獨家：Uber將高盛融資方案與其最終IPO發(fā)行價掛鉤
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????本周早些時候，我們報道了租車服務(wù)公司Uber請高盛（Goldman Sachs）為其融資的消息，該公司打算向高盛的高凈值客戶定向發(fā)行可轉(zhuǎn)債。這和Uber的機構(gòu)融資方案互不相干——今天披露的消息顯示，后者對Uber的融資前估值為400億美元，融資額則超過18億美元（高盛已經(jīng)收到了其中的12億）。 ????現(xiàn)在我們又獲得了一些高盛向客戶出售Uber可轉(zhuǎn)債的消息，此舉最終籌集的資金可能在10億美元左右。了解情況的消息人士透露，這批可轉(zhuǎn)債的定價基礎(chǔ)不是上述400億美元的估值，而是按Uber的最終IPO發(fā)行價折讓30%。 ????也就是說，要想讓高盛客戶獲得跟機構(gòu)投資者一樣的增值空間，Uber的IPO估值需要達到約520億美元。同時Uber還得成功上市，而這可能要等到一年多以后。Uber被收購的可能性非常小，但萬一出現(xiàn)這種情況，上述可轉(zhuǎn)債將如何處理我們尚不清楚。我的猜測是它們可以按類似的估值水平轉(zhuǎn)換成股票。 ????Uber女發(fā)言人拒絕對此發(fā)表評論。（財富中文網(wǎng)） ????譯者：Charlie ????。 |
????Earlier this week we reported that Uber had hired Goldman Sachs to raise money from the bank’s high-net-worth clients, via a private placement of convertible notes. This was separate from Uber’s institutional fundraise, which today was revealed to be for upwards of $1.8 billion at a $40 billion pre-money valuation (with $1.2 billion already in the bank). ????Now we have a bit more information on the Goldman offering, which could end up raising around $1 billion. Sources familiar with the situation say that the securities will not be priced to the $40 billion valuation, but rather at a 30% discount to Uber’s eventual IPO price. ????That means Uber would need to be worth around $52 billion at IPO in order for the Goldman investors to receive the same upside as the new institutional buyers. Uber also would need to go public, which likely is more than a year off. No word on what happens to the convertible notes in the highly unlikely case Uber is sold, although my assumption is that the conversion calculation would be similar. ????An Uber spokeswoman declined to comment. |
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