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阿里IPO:所有你需要知道的事

Laura Lorenzetti 2014年09月19日

今日,阿里巴巴就将进行IPO,我们不妨了解下这家中国最大电商的业务、前景和财务细节。

聚焦阿里巴巴上市专题

· 阿里上千员工或分得人均数千万财富
· 阿里的收购野心及其背后的风险
· 阿里巴巴能从亚马逊和谷歌的IPO中借鉴什么
· 硅谷怎么看阿里巴巴?
· 阿里巴巴IPO:对投资者来说这是一笔“捡漏”的买卖
· 股东再吃亏,阿里高层也不会亏

    阿里巴巴(Alibaba)即将进行的IPO有望募集到210多亿美元,打破此前的历史最高纪录。眼下,投资者和旁观者都在倒计时等待阿里巴巴今天的首日交易,以下是关于这家中国电商巨头我们需要了解的所有情况。

    这宗IPO规模多大?其估值为何这么高?

    阿里巴巴的市值有望超越亚马逊(Amazon),成为美国史上最大的IPO。

    投资者反响空前火爆,阿里巴巴路演仅两天就已获得全额认购,随后,该公司将每股60-66美元的IPO区间价的上限调高到了每股68美元。

    阿里巴巴IPO后股价走势将如何是一大问题,特别是考虑到阿里巴巴模糊的财务数据导致很难计算出该公司的真实估值。我们不妨将阿里巴巴与谷歌(Google)的IPO进行对比。举例来说,亚马逊上市时,主要是从事图书在线销售,银行家们无法恰当(或准确)地估价该公司的未来发展轨迹。阿里巴巴同样拥有凌云壮志。

    除了阿里巴巴,还有谁将是这宗IPO中的大赢家?有输家吗?

    雅虎(Yahoo)拥有这家中国零售电商近22%的股份,一旦阿里巴巴上市,雅虎将获得巨额收益。以IPO预期发行价区间的下限——每股60美元计算,雅虎持有的股份将价值314亿美元。

    美国银行(Bank of America)虽然未能参与阿里巴巴IPO,但也找到了从这宗巨型IPO中获利的途径。该银行开发了一种证券,将阿里巴巴最大股东软银(SoftBank)作为对其估值的基础。

    软银创始人兼CEO孙正义也从阿里巴巴的IPO中获利颇丰。9月8日以来,软银股价攀升了16%,孙正义由此资产净值达到166亿美元。迅速超过了迅销有限公司(Fast Retailing Co.,旗下拥有优衣库——译注)主席柳井正,一跃成为日本首富。

    由高盛(Goldman Sachs)牵头的六家主承销商,每家都将获得约3,000万美元的佣金。根据阿里巴巴股价在首日交易中的涨幅,上述承销商和其他银行还可能获得更多收入。但该股在首日交易上涨了多少,就等于阿里巴巴及其大股东雅虎、CEO马云等人少赚了多少。

    阿里巴巴的员工和某些外部人士也将有大笔进账。过去15个月,阿里巴巴大举向员工和某些与公司关系密切的商业伙伴派发诱人的股票,这些股票价值约45亿美元。如果阿里巴巴的IPO价格超过每股66美元,其价值可能更高。

    硅谷一直在密切关注阿里巴巴。对硅谷而言,阿里巴巴不能算竞争对手,但在吸引投资和收购科技初创公司方面,硅谷和阿里巴巴肯定存在一定的竞争。

    Alibaba is on its way to a record-breaking initial public offering that could raise more than $21 billion. As investors and spectators alike countdown to the expected first day of trading Friday, here’s everything you need to know about the Chinese e-commerce giant in one place.

    How big is the IPO and why is it worth so much?

    Alibaba is on track to become the largest U.S. IPO ever with a market value exceeding Amazon.

    The company raised the top end of it’s IPO price to $68 from a range of $60 to $66 per share after Alibaba attracted record demand from investors, covering its full offering only two-days into its road show.

    The big question is how the IPO will do once it hits the market, especially considering how hard it is to calculate Alibaba’s real valuation amid its murky financials. A good starting point is to compare it with the public debuts of Google . For example, when Amazon went public it was selling primarily books online, and bankers couldn’t properly (or accurately) value the future trajectory of the company. Alibaba has similarly huge ambitions.

    Who’s winning big on this deal beyond Alibaba? Are there losers?

    Yahoo owns a nearly 22% stake in the Chinese e-retailer and stands to make a hefty profit when Alibaba goes public. At $60, the very low end of the expected range, Yahoo’s stake would be worth $31.4 billion.

    After being left out in the cold on the Alibaba deal, Bank of America has found its own way to profit off the massive IPO. The bank developed a security that uses SoftBank, Alibaba’s biggest shareholder, as a foundation for estimating the company’s valuation.

    SoftBank’s founder and CEO Masayoshi Son has also profited handsomely from Alibaba’s IPO. Son became Japan’s richest man after Softbank’s shares climbed 16% since Sept. 8, boosting his net worth to $16.6 billion. He surpassed Fast Retailing Co.’s chairman Tadashi Yanai for the richest title.

    The six lead underwriters, led by Goldman Sachs , stand to make about $30 million each in fees. Those underwriters and other banks could rake in even more cash depending on how much Alibaba’s shares pop in the first day of trading. However, any jump in the stock in the first days of trading is money left on the table by Alibaba — and big shareholders like Yahoo and CEO Jack Ma.

    Alibaba’s employees and anointed outsiders are also positioned to cash in big. Over the past 15 months, Alibaba has been issuing huge and very lucrative stock grants to its workers and certain close business associates that could be worth about $4.5 billion. That value could be even higher if its IPO prices above $66 a share.

    Silicon Valley has been eyeing Alibaba carefully. Not quite as a competitor, but certainly as an active sparring partner for investments and, perhaps, acquisitions of tech startups.

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