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2021-03-14
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The Booming IPO Market Shows No Signs of Slowing. What Investors Need to Know.<blockquote>蓬勃发展的IPO市场没有放缓的迹象。投资者需要知道的。</blockquote>
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What Investors Need to Know.<blockquote>蓬勃发展的IPO市场没有放缓的迹象。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114447582","media":"Barrons","summary":"So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, accor","content":"<p>So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period in 2020. For all of 2020, there were 457 IPOs, collecting $167.8 billion. Before that, the high-water mark for IPOs came duringthe dot-com bubble of 1999when 547 offerings raised about $108 billion.</p><p><blockquote>根据Dealogic的数据，截至3月10日，今年迄今为止，美国已有302起首次公开募股筹集了1023亿美元。这比2020年同期的35次发行（价值110亿美元）增长了763%。2020年全年，共有457起IPO，募集资金1678亿美元。在此之前，IPO的高潮出现在1999年互联网泡沫期间，当时有547次发行筹集了约1080亿美元。</blockquote></p><p> More impressive than the volume has been the performance of these stocks. Over the past 12 months, the shares of 56 tech IPOs jumped an average of 62% on their first day of trading, according to data from Jay Ritter, a University of Florida professor who studies the IPO market.</p><p><blockquote>比成交量更令人印象深刻的是这些股票的表现。佛罗里达大学研究IPO市场的教授杰伊·里特(Jay Ritter)的数据显示，过去12个月，56家科技IPO的股价在首日交易中平均上涨了62%。</blockquote></p><p> Some IPOs have simply rocketed.TRX Insurance Brokers(ticker: TIRX) began trading in January, and its shares jumped 1,000% from a $4 offer price before the Nasdaq halted trading on its first day. The stock closed at $63.44 on Wednesday, up 1,486% from the IPO.EZGO Technologies(EZGO) roared 353% during its market debut in January, whileCloopen Group Holding(RAAS) rose a mere 200% on its first day earlier this month.</p><p><blockquote>一些IPO简直飙升。TRX Insurance Brokers（股票代码：TIRX）于1月份开始交易，在纳斯达克第一天停止交易之前，其股价从4美元的发行价上涨了1,000%。该股周三收于63.44美元，较IPO上涨1,486%。EZGO Technologies(EZGO)在1月份上市时飙升353%，而Cloopen Group Holding(RAAS)本月早些时候首日仅上涨200%。</blockquote></p><p> This past week, thevideogame platformRoblox(RBLX)—a direct listing—soared on its public market debut.Coupang(CPNG),a South Korean e-commerce firm, opened 81% above its IPO price, giving the company a market value of $114 billion. Other big names are expected to come to market later this year,including Robinhood, Marqeta,Coinbase Global, and Instacart.</p><p><blockquote>上周，直接上市的视频游戏平台Roblox(RBLX)在公开市场首次亮相时股价飙升。韩国电子商务公司Coupang(CPNG)的开盘价较IPO价格高出81%，使该公司市值达到1140亿美元。其他知名品牌预计将于今年晚些时候上市，包括Robinhood、Marqeta、Coinbase Global和Instacart。</blockquote></p><p> Not everyone, however, is happy with the boom in new issues. Some IPO investors are growing more cautious of what they see as super-frothy valuations.</p><p><blockquote>然而，并不是每个人都对新书的激增感到高兴。一些IPO投资者对他们眼中的超级泡沫估值越来越谨慎。</blockquote></p><p> “I’d be pretty surprised if many of these valuations were still standing at this level in 12 months time,” says Mark Hawtin, an investment director at GAM Investments, a European-based asset manager with $120 billion in assets under management.</p><p><blockquote>GAM Investments的投资总监马克·霍丁(Mark Hawtin)表示：“如果其中许多估值在12个月后仍处于这一水平，我会感到非常惊讶。”GAM Investments是一家总部位于欧洲的资产管理公司，管理着1200亿美元的资产。</blockquote></p><p> Hawtin, who runs the GAM Star Disruptive Growth fund, which invests in IPOs, says he is finding it harder to buy into new issues right now compared with six or nine months ago.</p><p><blockquote>负责投资IPO的GAM Star颠覆性增长基金的Hawtin表示，与六到九个月前相比，他发现现在购买新股变得更加困难。</blockquote></p><p> “There are companies I really like but I can’t justify buying them because their price is too high,” he tells<i>Barron’s</i>.</p><p><blockquote>“有些公司我真的很喜欢，但我无法证明购买它们的合理性，因为它们的价格太高了，”他说<i>巴伦周刊</i>.</blockquote></p><p> IPOs, after their first initial price move, typically match over time the performance of the S&P 500 but this has changed. Hawtin points to theRenaissance IPOexchange-traded fund (IPO), which tracks new issues for their first two years. The ETF is up 133% over the last year, while theS&P 500has gained 42%. IPOs are getting a bump not only in their quote price but in the aftermarket, Hawtin says. “This is indicative of the stretched valuation they have,” he says.</p><p><blockquote>首次公开募股在第一次初始价格变动后，通常会随着时间的推移与标普500的表现相匹配，但这种情况已经发生了变化。Hawtin指出了Renaissance IPO交易所交易基金(IPO)，该基金跟踪头两年的新股发行。该ETF去年上涨了133%，而标准普尔500指数则上涨了42%。霍廷表示，首次公开募股不仅在报价上上涨，而且在售后市场也上涨。“这表明他们的估值过高，”他说。</blockquote></p><p> Special purpose acquisition companies, or SPACs, have been the hottest corner of the market. Of the 302 IPOs so far this year, 80% are SPACs. Roughly 240 of these blank-check companies, valued at nearly $76 billion, went public as of March 10 compared with just 13 SPACs that collected roughly $3.9 billion for the same period last year, Dealogic says.</p><p><blockquote>特殊目的收购公司（SPAC）一直是市场上最热门的领域。在今年迄今为止的302起IPO中，80%是SPAC。Dealogic表示，截至3月10日，这些空白支票公司中约有240家上市，估值近760亿美元，而去年同期只有13家SPAC筹集了约39亿美元。</blockquote></p><p> Many SPACs attract investors speculating on what business they might merge with. But Hawtin says that until a deal is announced, they should trade at their $10 trust value, effectively a call option on what will be the combined company. “When the [SPAC’s share] of the combined deal is worth more [than the shell company’s cash in trust], then it makes sense for the price to move up,” he says.</p><p><blockquote>许多SPAC吸引投资者猜测他们可能会合并哪些业务。但Hawtin表示，在交易宣布之前，他们应该以10美元的信托价值进行交易，这实际上是合并后公司的看涨期权期权。“当合并交易中[SPAC的份额]的价值高于[空壳公司的信托现金]时，那么价格上涨是有意义的，”他表示。</blockquote></p><p> The red-hot IPO market has been a product of a long-running bull market, low interest rates, and a flood of liquidity in stocks as investors have few other places “where you can expect any meaningful yield,” says Dan Rosen, a partner at Commerce Ventures.</p><p><blockquote>丹·罗森(Dan Rosen)表示，炙手可热的IPO市场是长期牛市、低利率和股票流动性泛滥的产物，因为投资者几乎没有其他地方“可以期待任何有意义的收益率”。商业风险投资公司的合伙人。</blockquote></p><p> His firm has invested in 72 tech start-ups, includingBill.com Holdings(BILL), and Rosen says the last six months have been the best time for companies seeking to go public in his 20-years as a venture capitalist.</p><p><blockquote>他的公司已投资了72家科技初创企业，其中包括Bill.com Holdings(BILL)，罗森表示，过去六个月是他担任风险投资家20年来寻求上市的公司的最佳时机。</blockquote></p><p> The revived enthusiasm many small investors have for stocks—highlighted by the frenzy in the shares ofGameStop(GME) and the like—has also helped the IPO market. While retail investors may not be able to get into an offering, they can buy shares on the first day of trading.</p><p><blockquote>许多小投资者对股票重新燃起的热情——GameStop(GME)等股票的狂热就凸显了这一点——也帮助了IPO市场。虽然散户投资者可能无法参与发行，但他们可以在交易的第一天购买股票。</blockquote></p><p> That has spurred strong aftermarket gains for newly public businesses. In 2020, 165 operating companies went public, producing an equally weighted average first-day return of 41.6%, Ritter says. So far this year, the average is 33%.</p><p><blockquote>这刺激了新上市企业售后市场的强劲增长。Ritter表示，2020年，165家运营公司上市，等权重平均首日回报率为41.6%。今年到目前为止，平均水平为33%。</blockquote></p><p> GAM’s Hawtin pointed to retail investors who are “very passionate” about certain stocks. “They want to buy it and they can buy it in the aftermarket, and they will pay whatever price they have to pay,” he says.</p><p><blockquote>GAM的Hawtin指出，散户投资者对某些股票“非常热情”。“他们想买它，他们可以在售后市场购买，他们会支付他们必须支付的任何价格，”他说。</blockquote></p><p> Such enthusiasm can be risky. Many of the companies going public now aren’t generating any earnings.</p><p><blockquote>这种热情可能是有风险的。许多现在上市的公司都没有产生任何收益。</blockquote></p><p></p><p> Ross Yarrow, managing director U.S. equities at Robert W. Baird, looked at the first-quarter results for companies that went public last year. He found that 81% were unprofitable. He also analyzed companies that went public in 2000, the peak of the dot-com bubble. Roughly 73% were unprofitable one quarter after the IPO.</p><p><blockquote>Robert W.Baird美国股票董事总经理罗斯·亚罗(Ross Yarrow)研究了去年上市公司第一季度的业绩。他发现81%是无利可图的。他还分析了2000年互联网泡沫顶峰时期上市的公司。大约73%的公司在IPO一个季度后没有盈利。</blockquote></p><p> Growth prospects seem to trump a lack of earnings for newly public companies.Airbnb(ABNB) andDoorDash(DASH) produced two of the biggest IPOs of 2020. Airbnb on Feb. 25 posted a near $4 billion loss during its first earnings report as a public company, and the stock jumped 13% the next day. The same day, DoorDash said that losses more than doubled in the fourth quarter, to $312 million, from the period a year ago. Shares added nearly 2% the next day.</p><p><blockquote>增长前景似乎掩盖了新上市公司盈利不足的问题。Airbnb(ABNB)和DoorDash(DASH)是2020年最大的两起IPO。2月25日，爱彼迎在作为上市公司的首份收益报告中公布了近40亿美元的亏损，第二天该股上涨了13%。同一天，DoorDash表示，第四季度亏损较去年同期增加了一倍多，达到3.12亿美元。第二天股价上涨近2%。</blockquote></p><p> Is this the dot-com boom-and-bust all over again?</p><p><blockquote>这是互联网繁荣和萧条的重演吗？</blockquote></p><p> Hawtin, who was also an investor in 1999, thinks the current frothiness is different from 20 years ago. Then, companies were not valued on revenue, but on “eyeballs and users,” he remembers.</p><p><blockquote>Hawtin在1999年也是一名投资者，他认为当前的泡沫与20年前不同。他回忆说，当时公司的估值不是基于收入，而是基于“眼球和用户”。</blockquote></p><p> This time around, he thinks only certain sectors and stocks are frothy. The IPO market is “very overvalued,” but companies going public right now come armed with significant revenue and real growth, Hawtin says.</p><p><blockquote>这一次，他认为只有某些行业和股票存在泡沫。霍廷表示，IPO市场“被严重高估”，但现在上市的公司都拥有可观的收入和实际增长。</blockquote></p><p> University of Florida’s Ritter notes that companies going public now “are generally fairly mature, if not profitable, with the exception of the biopharma sector, where the firms tend to be young and still in the R&D stage.”</p><p><blockquote>佛罗里达大学的里特指出，现在上市的公司“即使没有盈利，通常也相当成熟，但生物制药行业除外，该行业的公司往往很年轻，仍处于研发阶段。”</blockquote></p><p> While the IPO market shows no signs of cooling off anytime soon, a sharp increase in inflation or a geopolitical shock could put a stop to the market’s frothiness, Commerce Venture’s Rosen says.</p><p><blockquote>Commerce Venture的罗森表示，虽然IPO市场没有显示出短期降温的迹象，但通胀急剧上升或地缘政治冲击可能会阻止市场的泡沫。</blockquote></p><p> GAM’s Hawtin is more certain a correction is coming. “It would be foolish to suggest now or next week is the moment it will turn,” he says. “I don’t know the moment [the IPO market] will turn, but it will turn. Not if, but when. Ultimately, I think it will end in tears.”</p><p><blockquote>GAM的Hawtin更确定调整即将到来。“如果说现在或下周就是转折点，那就太愚蠢了，”他说。“我不知道（IPO市场）会在什么时候转向，但它会转向。不是如果，而是什么时候。最终，我认为它会在眼泪中结束。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Booming IPO Market Shows No Signs of Slowing. What Investors Need to Know.<blockquote>蓬勃发展的IPO市场没有放缓的迹象。投资者需要知道的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Booming IPO Market Shows No Signs of Slowing. What Investors Need to Know.<blockquote>蓬勃发展的IPO市场没有放缓的迹象。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period in 2020. For all of 2020, there were 457 IPOs, collecting $167.8 billion. Before that, the high-water mark for IPOs came duringthe dot-com bubble of 1999when 547 offerings raised about $108 billion.</p><p><blockquote>根据Dealogic的数据，截至3月10日，今年迄今为止，美国已有302起首次公开募股筹集了1023亿美元。这比2020年同期的35次发行（价值110亿美元）增长了763%。2020年全年，共有457起IPO，募集资金1678亿美元。在此之前，IPO的高潮出现在1999年互联网泡沫期间，当时有547次发行筹集了约1080亿美元。</blockquote></p><p> More impressive than the volume has been the performance of these stocks. Over the past 12 months, the shares of 56 tech IPOs jumped an average of 62% on their first day of trading, according to data from Jay Ritter, a University of Florida professor who studies the IPO market.</p><p><blockquote>比成交量更令人印象深刻的是这些股票的表现。佛罗里达大学研究IPO市场的教授杰伊·里特(Jay Ritter)的数据显示，过去12个月，56家科技IPO的股价在首日交易中平均上涨了62%。</blockquote></p><p> Some IPOs have simply rocketed.TRX Insurance Brokers(ticker: TIRX) began trading in January, and its shares jumped 1,000% from a $4 offer price before the Nasdaq halted trading on its first day. The stock closed at $63.44 on Wednesday, up 1,486% from the IPO.EZGO Technologies(EZGO) roared 353% during its market debut in January, whileCloopen Group Holding(RAAS) rose a mere 200% on its first day earlier this month.</p><p><blockquote>一些IPO简直飙升。TRX Insurance Brokers（股票代码：TIRX）于1月份开始交易，在纳斯达克第一天停止交易之前，其股价从4美元的发行价上涨了1,000%。该股周三收于63.44美元，较IPO上涨1,486%。EZGO Technologies(EZGO)在1月份上市时飙升353%，而Cloopen Group Holding(RAAS)本月早些时候首日仅上涨200%。</blockquote></p><p> This past week, thevideogame platformRoblox(RBLX)—a direct listing—soared on its public market debut.Coupang(CPNG),a South Korean e-commerce firm, opened 81% above its IPO price, giving the company a market value of $114 billion. Other big names are expected to come to market later this year,including Robinhood, Marqeta,Coinbase Global, and Instacart.</p><p><blockquote>上周，直接上市的视频游戏平台Roblox(RBLX)在公开市场首次亮相时股价飙升。韩国电子商务公司Coupang(CPNG)的开盘价较IPO价格高出81%，使该公司市值达到1140亿美元。其他知名品牌预计将于今年晚些时候上市，包括Robinhood、Marqeta、Coinbase Global和Instacart。</blockquote></p><p> Not everyone, however, is happy with the boom in new issues. Some IPO investors are growing more cautious of what they see as super-frothy valuations.</p><p><blockquote>然而，并不是每个人都对新书的激增感到高兴。一些IPO投资者对他们眼中的超级泡沫估值越来越谨慎。</blockquote></p><p> “I’d be pretty surprised if many of these valuations were still standing at this level in 12 months time,” says Mark Hawtin, an investment director at GAM Investments, a European-based asset manager with $120 billion in assets under management.</p><p><blockquote>GAM Investments的投资总监马克·霍丁(Mark Hawtin)表示：“如果其中许多估值在12个月后仍处于这一水平，我会感到非常惊讶。”GAM Investments是一家总部位于欧洲的资产管理公司，管理着1200亿美元的资产。</blockquote></p><p> Hawtin, who runs the GAM Star Disruptive Growth fund, which invests in IPOs, says he is finding it harder to buy into new issues right now compared with six or nine months ago.</p><p><blockquote>负责投资IPO的GAM Star颠覆性增长基金的Hawtin表示，与六到九个月前相比，他发现现在购买新股变得更加困难。</blockquote></p><p> “There are companies I really like but I can’t justify buying them because their price is too high,” he tells<i>Barron’s</i>.</p><p><blockquote>“有些公司我真的很喜欢，但我无法证明购买它们的合理性，因为它们的价格太高了，”他说<i>巴伦周刊</i>.</blockquote></p><p> IPOs, after their first initial price move, typically match over time the performance of the S&P 500 but this has changed. Hawtin points to theRenaissance IPOexchange-traded fund (IPO), which tracks new issues for their first two years. The ETF is up 133% over the last year, while theS&P 500has gained 42%. IPOs are getting a bump not only in their quote price but in the aftermarket, Hawtin says. “This is indicative of the stretched valuation they have,” he says.</p><p><blockquote>首次公开募股在第一次初始价格变动后，通常会随着时间的推移与标普500的表现相匹配，但这种情况已经发生了变化。Hawtin指出了Renaissance IPO交易所交易基金(IPO)，该基金跟踪头两年的新股发行。该ETF去年上涨了133%，而标准普尔500指数则上涨了42%。霍廷表示，首次公开募股不仅在报价上上涨，而且在售后市场也上涨。“这表明他们的估值过高，”他说。</blockquote></p><p> Special purpose acquisition companies, or SPACs, have been the hottest corner of the market. Of the 302 IPOs so far this year, 80% are SPACs. Roughly 240 of these blank-check companies, valued at nearly $76 billion, went public as of March 10 compared with just 13 SPACs that collected roughly $3.9 billion for the same period last year, Dealogic says.</p><p><blockquote>特殊目的收购公司（SPAC）一直是市场上最热门的领域。在今年迄今为止的302起IPO中，80%是SPAC。Dealogic表示，截至3月10日，这些空白支票公司中约有240家上市，估值近760亿美元，而去年同期只有13家SPAC筹集了约39亿美元。</blockquote></p><p> Many SPACs attract investors speculating on what business they might merge with. But Hawtin says that until a deal is announced, they should trade at their $10 trust value, effectively a call option on what will be the combined company. “When the [SPAC’s share] of the combined deal is worth more [than the shell company’s cash in trust], then it makes sense for the price to move up,” he says.</p><p><blockquote>许多SPAC吸引投资者猜测他们可能会合并哪些业务。但Hawtin表示，在交易宣布之前，他们应该以10美元的信托价值进行交易，这实际上是合并后公司的看涨期权期权。“当合并交易中[SPAC的份额]的价值高于[空壳公司的信托现金]时，那么价格上涨是有意义的，”他表示。</blockquote></p><p> The red-hot IPO market has been a product of a long-running bull market, low interest rates, and a flood of liquidity in stocks as investors have few other places “where you can expect any meaningful yield,” says Dan Rosen, a partner at Commerce Ventures.</p><p><blockquote>丹·罗森(Dan Rosen)表示，炙手可热的IPO市场是长期牛市、低利率和股票流动性泛滥的产物，因为投资者几乎没有其他地方“可以期待任何有意义的收益率”。商业风险投资公司的合伙人。</blockquote></p><p> His firm has invested in 72 tech start-ups, includingBill.com Holdings(BILL), and Rosen says the last six months have been the best time for companies seeking to go public in his 20-years as a venture capitalist.</p><p><blockquote>他的公司已投资了72家科技初创企业，其中包括Bill.com Holdings(BILL)，罗森表示，过去六个月是他担任风险投资家20年来寻求上市的公司的最佳时机。</blockquote></p><p> The revived enthusiasm many small investors have for stocks—highlighted by the frenzy in the shares ofGameStop(GME) and the like—has also helped the IPO market. While retail investors may not be able to get into an offering, they can buy shares on the first day of trading.</p><p><blockquote>许多小投资者对股票重新燃起的热情——GameStop(GME)等股票的狂热就凸显了这一点——也帮助了IPO市场。虽然散户投资者可能无法参与发行，但他们可以在交易的第一天购买股票。</blockquote></p><p> That has spurred strong aftermarket gains for newly public businesses. In 2020, 165 operating companies went public, producing an equally weighted average first-day return of 41.6%, Ritter says. So far this year, the average is 33%.</p><p><blockquote>这刺激了新上市企业售后市场的强劲增长。Ritter表示，2020年，165家运营公司上市，等权重平均首日回报率为41.6%。今年到目前为止，平均水平为33%。</blockquote></p><p> GAM’s Hawtin pointed to retail investors who are “very passionate” about certain stocks. “They want to buy it and they can buy it in the aftermarket, and they will pay whatever price they have to pay,” he says.</p><p><blockquote>GAM的Hawtin指出，散户投资者对某些股票“非常热情”。“他们想买它，他们可以在售后市场购买，他们会支付他们必须支付的任何价格，”他说。</blockquote></p><p> Such enthusiasm can be risky. Many of the companies going public now aren’t generating any earnings.</p><p><blockquote>这种热情可能是有风险的。许多现在上市的公司都没有产生任何收益。</blockquote></p><p></p><p> Ross Yarrow, managing director U.S. equities at Robert W. Baird, looked at the first-quarter results for companies that went public last year. He found that 81% were unprofitable. He also analyzed companies that went public in 2000, the peak of the dot-com bubble. Roughly 73% were unprofitable one quarter after the IPO.</p><p><blockquote>Robert W.Baird美国股票董事总经理罗斯·亚罗(Ross Yarrow)研究了去年上市公司第一季度的业绩。他发现81%是无利可图的。他还分析了2000年互联网泡沫顶峰时期上市的公司。大约73%的公司在IPO一个季度后没有盈利。</blockquote></p><p> Growth prospects seem to trump a lack of earnings for newly public companies.Airbnb(ABNB) andDoorDash(DASH) produced two of the biggest IPOs of 2020. Airbnb on Feb. 25 posted a near $4 billion loss during its first earnings report as a public company, and the stock jumped 13% the next day. The same day, DoorDash said that losses more than doubled in the fourth quarter, to $312 million, from the period a year ago. Shares added nearly 2% the next day.</p><p><blockquote>增长前景似乎掩盖了新上市公司盈利不足的问题。Airbnb(ABNB)和DoorDash(DASH)是2020年最大的两起IPO。2月25日，爱彼迎在作为上市公司的首份收益报告中公布了近40亿美元的亏损，第二天该股上涨了13%。同一天，DoorDash表示，第四季度亏损较去年同期增加了一倍多，达到3.12亿美元。第二天股价上涨近2%。</blockquote></p><p> Is this the dot-com boom-and-bust all over again?</p><p><blockquote>这是互联网繁荣和萧条的重演吗？</blockquote></p><p> Hawtin, who was also an investor in 1999, thinks the current frothiness is different from 20 years ago. Then, companies were not valued on revenue, but on “eyeballs and users,” he remembers.</p><p><blockquote>Hawtin在1999年也是一名投资者，他认为当前的泡沫与20年前不同。他回忆说，当时公司的估值不是基于收入，而是基于“眼球和用户”。</blockquote></p><p> This time around, he thinks only certain sectors and stocks are frothy. The IPO market is “very overvalued,” but companies going public right now come armed with significant revenue and real growth, Hawtin says.</p><p><blockquote>这一次，他认为只有某些行业和股票存在泡沫。霍廷表示，IPO市场“被严重高估”，但现在上市的公司都拥有可观的收入和实际增长。</blockquote></p><p> University of Florida’s Ritter notes that companies going public now “are generally fairly mature, if not profitable, with the exception of the biopharma sector, where the firms tend to be young and still in the R&D stage.”</p><p><blockquote>佛罗里达大学的里特指出，现在上市的公司“即使没有盈利，通常也相当成熟，但生物制药行业除外，该行业的公司往往很年轻，仍处于研发阶段。”</blockquote></p><p> While the IPO market shows no signs of cooling off anytime soon, a sharp increase in inflation or a geopolitical shock could put a stop to the market’s frothiness, Commerce Venture’s Rosen says.</p><p><blockquote>Commerce Venture的罗森表示，虽然IPO市场没有显示出短期降温的迹象，但通胀急剧上升或地缘政治冲击可能会阻止市场的泡沫。</blockquote></p><p> GAM’s Hawtin is more certain a correction is coming. “It would be foolish to suggest now or next week is the moment it will turn,” he says. “I don’t know the moment [the IPO market] will turn, but it will turn. Not if, but when. Ultimately, I think it will end in tears.”</p><p><blockquote>GAM的Hawtin更确定调整即将到来。“如果说现在或下周就是转折点，那就太愚蠢了，”他说。“我不知道（IPO市场）会在什么时候转向，但它会转向。不是如果，而是什么时候。最终，我认为它会在眼泪中结束。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-booming-ipo-market-shows-no-signs-of-slowing-what-investors-need-to-know-51615546800?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-booming-ipo-market-shows-no-signs-of-slowing-what-investors-need-to-know-51615546800?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114447582","content_text":"So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period in 2020. For all of 2020, there were 457 IPOs, collecting $167.8 billion. Before that, the high-water mark for IPOs came duringthe dot-com bubble of 1999when 547 offerings raised about $108 billion.\nMore impressive than the volume has been the performance of these stocks. Over the past 12 months, the shares of 56 tech IPOs jumped an average of 62% on their first day of trading, according to data from Jay Ritter, a University of Florida professor who studies the IPO market.\nSome IPOs have simply rocketed.TRX Insurance Brokers(ticker: TIRX) began trading in January, and its shares jumped 1,000% from a $4 offer price before the Nasdaq halted trading on its first day. The stock closed at $63.44 on Wednesday, up 1,486% from the IPO.EZGO Technologies(EZGO) roared 353% during its market debut in January, whileCloopen Group Holding(RAAS) rose a mere 200% on its first day earlier this month.\nThis past week, thevideogame platformRoblox(RBLX)—a direct listing—soared on its public market debut.Coupang(CPNG),a South Korean e-commerce firm, opened 81% above its IPO price, giving the company a market value of $114 billion. Other big names are expected to come to market later this year,including Robinhood, Marqeta,Coinbase Global, and Instacart.\nNot everyone, however, is happy with the boom in new issues. Some IPO investors are growing more cautious of what they see as super-frothy valuations.\n“I’d be pretty surprised if many of these valuations were still standing at this level in 12 months time,” says Mark Hawtin, an investment director at GAM Investments, a European-based asset manager with $120 billion in assets under management.\nHawtin, who runs the GAM Star Disruptive Growth fund, which invests in IPOs, says he is finding it harder to buy into new issues right now compared with six or nine months ago.\n“There are companies I really like but I can’t justify buying them because their price is too high,” he tellsBarron’s.\nIPOs, after their first initial price move, typically match over time the performance of the S&P 500 but this has changed. Hawtin points to theRenaissance IPOexchange-traded fund (IPO), which tracks new issues for their first two years. The ETF is up 133% over the last year, while theS&P 500has gained 42%. IPOs are getting a bump not only in their quote price but in the aftermarket, Hawtin says. “This is indicative of the stretched valuation they have,” he says.\nSpecial purpose acquisition companies, or SPACs, have been the hottest corner of the market. Of the 302 IPOs so far this year, 80% are SPACs. Roughly 240 of these blank-check companies, valued at nearly $76 billion, went public as of March 10 compared with just 13 SPACs that collected roughly $3.9 billion for the same period last year, Dealogic says.\nMany SPACs attract investors speculating on what business they might merge with. But Hawtin says that until a deal is announced, they should trade at their $10 trust value, effectively a call option on what will be the combined company. “When the [SPAC’s share] of the combined deal is worth more [than the shell company’s cash in trust], then it makes sense for the price to move up,” he says.\nThe red-hot IPO market has been a product of a long-running bull market, low interest rates, and a flood of liquidity in stocks as investors have few other places “where you can expect any meaningful yield,” says Dan Rosen, a partner at Commerce Ventures.\nHis firm has invested in 72 tech start-ups, includingBill.com Holdings(BILL), and Rosen says the last six months have been the best time for companies seeking to go public in his 20-years as a venture capitalist.\nThe revived enthusiasm many small investors have for stocks—highlighted by the frenzy in the shares ofGameStop(GME) and the like—has also helped the IPO market. While retail investors may not be able to get into an offering, they can buy shares on the first day of trading.\nThat has spurred strong aftermarket gains for newly public businesses. In 2020, 165 operating companies went public, producing an equally weighted average first-day return of 41.6%, Ritter says. So far this year, the average is 33%.\nGAM’s Hawtin pointed to retail investors who are “very passionate” about certain stocks. “They want to buy it and they can buy it in the aftermarket, and they will pay whatever price they have to pay,” he says.\nSuch enthusiasm can be risky. Many of the companies going public now aren’t generating any earnings.\nRoss Yarrow, managing director U.S. equities at Robert W. Baird, looked at the first-quarter results for companies that went public last year. He found that 81% were unprofitable. He also analyzed companies that went public in 2000, the peak of the dot-com bubble. Roughly 73% were unprofitable one quarter after the IPO.\nGrowth prospects seem to trump a lack of earnings for newly public companies.Airbnb(ABNB) andDoorDash(DASH) produced two of the biggest IPOs of 2020. Airbnb on Feb. 25 posted a near $4 billion loss during its first earnings report as a public company, and the stock jumped 13% the next day. The same day, DoorDash said that losses more than doubled in the fourth quarter, to $312 million, from the period a year ago. Shares added nearly 2% the next day.\nIs this the dot-com boom-and-bust all over again?\nHawtin, who was also an investor in 1999, thinks the current frothiness is different from 20 years ago. Then, companies were not valued on revenue, but on “eyeballs and users,” he remembers.\nThis time around, he thinks only certain sectors and stocks are frothy. The IPO market is “very overvalued,” but companies going public right now come armed with significant revenue and real growth, Hawtin says.\nUniversity of Florida’s Ritter notes that companies going public now “are generally fairly mature, if not profitable, with the exception of the biopharma sector, where the firms tend to be young and still in the R&D stage.”\nWhile the IPO market shows no signs of cooling off anytime soon, a sharp increase in inflation or a geopolitical shock could put a stop to the market’s frothiness, Commerce Venture’s Rosen says.\nGAM’s Hawtin is more certain a correction is coming. “It would be foolish to suggest now or next week is the moment it will turn,” he says. “I don’t know the moment [the IPO market] will turn, but it will turn. Not if, but when. Ultimately, I think it will end in tears.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/326254398"}
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