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Without the luxury of expertise, logic prevailed for the Chicago GSB student team Global Quest Partners who shared a first-place award with a team from Columbia University at the National IPO Challenge November 4 at the Hyde Park Center.
“We approached the case from a logical perspective, and I think that’s what differentiated us,” said first-year student Vikas Singh, a member of Global Quest Partners. “Other students who knew more than we did in terms of financial skills got bogged down with the financials, but we approached it from all directions and I think that clicked.”
The National IPO Challenge, hosted by the student-led Investment Banking Group, showcased the nation’s top business school talent competing to win a mock mandate to underwrite an initial public offering. First- and second-year students from across the country analyzed a proposed offering, developed a structure, and determined a price for the transaction. Investment banking professionals and GSB faculty served as judges and the mock board of directors, including Steven Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, and Kevin Rock, clinical professor of finance.
In addition to Singh, Global Quest Partners included first-year students Indu Jacob, Sanjin Piragic, Sriharsha Krishnamurthy, and Eric Crowley. Team members said they used team chemistry, unrestricted debate, and an all-night strategy session to beat 15 other teams, including five other finalists, team members said. “Everybody had good ideas, and we hashed them out and questioned them,” said Jacob. Piragic agreed. “We struck a perfect balance. We didn’t focus too much on the numbers or the strategy; it was a mix. And everybody presented equally, so we balanced it out. I think that was a key.”
The all-nighter actually generated the team’s best ideas, Krishnamurthy said. “I think we got the most done in the morning. When we were up 24 hours without sleep, we actually did our best work.”
Global Quest Partners tied for first place with Capital LLC of Columbia University. Because first prize was $10,000 and second prize $5,000, the two teams split the total amount. The GSB team Hyperion Capital Partners won third place and $2,500. Hyperion included first-year students Farooq Abbasi, Christopher Holt, Julie Rozenblyum, and Victoria Troyetsky, and second-year student Alexander Kotlyar.
—Phil Rockrohr