Moojani
2021-12-01
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Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>
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Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163333225","media":"Barrons","summary":"Direct listings have jumped this year, but are still in the single digits because that path to the p","content":"<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示，今年直接上市数量激增，但仍处于个位数，因为通往公开市场的道路非常狭窄——如此狭窄，以至于大多数公司将继续选择 IPO 或 SPAC 合并<i>巴伦。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>Dealogic 的数据显示，今年到目前为止，已有 942 家公司上市，筹集了 2990 亿美元。首次公开募股和特殊目的收购公司合并的总数分别为383起和559起。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下，只有七家公司使用了直接上市——不筹集一分钱，只是在交易所上市。尽管如此，这七家公司仍占 2018 年以来使用直接上市的 13 家公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>“摩根士丹利美洲股权资本市场联席主管埃迪-莫洛伊（Eddie Molloy）说：”我们可能会看到更多后期公司寻求直接上市。“它们不会取代首次公开募股，而是为公司提供了另一条进入公开市场的途径”。</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特（Jay Ritter）也预计，只要没有会计丑闻等可能玷污这种方法的爆炸事件，直接上市的数量就会增加。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>“研究 IPO 的佛罗里达大学金融学教授里特说：”越来越多的公司将采用直接上市的方式，以避免在传统 IPO 中出售低价股票，或避免 SPAC 合并带来的保荐人股份被稀释。</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前，即 2018 年 4 月 3 日，当时 Spotify (SPOT) 在纽约证券交易所开市交易。这家音乐流媒体服务没有通过发行筹集到任何资金，但在上市第一天就以近 270 亿美元的估值结束了上市。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里，有五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack Technologies；数据分析公司 Palantir Technologies (PLTR)；提供项目管理软件的Asana（ASAN）；以及小型企业营销自动化软件提供商 Thryv Holdings (THRY)。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).</p><p><blockquote>今年——还有一个月的时间——总数为七个：Roblox (RBLX)，游戏平台；加密货币交易所比特币基地（COIN）；Squarespace (SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter（ZIP），就业市场；Amplitude (AMPL)，产品分析公司；以及眼镜初创公司 Warby Parker (WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道，在线支付处理商 Stripe 预计将于明年进行最大规模的公开募股之一，该公司正在考虑直接上市。Stripe 没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.</p><p><blockquote>自2018年以来的13家直接上市中，有8家选择了纽约证券交易所，4家选择了纳斯达克。Wise 于 7 月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>力学</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。普华永道首次公开募股服务联席主管大卫-埃斯里奇（David Ethridge）表示，毕竟，与首次公开募股或特殊目的收购公司合并一样，直接上市需要相同的文书工作--本质上是向美国证券交易委员会提交的招股说明书--以及大致相同的时间，即 12 到 18 个月。Ethridge说，12到18个月包括公司作为公共实体需要为生活做准备的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但确实存在差异：资金如何筹集、流向何处，以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先，钱。选择 IPO 的公司通常需要新的资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、一楼的投资者和员工——出售他们的股票，他们得到钱，而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家--美国银行美国技术股权资本市场联席主管玛格达莱娜-海因里希（Magdalena Heinrich）和风险投资家埃里克-廖（Eric Liaw）--指出，不立即需要资金的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>“IVP 是一家风险投资公司，已投资了 400 多家公司，其中包括 125 家上市公司，IVP 的普通合伙人 Liaw 说：”[公司]选择直接上市的关键标准是其资产负债表是否足够强劲，以至于不需要在发行中筹集资金。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二，投资银行。在首次公开募股中，银行承销股票的出售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过他们的网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>Ethridge 表示，因此，承销费是 IPO 中最大的直接成本，平均占 IPO 总收益的 5% 至 7%。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会进行大型 IPO 并分摊费用。例如，家庭共享服务公司爱彼迎（ABNB）去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三十多家银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森-邓恩（Gibson Dunn）律师事务所的直接上市指南，他们还是会帮助准备公司的注册声明，并协助企业定位。一位参与过几笔交易的投资银行家表示，他们还充当做市商并引导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>Ethridge 说，他们的费用 “大幅 ”降低，但究竟降低了多少，只有十几个直接挂牌很难确定。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“他说：”如果毛利差支付的总费用是[首次公开募股]可能支付的费用的 50%，我不会感到惊讶。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>Davis Polk 全球资本市场联席主管理查德·特鲁斯德尔 (Richard Truesdell) 曾参与 Spotify 和 Watford 的直接上市工作，但奇怪的是，银行通常通过直接上市赚取同样多的收入，因为交易的工作量较少，因此分割更大。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。这家加密货币交易所在 3 月份结束了作为上市公司的第一天，市值接近 860 亿美元。其财务顾问共有四家，包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>“Truesdell 说：”尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市，因为许多机构都没有禁售期--首次公开募股的投资者必须等待 90 到 180 天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿公司（Wellington Management）高级董事总经理迈克尔-卡门（Michael Carmen）说，管理着 1.4 万亿美元资产的惠灵顿管理公司（Wellington Management）等公司更容易 “一开始 ”就建仓。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是，直接挂牌对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>“Davis Polk 的 Truesdell 说：”零售业推动了第一天的流行。<i>巴伦。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是：传统 IPO 的股票在交易的第一天对普通人来说往往过于昂贵。再考虑一下爱彼迎。股价较 68 美元的 IPO 价格上涨了一倍多，收于 144.71 美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>“惠灵顿的卡门说：”通过直接上市，[散户投资者]拥有与其他机构相同的权利。</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>联合创始人兼首席执行官 Spenser Skates 表示，避免首日流行是 Amplitude 选择直接上市的原因之一。Amplitude 较开盘价仅上涨 9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates 说，当一家公司的股价在首次公开募股时上涨了 30%、50% 或 100%，那么 IPO 的定价就是错误的。斯卡茨说，公司 “放弃了大量的价值，没有其他原因，只是为了一个好的媒体头条”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们给股票评级。他们给出了前景。直接上市通常不会像有路演的 IPO 那样获得相同水平的分析师报道。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用 “分析师日 ”取代了路演，让包括普通人在内的投资者了解业务。例如，Coinbase 主办了一个 Reddit： “有任何问题都可以问我们”。</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。“如果你是 Spotify，你就知道你会得到保险，所以你不用担心。人们不会忽视一家市值 300 亿美元的公司，”惠灵顿的卡门说。</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates 似乎并不担心 Amplitude 不得不联系分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“他说：”公司还需要做更多的工作，以确保所有信息都在那里。“你仍然可以得到分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>Skates 说，传统的 IPO 会得到 “更多投资者的兴趣，但那是因为它们要提供数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官，你不希望投资者寻求快速炒股。你真正想要的是那些致力于长远发展的投资者”。</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>Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</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\">\nDirect Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-01 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示，今年直接上市数量激增，但仍处于个位数，因为通往公开市场的道路非常狭窄——如此狭窄，以至于大多数公司将继续选择 IPO 或 SPAC 合并<i>巴伦。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>Dealogic 的数据显示，今年到目前为止，已有 942 家公司上市，筹集了 2990 亿美元。首次公开募股和特殊目的收购公司合并的总数分别为383起和559起。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下，只有七家公司使用了直接上市——不筹集一分钱，只是在交易所上市。尽管如此，这七家公司仍占 2018 年以来使用直接上市的 13 家公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>“摩根士丹利美洲股权资本市场联席主管埃迪-莫洛伊（Eddie Molloy）说：”我们可能会看到更多后期公司寻求直接上市。“它们不会取代首次公开募股，而是为公司提供了另一条进入公开市场的途径”。</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特（Jay Ritter）也预计，只要没有会计丑闻等可能玷污这种方法的爆炸事件，直接上市的数量就会增加。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>“研究 IPO 的佛罗里达大学金融学教授里特说：”越来越多的公司将采用直接上市的方式，以避免在传统 IPO 中出售低价股票，或避免 SPAC 合并带来的保荐人股份被稀释。</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前，即 2018 年 4 月 3 日，当时 Spotify (SPOT) 在纽约证券交易所开市交易。这家音乐流媒体服务没有通过发行筹集到任何资金，但在上市第一天就以近 270 亿美元的估值结束了上市。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里，有五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack Technologies；数据分析公司 Palantir Technologies (PLTR)；提供项目管理软件的Asana（ASAN）；以及小型企业营销自动化软件提供商 Thryv Holdings (THRY)。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).</p><p><blockquote>今年——还有一个月的时间——总数为七个：Roblox (RBLX)，游戏平台；加密货币交易所比特币基地（COIN）；Squarespace (SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter（ZIP），就业市场；Amplitude (AMPL)，产品分析公司；以及眼镜初创公司 Warby Parker (WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道，在线支付处理商 Stripe 预计将于明年进行最大规模的公开募股之一，该公司正在考虑直接上市。Stripe 没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.</p><p><blockquote>自2018年以来的13家直接上市中，有8家选择了纽约证券交易所，4家选择了纳斯达克。Wise 于 7 月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>力学</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。普华永道首次公开募股服务联席主管大卫-埃斯里奇（David Ethridge）表示，毕竟，与首次公开募股或特殊目的收购公司合并一样，直接上市需要相同的文书工作--本质上是向美国证券交易委员会提交的招股说明书--以及大致相同的时间，即 12 到 18 个月。Ethridge说，12到18个月包括公司作为公共实体需要为生活做准备的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但确实存在差异：资金如何筹集、流向何处，以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先，钱。选择 IPO 的公司通常需要新的资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、一楼的投资者和员工——出售他们的股票，他们得到钱，而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家--美国银行美国技术股权资本市场联席主管玛格达莱娜-海因里希（Magdalena Heinrich）和风险投资家埃里克-廖（Eric Liaw）--指出，不立即需要资金的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>“IVP 是一家风险投资公司，已投资了 400 多家公司，其中包括 125 家上市公司，IVP 的普通合伙人 Liaw 说：”[公司]选择直接上市的关键标准是其资产负债表是否足够强劲，以至于不需要在发行中筹集资金。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二，投资银行。在首次公开募股中，银行承销股票的出售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过他们的网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>Ethridge 表示，因此，承销费是 IPO 中最大的直接成本，平均占 IPO 总收益的 5% 至 7%。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会进行大型 IPO 并分摊费用。例如，家庭共享服务公司爱彼迎（ABNB）去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三十多家银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森-邓恩（Gibson Dunn）律师事务所的直接上市指南，他们还是会帮助准备公司的注册声明，并协助企业定位。一位参与过几笔交易的投资银行家表示，他们还充当做市商并引导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>Ethridge 说，他们的费用 “大幅 ”降低，但究竟降低了多少，只有十几个直接挂牌很难确定。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“他说：”如果毛利差支付的总费用是[首次公开募股]可能支付的费用的 50%，我不会感到惊讶。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>Davis Polk 全球资本市场联席主管理查德·特鲁斯德尔 (Richard Truesdell) 曾参与 Spotify 和 Watford 的直接上市工作，但奇怪的是，银行通常通过直接上市赚取同样多的收入，因为交易的工作量较少，因此分割更大。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。这家加密货币交易所在 3 月份结束了作为上市公司的第一天，市值接近 860 亿美元。其财务顾问共有四家，包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>“Truesdell 说：”尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市，因为许多机构都没有禁售期--首次公开募股的投资者必须等待 90 到 180 天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿公司（Wellington Management）高级董事总经理迈克尔-卡门（Michael Carmen）说，管理着 1.4 万亿美元资产的惠灵顿管理公司（Wellington Management）等公司更容易 “一开始 ”就建仓。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是，直接挂牌对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>“Davis Polk 的 Truesdell 说：”零售业推动了第一天的流行。<i>巴伦。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是：传统 IPO 的股票在交易的第一天对普通人来说往往过于昂贵。再考虑一下爱彼迎。股价较 68 美元的 IPO 价格上涨了一倍多，收于 144.71 美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>“惠灵顿的卡门说：”通过直接上市，[散户投资者]拥有与其他机构相同的权利。</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>联合创始人兼首席执行官 Spenser Skates 表示，避免首日流行是 Amplitude 选择直接上市的原因之一。Amplitude 较开盘价仅上涨 9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates 说，当一家公司的股价在首次公开募股时上涨了 30%、50% 或 100%，那么 IPO 的定价就是错误的。斯卡茨说，公司 “放弃了大量的价值，没有其他原因，只是为了一个好的媒体头条”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们给股票评级。他们给出了前景。直接上市通常不会像有路演的 IPO 那样获得相同水平的分析师报道。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用 “分析师日 ”取代了路演，让包括普通人在内的投资者了解业务。例如，Coinbase 主办了一个 Reddit： “有任何问题都可以问我们”。</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。“如果你是 Spotify，你就知道你会得到保险，所以你不用担心。人们不会忽视一家市值 300 亿美元的公司，”惠灵顿的卡门说。</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates 似乎并不担心 Amplitude 不得不联系分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“他说：”公司还需要做更多的工作，以确保所有信息都在那里。“你仍然可以得到分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>Skates 说，传统的 IPO 会得到 “更多投资者的兴趣，但那是因为它们要提供数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官，你不希望投资者寻求快速炒股。你真正想要的是那些致力于长远发展的投资者”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST\">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":{"ABNB":"爱彼迎","ZIP":"ZipRecruiter Inc.","WRBY":"Warby Parker Inc.",".SPX":"S&P 500 Index","AMPL":"AmplitudeE, Inc.",".DJI":"道琼斯","COIN":"Coinbase Global, Inc.","THRY":"Thryv Holdings Inc",".IXIC":"NASDAQ Composite","PLTR":"Palantir Technologies Inc.","SQSP":"Squarespace Inc.","ASAN":"阿莎娜"},"source_url":"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163333225","content_text":"Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.\nSo far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.\nBy comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.\n“We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”\nIPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.\n“More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.\nThe first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.\nIn the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.\nThis year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).\nOne of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.\nOf the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.\nThe mechanics\nThe appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.\nBut there are real differences: how money is raised and where it goes, and the role played by investment banks.\nFirst, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.\nTwo experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.\n“The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.\nSecond, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.\nConsequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.\nSeveral banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.\nIn a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.\nTheir fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.\n“It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.\nOddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.\nCoinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.\n“Even though the total comp is substantially less, it’s not less per bank,” Truesdell said\nThe investors\nThe real winners in a direct listing could very well be investors—both institutions and regular people.\nInstitutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.\nNo lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.\nMore important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.\n“Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.\nThe upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.\n“With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.\nAvoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.\nWhen a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.\nFor companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.\nMost of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”\nBut the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.\nSkates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.\n“It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”\nTraditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.\n“As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”","news_type":1,"symbols_score_info":{".DJI":0.9,"AMPL":0.9,"ASAN":0.9,"THRY":0.9,"WRBY":0.9,"ZIP":0.9,"SQSP":0.9,"PLTR":0.9,"ABNB":0.9,".IXIC":0.9,".SPX":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2994,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/603387406"}
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