The chief executive of JPMorgan Chase will lead a conversation about SpaceX’s upcoming stock market debut with thousands of the financial institution’s wealthy clients this week, Bloomberg News reported Wednesday.
Jamie Dimon will conduct a “live interactive discussion” from JPMorgan’s main offices, joined by Mary Callahan Erdoes, who heads the bank’s asset and wealth management operations, according to the report.
Two SpaceX executives – President Gwynne Shotwell and CFO Bret Johnsen – will also participate in the conversation.
The presentation will be broadcast simultaneously to roughly 90 JPMorgan offices spanning 26 states, with over 2,500 bank clients anticipated to participate, the report stated, referencing someone with knowledge of the plans.
On Wednesday, SpaceX announced an IPO share price of $135, a decision that sidesteps conventional Wall Street pricing methods and demonstrates CEO Elon Musk’s approach of establishing his own conditions for fundraising efforts.
The space exploration firm seeks to collect $75 billion through this offering – which would break IPO records – in a transaction that would establish the company’s worth at $1.75 trillion, instantly positioning it among America’s ten most valuable publicly traded corporations.
Several prominent global financial institutions, including Mizuho, Deutsche Bank, UBS and Barclays, have been encouraged to concentrate on attracting affluent individual investors within their respective regions.
Financial institutions frequently organize roadshow presentations for potential investors before stock offerings launch. These roadshows typically allow companies and their banking partners to gauge investor interest and establish pricing ranges for share sales.
Investment professionals have rushed to obtain stakes in this transaction, motivated by Elon Musk’s business history and the opportunity for the deal to produce substantial fee income for Wall Street companies.
JPMorgan serves as one member of the extensive group of banks handling the SpaceX public offering.
