今年又是一個IPO的豐收年，又有一票大型科技公司扎推上市。

上月底，即時通訊軟件平臺Slack遞交了上市申請。同日，打車軟件Uber也發布了IPO定價。四月上旬， Lyft、Pinterest和Zoom相繼上市，民宿平臺Airbnb和大數據公司Palantir也將在今年晚些時候上市。據復興資本公司介紹，今年很可能將成為IPO創紀錄的一年，火紅程度甚至可能超過“.com”泡沫時期。復興資本的負責人凱瑟琳?史密斯表示：“我們認為，2019年有可能成為IPO市場融資創紀錄的一年，總發行額可能破1000億美元，超過1999年和2000年的水平?！毕旅?，我們就來回顧一下美國歷史上規模最大的10次IPO，以及這些公司上市以來的表現。有趣的是，只有一家今年上市的公司進入了前十名。（你能猜到是哪家公司嗎？）

阿里巴巴，250億美元

It’s a mega year for mega tech IPOs.

Messaging platform Slack filed to go public Friday, and Uber priced it’s massive offering the same day. Earlier in April, Lyft, Pinterest and Zoom all went public, and AirBnB and Palantir are expected to debut later this year. According to Renaissance Capital, it could be a record breaking year for IPOs in general, potentially even surpassing the dot-com boom years. “We think it is possible that 2019 could prove to be a record year for capital raised in the IPO market, at over $100 billion in issuance, exceeding the amounts raised in 1999 and 2000,” said Kathleen Smith, principal at Renaissance. Below, we looked at the ten largest U.S. IPOs of all time, and how they’ve fared since going public. Interesting, only one of this year’s offerings is slated to make the top ten (can you guess which?)

Alibaba, $25 billion

2014年，阿里巴巴突然殺入美國IPO界。由于香港當時不允許雙重股權結構（一種給予創始人和公司高管較大控制權的股權結構），因此阿里巴巴放棄了港交所，轉而選擇在美國上市。自從IPO以來，阿里的股價已上漲了190%，估值達到4840億美元。不過中國經濟的放緩也讓一些投資者對阿里股票感到擔憂。

Visa，197億美元

This Chinese tech giant burst onto the U.S. IPO scene in 2014, choosing the U.S. rather than the Hong Kong stock exchange at a time when the latter didn’t allow for dual class offerings (a structure that gives outsized control to founders and executives). Shares have risen 190% since its IPO for a valuation of $484 billion. However, a slowdown in China has some investors concerned.

Visa, $19.7 billion

這次IPO是在2008年3月進行的，此時離貝爾斯登銀行的破產只過了幾天，然而Visa的IPO還是點燃了眾多投資者的熱情，并創下成功融資197億美元的紀錄。當時恰逢金融危機，市場的違約風險越來越高，投資者已被一連串的信貸爆雷搞得風聲鶴唳，但Visa并不直接承擔消費債務，這一特點讓它得到了許多投資者的喜愛。Visa向來是一支口碑極佳的績優股，上市以來的回報率高達1363%。

通用汽車，181億美元

This IPO came just days after the collapse of Bear Stearns—but investors were nonetheless charged up by Visa. The credit card company set a record in March 2008 by raising $19.7 billion. Wary of the bursting credit bubble, investors liked that Visa didn’t directly carry consumer debt at a time of rising defaults. Visa has continued to be a winner for investors, returning 1,363% since its debut.

General Motors, $18.1 billion

通用汽車的破產和IPO在美國歷史上都是排得上號的。就在通用汽車申請破產重組、美國政府對其提供緊急救助資金的次年，通用汽車通過IPO獲得了180億美元融資。雖然通用汽車最終起死回升，但它的復蘇之路也并非一帆風順，比如它的點火開關缺陷問題（造成124人死亡、275人受傷）就給公司商譽造成了重大打擊。自IPO以來，該公司股價累計上漲了18%。

意大利國家電力公司，174億美元

The name behind one of the largest U.S. bankruptcies also also tied to one of the largest U.S. IPOs. General Motors filed to raise $18 billion roughly a year after the government agreed to bail the company out as it underwent Chapter 11 bankruptcy. Though GM is one of revival and rejuvenation, it has hit several hiccups with an ignition switch scandal linked to 124 deaths and 275 injuries. The stock has risen 18% since the IPO.

Enel SpA, $17.4 billion

為了響應意大利政府的私有化計劃，意大利國家電力公司于1999年9月上市。在IPO之前，時任CEO的弗朗哥?塔托對公司成本進行了大刀闊斧地削減。據《華爾街日報》（ the Wall Street Journal.）報道，從1996年到1999年，該公司裁員達15000余人，運營成本下降了18%。不過由于交易量很低，該股票已經不再在美國公開交易。

臉書，160億美元

An Italian electricity company, Enel went public in September 1999 as part of a privatization program by the country’s government. The IPO came after heavy cost cutting measure from then CEO Franco Tato. Some 15,000 people had been cut from the staff between 1996 to 1999, while operating costs had fallen 18%, per the Wall Street Journal. The stock though no longer trades in the U.S. due to low trading volume.

Facebook, $16 billion

臉書的IPO是在2012年5月，上市當天納斯達克還鬧出了夭蛾子。由于延遲和技術故障，導致一些交易者以高于訂購價的價格買入了股票。不過在承銷商的幫助下，該股發行首日還是以38.23美元的價格收盤了，好歹比38美元的IPO價高出兩毛三，略微保住了一些面子。2012年，臉書的IPO估值約為812美元。從那時起，雖然臉書接連遭遇公關和隱私問題，但它的用戶仍在持續增加，收入也是年年上升，每年都給華爾街帶來新驚喜。目前臉書股票已累計上漲408.6%，當前市值為5470億美元。

德國電信，131億美元

This May 2012 IPO was known for its first-day trading troubles. Nasdaq delays and glitches led to some traders receiving shares at higher prices than ordered; The stock, with the help of its underwriters, just barely managed to stay above its $38 IPO price at the end of the day, closing at $38.23. In 2012 the IPO was valued at about $81.2 billion. Since then, the company has continued to add users and wow Wall Street with earnings reports even as it struggles with PR and privacy problems. The stock is up 408.6% since then for a now $547 billion market capitalization.

Deutsche Telekom, $13.1 billion

德國電信走私有化道路上，于1996年在法蘭克福、東京和美國同時上市。當時德國電信的計劃是要利用上市圈來的錢去擴展國際市場，怎奈天不遂人愿，德國電信的股票現在已經不再在美國的主要證交所交易了。

AT&T，106億美元

A mega European IPO, the German Telekom giant was privatized, and then listed on stock exchanges in Frankfurt, Tokyo, and the U.S. in 1996. At the time, the plan was to use the funding to expand in international markets. However the company no longer trades on major U.S. exchanges.

AT&T, $10.6 billion

在2000年的IPO推動下，AT&T剝離了無線通信業務——不過幾年后，這塊剝離出去的業務又重新回到AT&T家族。在2000年的時候，AT&T的IPO還創下了美國歷史上的IPO規模之最。

Uber，90億美元

The 2000 IPO helped spin off AT&T’s wireless division—though it would eventually return to the AT&T fold just years later. It was, at the time, the largest U.S. IPO ever.

Uber Technologies, $9 billion

網約車巨頭Uber將IPO價格定在44到50美元之間，這意味著它大概能融資到90億美元。此前曾有傳言稱，Uber的目標估值是1200億美元。但以目前的IPO定價區間看，它的估值大概跟美國運通 (960億美元)、星巴克 (950億美元)、好市多 (1080億美元)在同一檔次，距離英偉達(1140億美元)還有不小差距。不過Uber還有一個重要的問題需要回答：公司何時才能實現利潤增長，以證明自己配得上這個估值？

卡夫食品，86億美元

The ride-sharing giant Uber priced its much anticipated IPO between a range of $44 to $50, meaning it should raise roughly $9 billion. Previously, it had been rumored Uber was seeking a valuation of $120 billion but the current range would place it in the valuation-sphere of American Express ($96 billion), Starbucks ($95 billion), Costco ($108 billion), and within striking distance of Nvidia ($114 billion). The billion dollar question though still stands: When and how will Uber grow profits that will justify its numbers?

Kraft Foods $8.6 billion

很少有人記得奧利奧餅干和奧斯卡美熱狗的制造商原本竟是一家煙草公司的旗下企業——也就是原來的菲利浦莫里斯公司，現在的奧馳亞集團。畢竟現在距離該公司推動卡夫食品上市已經過去了十幾年。2001年，卡夫食品以“KFT”為名在納斯達克上市。2003年，奧馳亞在卡夫食品的股份被剝離給了其他股東。當時卡夫食品的估值約為538億美元。上市近20年，該股的投資者回報率約為146.6%。這支股票之所以增長較為疲軟（相比于標普500指數），至少在一定程度上應歸因于消費模式的變化。（財富中文網）

作者：Lucinda Shen

譯者：樸成奎

Few remember that the maker of Oreos and Oscar Mayer weiners was was owned by a cigarette company. After all, it’s been a decade-and-a-half since since Phillip Morris, now Altria, offered Kraft Foods up for what was then the country’s second largest IPO. Then known as Kraft Foods, it began trading on the Nasdaq as “KFT” in 2001, with Altria’s stake in the company spun off to shareholders in 2003. The company was valued at about $53.8 billion at the time, giving investors returns of 146.6% since its IPO nearly two decades earlier. It’s comparatively weak stock growth (when compared to the S&P 500) can be at least in part attributed to changing consumer patterns.