為什么說Facebook的IPO定價恰到好處
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????媒體大多將此描述成一場災難，因為此前市場普遍預計Facebook首日將收于每股50美元左右，或至少也要在40多美元。這倒不是因為人們認為Facebook約1070億美元的市值被低估，而是因為人人都認為IPO買家在首個交易日應獲得10%或15%的回報。有幸獲得全球最熱的互聯網公司IPO股票，就像Chili's餐廳里的服務員一樣，有望獲得不菲的小費。 ????但這根本不是什么災難。事實上，Facebook的幾家投行——摩根士丹利（Morgan Stanley）、摩根大通（J.P. Morgan）和高盛（Goldman Sachs）對該股的定價或許太恰到好處了。 ????Facebook掏錢請IPO承銷商做一件事，就一件事——在IPO發行中籌集盡可能多的資金。Facebook可沒有掏錢讓他們定價時留個10-15%的折扣，以便摩根士丹利或高盛討好高資產凈值客戶?；蛟S在實際操作中這類做法司空見慣，但這不等于說這類做法就是對的。想象一下，如果你發現你的房地產經紀人將你的房屋標價比市場價低了50,000美元，只是因為她認為這樣做，能帶動她代理的其他房地產銷售？ ????去年，LinkedIn首日上市收盤大漲80%多，令幾家承銷商——包括上述投行中的幾家——備受批評。該批！ ????這次顯然有些不同，Facebook的幾家投行竭盡全力避免該股收盤時跌至38美元之下——這會使這些投行和他們的客戶非常難堪。實際情況是Facebook拿到了市場愿意給出的所有錢。如果它能繼續創造強勁的利潤率，那么該股股價將上漲，上市首日的買家最終將獲得回報。如果它近期的增長放緩成為趨勢，那么該股可能走上另一條路。 ????但IPO的主要目的是募集現金。Facebook的投行們做對了，即便所有人都不希望看到這一幕。 ????譯者：早稻米 |
????The typical media narrative, of course, is catastrophic. Conventional wisdom had been that Facebook would close the day up around $50 per share, or at least in the low $40's. Not because people actually thought Facebook was undervalued at around $107 billion, but because everyone thinks IPO buyers deserve an extra 10% or 15% reward on the first day of trading. As if getting access to shares in the world's hottest Internet company is the investor equivalent of being a server at Chili's. ????But there is no catastrophe here. In fact, Facebook bankers like Morgan Stanley (MS), J.P. Morgan (JPM) and Goldman Sachs (GS) might have priced the company just about perfectly. ????Facebook paid its IPO underwriters to do one job, and one job only: Generate the most money possible through the initial public offering of Facebook stock. It did not pay them to offer 10-15% discounts so that Morgan Stanley or Goldman Sachs could ingratiate themselves to high-net-worth clients. That may be how it usually works in practice, but that doesn't make it right. Imagine if you found out your real estate broker had priced your home for $50,000 below market value because she thought it would generate more interactions with buyers for her other properties? ????Last year, LinkedIn (LNKD) bankers -- including some of the same firms -- took some heat when the company's shares closed their first day of trading up more than 80%. It was deserved. ????Now there obviously are some shades of gray here, as Facebook's bankers worked furiously to prevent the price from falling below $38 in the market's final moments -- an event that would have embarrassed both the bankers and their client. But the reality is that Facebook got as much money today as the market was ready to give. If it continues to generate strong margins, then its price will rise and today's buyers will be ultimately rewarded. If its recent growth slowdown becomes a trend, then it could go the other way. ????But an IPO is a single-day event, for the primary purpose of generating issuer cash. And Facebook's bankers got it right, even if it was the last thing anyone expected. |
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