獨家承銷可能搞砸IPO
平均股價變動幅度%
????2010年-2013年第一季度獲得風(fēng)險資本支持并在美國證交所首發(fā)上市的股票。數(shù)據(jù)來源：摩根凱瑞資本管理
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????如果你是一家在風(fēng)險資本支持下準(zhǔn)備首發(fā)上市的公司，你最好至少有兩家承銷商。 ????投資公司摩根凱瑞資本管理（Morgan Creek Capital Management）最近對2010年到2013年第一季度首發(fā)上市的公司進(jìn)行了研究，比較了采用獨家承銷和聯(lián)合承銷的公司，最終得出了上述結(jié)論。
????摩根凱瑞資本管理研究了117家在紐約證券交易所（NYSE）和納斯達(dá)克證券交易所（NASDAQ）上市的公司，其中102家公司采用了聯(lián)合承銷方式。研究結(jié)論是，獨家承銷公司占比較小，它們的首發(fā)價格比聯(lián)合承銷公司高15%左右；但整體而言，它們的股價波動較大，表現(xiàn)也較差。 ????2010年-2013年第一季度獲得風(fēng)險資本支持并在美國證交所首發(fā)上市的股票。數(shù)據(jù)來源：摩根凱瑞資本管理 ????上述采用獨家承銷方式上市的公司中，較引人注目的包括消費者點評網(wǎng)站Angie’s List、房地產(chǎn)價值評估網(wǎng)站Zillow和網(wǎng)上租車公司Zipcar。（財富中文網(wǎng)） ????譯者：Charlie? |
????If you're a VC-backed company planning to go public, it's best that you have at least two IPO underwriters. ????That's the finding of Morgan Creek Capital Management in a recent study of offerings led by sole bookrunners versus offerings led by joint bookrunners, between 2010 and the first quarter of 2013. ????Morgan Creek examined 117 offerings that priced on either the NYSE or NASDAQ, 102 of which were joint led. It found that the smaller pot of sole-led offerings priced approximately 15% higher than their counterparts, but also had greater volatility and worse overall performance. ????Notable sole-bookrunner offerings in the sample included Angie's List (ANGI), Zillow (Z) and Zipcar. The full report is below:? |
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