Twitter確定提前上市
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????Twitter申請上市的消息迅速傳遍了整個金融界： ????我的第一反應是吃驚。此前，外界一直認為，Twitter將于2014年初上市，所以現在秘密提交上市申請應該符合這個時間期限。就在上周四晚上早些時候，我還在美國全國廣播公司財經頻道（CNBC）上說過，需要注意的是，在250多家秘密提交上市申請的公司中，提交S-1文件的甚至不到100家。而且所有人都知道，這家公司的年收益不到10億美元。 ????不過，我的冷靜或許用錯了地方。 ????有知情人士表示，我們將在幾周內看到Twitter提交的S-1文件，它今天的公告更多是作為一種法律策略，而不是要控制其自己的媒體。要知道，Twitter并沒有說公司在今天秘密提交上市申請，而是說公司已經秘密提交了上市申請。看出其中的區別了嗎？我的理解是，公司早已提交了上市申請，而且美國證監會（SEC）的大多數審查工作也已完成。 ????此外，預計Twitter將在提交S-1文件21天后進行路演。21天是它最短的等待期（有的公司需要等待數月，甚至數年）。換言之，Twitter公司的目的是在2013年而不是2014年上市。 ????我們并不清楚Twitter是否已經決定在哪一家交易所上市，雖然有消息稱它還沒有確定。有報道稱，高盛（Goldman Sachs）將成為Twitter上市的主承銷商，另有消息稱Twitter已經收到對沖基金的股票收購報價。根據該報價，公司市值約為140億美元（今年夏天私人交易時，這家公司的市值僅100億美元。）（財富中文網） ????譯者：進龍/汪皓 ???? |
????It was the tweet heard round the financial world: ????My initial response was mostly a shrug. Twitter had been widely expected to go public in early 2014, so a confidential filing now would fit that time-frame. I even said as much earlier this evening on CNBC, mindful that not even 100 of the 250+ confidential filers have even submitted public S-1s. All we really know, I added, is that the company has less than $1 billion in annual revenue. ????But my nonchalance may have been misplaced. ????A source close to the company says that we should see an actual S-1 from Twitter within the next several weeks, and that today's announcement was more about legal maneuvering than it was about controlling its own press. Remember, Twitter didn't say that it filed confidentially today. It said today that it had filed confidentially. See the distinction? My understanding is that the original filing was submitted a while ago, and that most of the SEC review is completed. ????Moreover, Twitter would expect to launch its road-show exactly 21 days after the S-1 is filed, which would be its minimum waiting period (some companies wait months, if not years). In other words, this is designed to be a 2013 offering rather than a 2014 offering. ????We do not yet know if Twitter has picked an exchange on which to list, although sources suggest it has not. There is a report that Goldman Sachs (GS) has been picked to be lead underwriter, and another that Twitter has been fielding hedge fund offers at a valuation of around $14 billion (which is a major bump from the $10 billion it was getting in private trades over the summer). |
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