Ip Os: Silicon Valley Seeds Itself

Local firms are snaring IPO business that once went east

Steven P. Jobs has always been a pioneer. The co-founder of Apple Computer Inc. was no different last summer when he went shopping for bankers to manage the hot initial public offering of his latest venture, Pixar Animation Studios. Jobs wanted to hire San Francisco-based Robertson, Stephens & Co., a small investment bank specializing in high-tech clients, instead of going with the more prestigious New York firms. But, he wondered, would investors go for such an unusual choice? To find out, Jobs queried institutional investors, asking them whether they would be any less interested in the deal if Robertson handled it instead of a firm such as Goldman Sachs & Co.

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