console manufacturing business.
Seon Woo-hyuk's visit forced Gates to struggle for composure.
'Did our plans leak?'
Console market.
Big rewards if successful, but for Microsoft, risks outweighed monetary gains.
Yet Gates eyed it for the living room.
Consoles need TVs.
TVs sit in living rooms.
Reverse it: dominating consoles means dominating global homes.
No joke—Gates, knowing TV's reach best, believed Microsoft must conquer it.
But Seon Woo-hyuk arrived as if privy to those plans.
Compete with us? Or join hands?
They wanted a new OS for their console, Windows-based, from Microsoft.
'Ride out the storm.'
The American proverb—weather the passing gale—came to Gates' mind.
He decided to heed it, avoiding the looming threat.