Assets in place grow..

We consider a simple model positing that initial public offering price is equal to the present value of an entity’s assets in place and growth opportunities.

http://www.acsu.buffalo.edu/~keechung/Lecture%20Notes%20and%20Syllabus%20(MGF633)/Assets%20in%20place%20growth%20opportunities%20and%20IPO%20returns%20FM%20FINAL.doc