A team of two Haas undergraduates and two economics students took first place in the 17th Annual Investment Banking Case Competition for an analysis of whether educational technology 2U should go public.
The winning team members, announced Oct. 16, are Gabby Cho and Angela Wang, BS 15; and Mo Jomaa and Payal Patel, BA (economics) 16.
Hosted by Goldman Sachs and the Berkeley-Haas undergraduate program, the competition challenged 25 teams to analyze the finances of 2U, a company that partners with universities and colleges to provide online classes. The winning Berkeley-Haas team recommended an IPO for 2U after analyzing its potential value to the company.
Patel said the team briefly considered raising another private funding round for U2 or a merger with a larger company. Members, after considering the timing and the potential value, ultimately agreed that 2U should pursue an immediate IPO, priced at $15-19 per share.
”We decided an IPO would provide 2U with the capital and market exposure that it really needed,” Patel said.
The winning team excelled at presenting its analysis and recommendations clearly and concisely, said Goldman Sachs Managing Director Lev Finkelstein, the event’s main judge.
Finkelstein was joined by judges including Goldman Sachs’ Marshall Roslyn, 2U’s Vinay Ganti, and Haas Lecturer Steve Etter, BS 83, MBA 89, a partner with Greylock Capital.
All four winners are now eligible to participate in the case competition simulation, from which the Haas external travel teams are selected.