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专栏 - 从华尔街到硅谷

破发那点事:亚马逊早有先例,Facebook后市可期

Dan Primack 2012年05月23日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
Facebook并非首家破发的互联网巨头。亚马逊当初也曾多次跌破发行价,但这并不意味着它的股票从此就沦为垃圾股。事实上,亚马逊如今的股价已经飙升到发行价的十几倍。因此,Facebook大可放心。

    Facebook股票跌破其每股38美元的首发价引发一片哗然,但风险投资家比尔•古尔利提醒我们,跌破发行价并不一定意味着该股票从此将一蹶不振。他在上周五在Twitter上发布了下面这条消息:

    In all the hubbub over Facebook (FB) shares falling below their $38 IPO price, venture capitalist Bill Gurley reminds us that such a "break" does not necessarily mean that the stock is a long-term dud. From a tweet late Friday:

    与Facebook的情形一样,当初亚马逊(Amazon)的承销商们也在首次公开发行前上调了发行价区间,最终定价为每股18美元。在第4个交易日,亚马逊跌破发行价,低收于每股17.12美元。随后一天的情况更加糟糕,收于每股16.75美元。而事实上,亚马逊在上市后的前13个交易日中,有5天的收盘价都低于自身发行价。

    而且,正如古尔利所言,亚马逊连续两个月的收盘价都低于其首个交易日的收盘价(每股20.75美元)。

    但亚马逊并未因此一蹶不振。就在不久前,该公司的股票交易价约为每股219美元。所以Facebook的粉丝们不妨放宽心,它还有机会翻盘……

    Like Facebook, Amazon's (AMZN) underwriters had raised the offering range prior to IPO, ultimately pricing at $18 per share. It then "broke" on its fourth day of trading, closing down at $17.12 per share. The following day was even worse, closing at $16.75 per share. In fact, Amazon shares closed below their offering price for 5 of its first 13 days of trading.

    And, to Gurley's point, it closed below the closing price on its first day of trading ($20.75) for two months.

    But none of that doomed Amazon stock to a lifetime of mediocrity. As of last check, the company's stock was trading at around $219. So take comfort Facebook fans, not all is (necessarily) lost...

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