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專(zhuān)欄 - Allan Sloan

誰(shuí)是Facebook上市亂戰(zhàn)中的真正贏家?

Allan Sloan 2012年05月25日

艾倫·斯隆(Allan Sloan)為《財(cái)富》雜志高級(jí)編輯。出生于紐約布魯克林,1966年畢業(yè)于布魯克林學(xué)院,次年畢業(yè)于哥倫比亞大學(xué)新聞學(xué)院研究生院。他是金融領(lǐng)域的資深記者,2008年以“"House of Junk”一文第七次獲得財(cái)經(jīng)新聞界最高榮譽(yù)杰洛德-羅布獎(jiǎng)(Gerald Loeb Award)。
社交網(wǎng)站Facebook號(hào)稱(chēng)自己的使命是將全世界人民聯(lián)合起來(lái)。但事實(shí)上,這家公司混亂不堪的IPO只是讓少數(shù)的內(nèi)部人士和金融機(jī)構(gòu)撈到了好處。他們?cè)谏鲜兄暗淖詈箨P(guān)頭拿到了重要信息,不僅沒(méi)有增持,反而大舉套現(xiàn)。

????而且,賣(mài)家從承銷(xiāo)商那里得到了相當(dāng)大的優(yōu)惠,很可能是由于Facebook施加了巨大的壓力。Facebook把承銷(xiāo)權(quán)交給了那些渴望和Facebook掛上鉤的公司。

????“承銷(xiāo)商折扣”——承銷(xiāo)商因?yàn)槌袖N(xiāo)股票發(fā)行而獲得的折扣——只占到38美元發(fā)行價(jià)的1.1%,對(duì)首次公開(kāi)募股來(lái)說(shuō)非常之低。相比之下,據(jù)標(biāo)普資本(S&P Capital IQ)的資料顯示,社交游戲公司Zynga上市時(shí)的承銷(xiāo)商折扣為3.25%,團(tuán)購(gòu)網(wǎng)站Groupon為6%,房產(chǎn)估值在線服務(wù)公司Zillow為7%。

????這意味著,在這次IPO發(fā)行中出售股票的Facebook內(nèi)部人士不僅高價(jià)出售了股票,還可以把相當(dāng)大部分的收益放進(jìn)自己的口袋。

????我不是說(shuō)這其中有什么不合法的地方。我敢肯定,律師們已經(jīng)詳細(xì)審查了這次IPO發(fā)行的各個(gè)方面,包括有選擇地向大型投資者披露,F(xiàn)acebook的數(shù)據(jù)已經(jīng)開(kāi)始顯出疲態(tài)。結(jié)論是:嘴上說(shuō)給予普通人權(quán)力是一回事,但在金融世界里給予他們權(quán)力則完全是另外一回事。

????——Doris Burke協(xié)助進(jìn)行了本文的調(diào)查工作

????譯者:千牛絮

????What's more, the sellers got an extraordinarily cheap deal from the underwriters, probably because of incredible pressure that Facebook exerted by shopping the deal to firms who were drooling over the prospect of having their name connected with Facebook's.

????The "underwriting discount" -- the amount that the underwriters kept for themselves in return for doing the deal -- was only 1.1% of the $38 offering price, which is extraordinarily low for an initial public offering. By contrast, the discount for Zynga's (ZNGA) offering was 3.25%, according to S&P Capital IQ, and was 6% for Groupon (GRPN), and 7% for Zillow (Z).

????This means that Facebook insiders who sold in the offering not only got a high price for their shares, they got to keep an extraordinarily large portion of the proceeds.

????I'm not saying any of this is illegal. I'm sure that lawyers have blessed every aspect of this, including any selective disclosure to big players that Facebook's numbers were starting to look a little ugly. The bottom line is: it's one thing to talk about empowering average people. But empowering them in the financial world is a whole different game.

????-- Research assistance by Doris Burke

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