Wolverine Venture Fund's First-Ever IPO!
10/7/04 - Message from Tim Faley,
I have the privilege of sharing great news - the
MBA student-led Wolverine Venture Fund has its first
IPO! IntraLase Corporation, The WVF's very first investment,
announced at 6:30 p.m. eastern time yesterday (October 6,
2004) that their shares will begin trading on the NASDAQ
exchange (ILSE) at an initial offering price of
$13/share. Since the Fund's shares are included in the
initial offering, that share price will return over $1
million to the WVF.
The Fund's initial investment in
IntraLase occurred in May 1998. Tom Porter, EDF
Ventures' champion for this deal, was kind enough to
present this opportunity to the newly-created WVF. Thank-you Tom! Beyond the initial investment, the
Fund has participated in three additional follow-on
investment rounds with IntraLase; one each in 1999,
2000, and 2001.
As the first investment of the WVF,
every one of the 75 MBA student board members (including
the present members) and the four BBA students that
participated in the WVF over the years have engaged in
some activity related to IntraLase--from assessing the
company to tracking the company's progress. Special kudos must be made, however, to the group of
students that were directly involved in that initial
investment. They are: Paul Altman (MBA '98), Alex
Holderness (MBA '98), Will Johnson (MBA '98 and
current WVF advisor), Ashesh Kamdar (MBA '99) and Ken Outcalt (MBA
Karen Bantel, the founding
managing director of the Samuel Zell & Robert H.
Lurie Institute for Entrepreneurial Studies and the
founding managing director of the WVF was instrumental
in the Fund's formation and the WVF's first two
investments in IntraLase. Karen's successor in
both of those roles, Tim Petersen,
energetically coordinated the WVF's second two
investments in the company.
Thanks to all the outside
advisors of the WVF - both past and present. Their
guidance of the student board members is
invaluable. Special thanks to the founding and
current advisory board chairs (Alumni Fund Managers),
David Shelby and Mary Campbell, respectively.
has always challenged the Institute to "make no
small plans." This IPO represents a
tremendous milestone for the WVF and the Institute --
but it is certainly not a destination.
On behalf of
Tom Kinnear, Institute Executive Director and myself, we
extend our congratulations to all the WVF participants
that have helped make this historic event a reality --
students, advisors, faculty, and staff - past and
present. This IPO validates the Fund's vision of
creating a program that can simultaneously deliver
exceptional student experiences and have significant
In recognition of this
achievement, the Zell Lurie Institute hosted a
reception on October 14, 2004 where the WVF student advisors and advisory
board members were in attendance.