Twitter上市發行價偏低
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????今天上午，Twitter開盤價為45.10美元，而前一天晚上公司首次公開募股（IPO）的定價為每股26美元。換句話說，Twitter公司IPO估值偏低13億美元。甚至還可以這樣說，它的股票首日漲幅相當于今年全年收入的兩倍以上。
????當然，Twitter并沒有打算抓住每一分錢投資。Facebook去年的遭遇讓他們記憶猶新。他們認為，Facebook的做法在公司（投資者與潛在員工當中）造成了負面的情緒。而且，Twitter的員工或風險投資人都沒有出售股票的打算，所以也不存在內部定價壓力。而Facebook一半以上被出售的股票來自內部人員。 ????不過，筆者認為Facebook首次公開募股的定價合理，因為IPO就是一場融資活動，可惜這種觀點的支持者甚少。總之，筆者支持亨利?布拉吉在2011年所寫的一篇有關商務社交網站LinkedIn的文章。當時，LinkedIn的估值僅僅低了一兩千萬美元。此外，布拉吉的觀點并不是以LinkedIn的開盤價為依據，而是以當日最高價為基礎。筆者撰寫本文的同時，Twitter股價已經超過50美元（超過了本文的13億美元，達到約17億美元——真是令人難以置信，畢竟這家公司IPO實際募得的資金僅有18.2億美元）。 ????唯一會欣喜若狂的人應該是Twitter背后的銀行。他們跨過了難以逾越的障礙，為自己的高凈現值客戶完成了一筆豐厚的交易。 ????出于公關和員工士氣的目的，Twitter當然希望公司股價能有所反彈。公司員工肯定還會有這樣的想法：如果Twitter定價為每股45.10美元，將額外的實收款項用于發放節日獎金，相當于每一位員工能獲得超過580,000美元。看到這里，不知Twitter員工的士氣會如何呢？（財富中文網） ????譯者：劉進龍/汪皓?????? |
????Twitter began trading this morning at $45.10 per share, after pricing its IPO last night at $26 per share. Or, put another way, Twitter (TWTR) left more than $1.3 billion on the table. Or, put even another way, more than twice what the company will generate in revenue this year. ????To be sure, Twitter wasn't trying to grab every last dollar. They saw Facebook (FB) take that approach last year, and believed that it helped contribute to negative sentiment against the company (both among investors and potential employees). Plus, none of Twitter's employees or venture capitalists were selling -- unlike at Facebook, where more than half the shares came from insiders -- so there was no internal pricing pressure. ????But I was a lonely voice arguing that Facebook priced its IPO properly, because IPOs are financing events. In short, I agreed with what Henry Blodget had written about LinkedIn in 2011, when it left just a couple hundred million dollars on the table. Moreover, Blodget's argument was based not on where LinkedIn stock opened, but where it rose to during the day. As I type these words, Twitter stock has now topped $50 (bumping my $1.3 figure up to nearly $1.7 billion -- amazing, given that the actual IPO only raised $1.82 billion). ????The only people who should be thrilled about this are Twitter's bankers, who climbed over the Chinese wall to get a sweet deal for their high-net-worth clients. ????Twitter itself obviously wanted a bit of price pop for PR and employee morale purposes, but here's something else employees could be thinking about today: Had Twitter priced at $45.10 per share and used the extra proceeds to give out holiday bonuses, it would have worked out to more than $580,000 per employee. How's your morale feel now????????? |
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