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CH115 | GSI
🕑 Added 2025-02-09 03:00:04 +0000 UTCAs everyone stared wide-eyed at Seok-won, only Landon, who had already discussed this in advance, remained calm.
Trying to mask his surprise, Director Damon repeated the number as if to confirm he had heard correctly.
"Did you just say $24 per share?"
Seok-won took a composed sip of tea before setting his cup down and answering.
"Yes, that’s correct."
"What...?"
Damon let out a short, incredulous laugh before pressing further.
"Doubling the IPO price isn’t just a small adjustment—it’s a huge leap. Do you really think that’s reasonable?"
"I don’t see why it wouldn’t be."
Seok-won, sitting with his fingers interlocked on his lap, remained completely serious. His unwavering expression made it clear that he wasn’t joking.
Damon, realizing this, looked even more dumbfounded.
At that moment, Russell, who had been quietly observing from the sidelines, finally spoke in a calm voice.
"I understand that the initial offer price is unsatisfactory, but even so, the figure you just mentioned seems excessive."
Tom Harper and Bill Nelson also felt that Seok-won was pushing too aggressively, but they kept their thoughts to themselves, merely darting their eyes back and forth between the speakers.
As the two watched the tense exchange unfold, Russell remained locked in eye contact with Seok-won.
As a senior executive at one of Wall Street’s top investment banks, Russell exuded an imposing presence, but Seok-won held his ground with equal confidence.
"I entrusted this IPO to one of the most highly regarded firms in the field, but perhaps my expectations were too high."
His blunt disappointment caused Damon and Barnes to visibly stiffen.
Russell, however, simply furrowed his brows, studying Seok-won carefully.
"If you don’t understand why your proposed IPO price is too low, allow me to enlighten you."
Seok-won’s deliberately provocative tone made Russell cross his arms and reply firmly,
"I’d appreciate that."
The growing tension in the room made Tom Harper anxious.
‘What the hell is he thinking?’
He worried that the entire IPO deal might collapse before it even began, but Seok-won remained completely unfazed as he calmly continued.
"First and foremost, Netscape’s technological superiority."
Seok-won gestured toward Tom Harper.
"As you probably know, since Goldman Sachs uses it as well, Tom here developed a web browser that outperforms competitors in speed, stability, and functionality."
Caught off guard by the sudden praise, Tom Harper felt embarrassed but couldn’t hide the slight smile creeping onto his face.
"In less than three months since launch, it has already been downloaded over two million times. That alone should be enough to prove its technological edge."
Damon immediately countered,
"We’re well aware of how good Netscape’s browser is—otherwise, we wouldn’t be handling this IPO in the first place."
The fact that Goldman Sachs—one of Wall Street’s top five investment banks—had taken on Netscape’s IPO was, in itself, an acknowledgment that the company was far from an average IT startup.
‘If Netscape were just another run-of-the-mill tech company, Goldman Sachs wouldn’t have given it a second glance—let alone agreed to manage its IPO.’
Shaking off his fleeting thoughts, Seok-won focused on Director Damon’s words.
"But what truly matters to investors is the numbers. No matter how promising a company’s growth potential may be, if it's operating at a loss, its valuation cannot be set too high."
"That seems contradictory."
"What do you mean by that?"
Damon frowned slightly, thinking Seok-won was just nitpicking.
"If I recall correctly, just a moment ago, you said that NASDAQ favors companies with growth potential, even if they’re in the red."
Damon was caught off guard for a moment, but as a veteran who had survived the cutthroat world of Wall Street, he quickly regained his composure.
"It’s precisely because it’s NASDAQ that we were able to price the IPO as high as $14 per share."
His sharp rebuttal made Seok-won narrow his eyes slightly.
‘As expected, they’re not easily swayed.’
But he had anticipated this much.
If they had simply conceded to his argument without resistance, that would have been far more disappointing.
"You can’t evaluate traditional industries and IT companies in the same way. Furthermore, a rapidly growing internet company like Netscape requires an entirely different perspective, even within the IT sector."
Although the Goldman Sachs representatives still looked unconvinced, Seok-won pressed on.
"On top of that, Netscape is pioneering access to the limitless potential of the internet, acting as a gateway for users."
"……"
"And if you look at market share, it’s clear that we’re quickly overtaking Mosaic and establishing dominance."
Seok-won shrugged, exuding confidence.
"There are competitors, but they still have a long way to go before they can catch up. And while they’re struggling to close the gap, we won’t be standing still—we’ll continue pulling ahead."
Hearing this, Tom Harper, brimming with pride, added,
"We already have an upgraded version in development, set to launch before the end of the year."
"Hmm."
"Even so, that alone isn’t enough to—"
Seok-won casually raised his hand, cutting the response short.
"With cutting-edge technology driving its explosive growth, Netscape is poised to dominate the internet market. That means it has the potential to become what investors love most—a monopoly."
Seok-won deliberately paused for a moment, slowly scanning the faces of the Goldman Sachs executives seated across from him.
"Even with all that in mind, do you still think the IPO price is too high?"
Russell, seated in the center, exchanged a few hushed words with Director Damon, covering his mouth with his hand as they spoke.
Seok-won, sitting back with his arms crossed, watched them with an air of composure.
After a brief silence, Russell cleared his throat and finally responded.
"We acknowledge that Netscape has tremendous growth potential. However, it’s also an undeniable fact that the company is still young and currently operating at a loss."
Landon looked ready to interject, but Seok-won subtly raised a hand, signaling him to hold back. Landon pursed his lips and remained silent.
Observing this, Russell put forward a counteroffer.
"It seems there were aspects of the valuation we may have overlooked. We’re willing to raise the IPO price to $17 per share."
"$17 per share would value the company at over $700 million."
Damon added his remark as if he were making a grand concession.
The sheer scale of the number left Tom Harper gulping dryly, while Bill Nelson couldn't hide his anxious expression.
However, Seok-won remained completely unfazed, shaking his head.
"$28 per share. We won’t accept anything lower."
At his firm stance, Russell furrowed his brows and spoke in a hardened tone.
"That could result in the IPO being canceled altogether."
It was an outright pressure tactic, but Seok-won didn’t even blink.
‘Maybe that would intimidate others, but not me.’
He already knew this IPO would be a massive success, setting off the dot-com boom—there was no reason to be afraid.
"What Goldman Sachs is concerned about is that investors might find the price too high, leading to undersubscription, correct?"
Russell nodded in response to the pointed question.
"You understand well."
A higher IPO price meant higher fees for Goldman Sachs as the underwriter, which was a good thing for them.
However, if they got too greedy and set the price too high, and the IPO failed, they would have to absorb a portion of the unsold shares—a risk they wanted to minimize as much as possible.
Reading their concerns like an open book, Seok-won made an irresistible counteroffer.
"Then how about this?"
"……?"
"We set the IPO price at $28 per share, but if there’s any undersubscription, we’ll take on all the unsold shares ourselves."
Russell and the other Goldman Sachs executives were visibly taken aback by the unexpected proposal.
"You mean your side will buy up all the unsold shares?"
Russell asked for confirmation, and Seok-won gave a small nod.
"Specifically, the Eldorado Fund that I manage will."
Leaning back in his chair, Seok-won lifted his chin with a confident expression.
"In that case, Goldman Sachs carries no risk."
"That’s true, but……."
If Seok-won was willing to take on the unsold shares, Goldman Sachs had nothing to lose by raising the IPO price.
Russell, still surprised by the offer, studied Seok-won for a moment before asking seriously,
"Do you really believe in this IPO’s success enough to take on that risk?"
"If I weren’t certain, I wouldn’t be making this bet in the first place."
Seok-won met his gaze head-on without hesitation.
Was it youthful arrogance or sheer confidence? That was still unclear. But one thing was certain—his ability to make bold moves was undeniable.
‘I see now… His success at such a young age wasn’t just luck. There’s a reason behind it.’
Just then, Seok-won addressed Russell once more.
"Since we’re taking on the risk, it’s only fair that Goldman Sachs makes a concession of its own, don’t you think?"
Russell looked intrigued as he asked,
"What is it that you want?"
"Cut the IPO fee in half—from 6% to just 3%."
As the underwriter, Goldman Sachs was set to receive a 6% commission on the total value of the newly issued shares in exchange for handling the IPO process.
Seok-won was proposing to lower that fee to 3%.
"Wait, that’s…."
Before Damon could finish his sentence, Seok-won cut him off, keeping his gaze locked on Russell.
"If we raise the IPO price to $28 per share, even with the reduced fee, the total amount Goldman Sachs earns won’t change. It’s hardly an unreasonable request."
Russell crossed his arms and stroked his chin, mulling it over for a moment before finally giving his response.
"Lowering the fee is highly unusual, but since the Eldorado Fund is taking on the undersubscription risk, it’s only fair that we make a concession as well. Fine, we’ll do it."
Hearing the answer he wanted, Seok-won finally allowed a slight smile to form on his lips.
"A wise decision."
Russell also relaxed his expression and added,
"However, even if we’ve reached an agreement, there’s no guarantee that the NASDAQ office will approve the IPO price you’re asking for."
"With Goldman Sachs’ reputation, I’m sure you can convince them. After all, that’s precisely why you’re being paid such a hefty fee, isn’t it?"
Seok-won’s subtle jab at their pride made Russell burst into laughter.
"Haha! Now that you put it that way, I suppose I’ll have to make sure we get the price approved, if only for the sake of our reputation."
"I trust you’ll bring us good results."
The discussion continued for a long time as they fine-tuned the details of the IPO process.
When they finally left, the group was once again escorted out by Team Leader Barnes, just as they had been welcomed earlier. They got into the waiting limousine and departed from Goldman Sachs’ headquarters.
Inside the slowly moving car, Tom Harper hesitated for a moment before turning to Seok-won with a concerned look.
"Aren’t you taking too big a risk?"
Seok-won, who had been comfortably sinking into the plush leather seat, turned his head to face him.
"You mean raising the IPO price?"
"That too, but I was talking about agreeing to take on all the unsold shares."
Sitting across from them, next to Landon, Bill Nelson also seemed troubled by that very point, his expression filled with worry.
But Seok-won, rather than showing concern, simply smiled reassuringly.
"There won’t be any unsold shares, so you have nothing to worry about. And even if there are, I have more than enough funds to buy them all up. So don’t stress over it."
"Are you serious?"
"Of course. In fact, I actually think $28 per share is still too cheap—it feels like we’re giving them away."
Tom Harper stared at Seok-won, momentarily dumbfounded.
Then, realizing that this was a reflection of Seok-won’s absolute confidence in their web browser and its success, he was deeply moved.
"Alright then. Since you believe in us that much, we’ll make sure our browser is so good that no one can even come close to competing with us. Just watch!"
Seeing Tom suddenly fired up, Seok-won thought to himself,
‘Why is he getting so worked up?’
But since enthusiasm was never a bad thing, Seok-won simply nodded and encouraged him.
"Yeah. You’ve got this."
