What is pros and cons of launching IPO on Madrid bolsa? Please, explain

surreylearn.surrey.ac.uk aCASE EXHIBIT 3 Comparative IPO Listings Closing Price First Day Company Country IPO Date PO Price %Change Tetal Shares Offered 44.0 million 11 million 6.7 million ADRs(1 ADR 4 ordinary) 12 96 $18.10 $19.75 KPNQwest Netherlands NASDAQ 1/09/99 $208 $28.7 11/09/99 200 3030 02/05/98 $20.00 $27-31 02/05/98 Esprit UK 4.8 million ADSs( ADS-7ordinary) 02/2897 12.00 S12.00 Energis UK 75 mallion ordinary (1 ADR-5 12/9/97 $23.8 $24.25 12/0997 290 pence 292 pence 10/18/96 $12.00 1200 03 097 DM 6250 DM 98.00 07/10/97 Fr 21500 Fra58oo 07/o1/99 DM 52.00 DM 61.00 07/21/98 $27.00438 7/21/98 Fr 161.0 Fr 24300 Mobilkom Germany Neuer Markt 56.8% Omnicons France Teldafax Germany Neuer Markt EquantNetherlands NYSE Nouveau Marele 5.8,000 8.5 million 26.1 million Excluding overallotment Moved to NYSE on 10/25/99. Acquired by Global Telesy?ems Group. Merger announced December 1998 at a price of $5.96 per Esprit ordinary share ($41.72 per ADS). Acquired by Global Telesystems Group. Majority stake purchased in April 1999 at a price of 195 euros (Fr 1,279) per share. EASDAQ A pan-European over the-counter eschange modeled after the NASDAQ. The two exchanges have similar listing requirements. By listing shares on the EASDAQ,European companies can also get access to American investors through the NASDAQ. The EASDAQ opened on November 27, 1997, and is based in Brussels. The eschange is controlled by go Earopean banks, The NASDAQ holds a small stake in the exchange Newreau Marchet A new eschange geared toward smaller start-up companies. Shares in the exchange trade twice a day. There are two daily pricing quotations, at 10:30a.m. and 4:40 p.m. Paris time, where the market is based. A central order book is used for private client orders, and a separabe market-making system is used for institutional investors. The eschange opened on March 21, 1997 Neuer Markt Opened on March 10.1997, targeting midsize high-gr r th stocks. The exchange is controlled by Germany's largest banks through the Deutsche Boerse AG. The Neaer Markt is housed within the Frankfurt Stock Exchange. The Neuer Markt plans to hook up with the Nouveau Marche and other exchanges in Amsterdam and Brussels through the Euro NM, a pan-European esxchange Source: Bloomberg