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盘点史上9大IPO,阿里巴巴居首

Lucinda Shen 2019年05月07日

回顾一下美国历史上规模最大的10次IPO,以及这些公司上市以来的表现。

图片来源:Getty Images
 

今年又是一个IPO的丰收年,又有一票大型科技公司扎推上市。

上月底,即时通讯软件平台Slack递交了上市申请。同日,打车软件Uber也发布了IPO定价。四月上旬, Lyft、Pinterest和Zoom相继上市,民宿平台Airbnb和大数据公司Palantir也将在今年晚些时候上市。据复兴资本公司介绍,今年很可能将成为IPO创纪录的一年,火红程度甚至可能超过“.com”泡沫时期。复兴资本的负责人凯瑟琳•史密斯表示:“我们认为,2019年有可能成为IPO市场融资创纪录的一年,总发行额可能破1000亿美元,超过1999年和2000年的水平。”下面,我们就来回顾一下美国历史上规模最大的10次IPO,以及这些公司上市以来的表现。有趣的是,只有一家今年上市的公司进入了前十名。(你能猜到是哪家公司吗?)

阿里巴巴,250亿美元

It’s a mega year for mega tech IPOs.

Messaging platform Slack filed to go public Friday, and Uber priced it’s massive offering the same day. Earlier in April, Lyft, Pinterest and Zoom all went public, and AirBnB and Palantir are expected to debut later this year. According to Renaissance Capital, it could be a record breaking year for IPOs in general, potentially even surpassing the dot-com boom years. “We think it is possible that 2019 could prove to be a record year for capital raised in the IPO market, at over $100 billion in issuance, exceeding the amounts raised in 1999 and 2000,” said Kathleen Smith, principal at Renaissance. Below, we looked at the ten largest U.S. IPOs of all time, and how they’ve fared since going public. Interesting, only one of this year’s offerings is slated to make the top ten (can you guess which?)

Alibaba, $25 billion

图片来源:Getty Images

2014年,阿里巴巴突然杀入美国IPO界。由于香港当时不允许双重股权结构(一种给予创始人和公司高管较大控制权的股权结构),因此阿里巴巴放弃了港交所,转而选择在美国上市。自从IPO以来,阿里的股价已上涨了190%,估值达到4840亿美元。不过中国经济的放缓也让一些投资者对阿里股票感到担忧。

Visa,197亿美元

This Chinese tech giant burst onto the U.S. IPO scene in 2014, choosing the U.S. rather than the Hong Kong stock exchange at a time when the latter didn’t allow for dual class offerings (a structure that gives outsized control to founders and executives). Shares have risen 190% since its IPO for a valuation of $484 billion. However, a slowdown in China has some investors concerned.

Visa, $19.7 billion

图片来源:Getty Images

这次IPO是在2008年3月进行的,此时离贝尔斯登银行的破产只过了几天,然而Visa的IPO还是点燃了众多投资者的热情,并创下成功融资197亿美元的纪录。当时恰逢金融危机,市场的违约风险越来越高,投资者已被一连串的信贷爆雷搞得风声鹤唳,但Visa并不直接承担消费债务,这一特点让它得到了许多投资者的喜爱。Visa向来是一支口碑极佳的绩优股,上市以来的回报率高达1363%。

通用汽车,181亿美元

This IPO came just days after the collapse of Bear Stearns—but investors were nonetheless charged up by Visa. The credit card company set a record in March 2008 by raising $19.7 billion. Wary of the bursting credit bubble, investors liked that Visa didn’t directly carry consumer debt at a time of rising defaults. Visa has continued to be a winner for investors, returning 1,363% since its debut.

General Motors, $18.1 billion

图片来源:Getty Images

通用汽车的破产和IPO在美国历史上都是排得上号的。就在通用汽车申请破产重组、美国政府对其提供紧急救助资金的次年,通用汽车通过IPO获得了180亿美元融资。虽然通用汽车最终起死回升,但它的复苏之路也并非一帆风顺,比如它的点火开关缺陷问题(造成124人死亡、275人受伤)就给公司商誉造成了重大打击。自IPO以来,该公司股价累计上涨了18%。

意大利国家电力公司,174亿美元

The name behind one of the largest U.S. bankruptcies also also tied to one of the largest U.S. IPOs. General Motors filed to raise $18 billion roughly a year after the government agreed to bail the company out as it underwent Chapter 11 bankruptcy. Though GM is one of revival and rejuvenation, it has hit several hiccups with an ignition switch scandal linked to 124 deaths and 275 injuries. The stock has risen 18% since the IPO.

Enel SpA, $17.4 billion

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为了响应意大利政府的私有化计划,意大利国家电力公司于1999年9月上市。在IPO之前,时任CEO的弗朗哥•塔托对公司成本进行了大刀阔斧地削减。据《华尔街日报》( the Wall Street Journal.)报道,从1996年到1999年,该公司裁员达15000余人,运营成本下降了18%。不过由于交易量很低,该股票已经不再在美国公开交易。

脸书,160亿美元

An Italian electricity company, Enel went public in September 1999 as part of a privatization program by the country’s government. The IPO came after heavy cost cutting measure from then CEO Franco Tato. Some 15,000 people had been cut from the staff between 1996 to 1999, while operating costs had fallen 18%, per the Wall Street Journal. The stock though no longer trades in the U.S. due to low trading volume.

Facebook, $16 billion

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脸书的IPO是在2012年5月,上市当天纳斯达克还闹出了夭蛾子。由于延迟和技术故障,导致一些交易者以高于订购价的价格买入了股票。不过在承销商的帮助下,该股发行首日还是以38.23美元的价格收盘了,好歹比38美元的IPO价高出两毛三,略微保住了一些面子。2012年,脸书的IPO估值约为812美元。从那时起,虽然脸书接连遭遇公关和隐私问题,但它的用户仍在持续增加,收入也是年年上升,每年都给华尔街带来新惊喜。目前脸书股票已累计上涨408.6%,当前市值为5470亿美元。

德国电信,131亿美元

This May 2012 IPO was known for its first-day trading troubles. Nasdaq delays and glitches led to some traders receiving shares at higher prices than ordered; The stock, with the help of its underwriters, just barely managed to stay above its $38 IPO price at the end of the day, closing at $38.23. In 2012 the IPO was valued at about $81.2 billion. Since then, the company has continued to add users and wow Wall Street with earnings reports even as it struggles with PR and privacy problems. The stock is up 408.6% since then for a now $547 billion market capitalization.

Deutsche Telekom, $13.1 billion

图片来源:Getty Images

德国电信走私有化道路上,于1996年在法兰克福、东京和美国同时上市。当时德国电信的计划是要利用上市圈来的钱去扩展国际市场,怎奈天不遂人愿,德国电信的股票现在已经不再在美国的主要证交所交易了。

AT&T,106亿美元

A mega European IPO, the German Telekom giant was privatized, and then listed on stock exchanges in Frankfurt, Tokyo, and the U.S. in 1996. At the time, the plan was to use the funding to expand in international markets. However the company no longer trades on major U.S. exchanges.

AT&T, $10.6 billion

图片来源:Getty Images

在2000年的IPO推动下,AT&T剥离了无线通信业务——不过几年后,这块剥离出去的业务又重新回到AT&T家族。在2000年的时候,AT&T的IPO还创下了美国历史上的IPO规模之最。

Uber,90亿美元

The 2000 IPO helped spin off AT&T’s wireless division—though it would eventually return to the AT&T fold just years later. It was, at the time, the largest U.S. IPO ever.

Uber Technologies, $9 billion

网约车巨头Uber将IPO价格定在44到50美元之间,这意味着它大概能融资到90亿美元。此前曾有传言称,Uber的目标估值是1200亿美元。但以目前的IPO定价区间看,它的估值大概跟美国运通 (960亿美元)、星巴克 (950亿美元)、好市多 (1080亿美元)在同一档次,距离英伟达(1140亿美元)还有不小差距。不过Uber还有一个重要的问题需要回答:公司何时才能实现利润增长,以证明自己配得上这个估值?

卡夫食品,86亿美元

The ride-sharing giant Uber priced its much anticipated IPO between a range of $44 to $50, meaning it should raise roughly $9 billion. Previously, it had been rumored Uber was seeking a valuation of $120 billion but the current range would place it in the valuation-sphere of American Express ($96 billion), Starbucks ($95 billion), Costco ($108 billion), and within striking distance of Nvidia ($114 billion). The billion dollar question though still stands: When and how will Uber grow profits that will justify its numbers?

Kraft Foods $8.6 billion

很少有人记得奥利奥饼干和奥斯卡美热狗的制造商原本竟是一家烟草公司的旗下企业——也就是原来的菲利浦莫里斯公司,现在的奥驰亚集团。毕竟现在距离该公司推动卡夫食品上市已经过去了十几年。2001年,卡夫食品以“KFT”为名在纳斯达克上市。2003年,奥驰亚在卡夫食品的股份被剥离给了其他股东。当时卡夫食品的估值约为538亿美元。上市近20年,该股的投资者回报率约为146.6%。这支股票之所以增长较为疲软(相比于标普500指数),至少在一定程度上应归因于消费模式的变化。(财富中文网)

作者:Lucinda Shen

译者:朴成奎

Few remember that the maker of Oreos and Oscar Mayer weiners was was owned by a cigarette company. After all, it’s been a decade-and-a-half since since Phillip Morris, now Altria, offered Kraft Foods up for what was then the country’s second largest IPO. Then known as Kraft Foods, it began trading on the Nasdaq as “KFT” in 2001, with Altria’s stake in the company spun off to shareholders in 2003. The company was valued at about $53.8 billion at the time, giving investors returns of 146.6% since its IPO nearly two decades earlier. It’s comparatively weak stock growth (when compared to the S&P 500) can be at least in part attributed to changing consumer patterns.

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