I was having a chat with an EPFL professor who asked be if I had read the reprint of the Business Week article about Microsoft IPO. I had not even heard of it. It is a very interesting description of the IPO process so even it is a long article, you should read it.
I had included Microsoft cap. table at IPO in my book and here is a slightly improved version. It is interesting to notice that
– Microsoft had been founded 11 years earlier,
– Microsoft did not need to go public (just as Google a few years ago and Facebook today).
– There was very little venture capital money, so Gates and Allen were not much diluted.