立即打开
2022年值得关注的10宗IPO

2022年值得关注的10宗IPO

Jessica Mathews 2022-02-07
TikTok母公司字节跳动的估值在3600亿美元左右。

2021年,IPO大行其道。

安永(EY)的年度全球IPO报告显示,2021年的IPO共2388宗,筹资逾4530亿美元,IPO的数量较2020年增长64%。2021年,仅在美国就有多达416家公司上市。

随后情况急转而下:半数新上市公司股票跌破发行价。纳斯达克指数(Nasdaq)自年初以来下跌了12.49%。利率开始回升,美联储(Federal Reserve)也计划今年加息数次,初创企业的融资成本升高。特别是,美国证券交易委员会(SEC)列出了一些对于特殊目的收购公司(SPAC)的重大顾虑。

所有这些市场信号都有可能会阻碍企业的上市计划。

私人市场证券交易平台Rainmaker Securities的创始人格雷格·马丁说:“如果利率继续上升,我们预计上市势头肯定就会放缓。这些公司的估值以五年、六年或七年的现金流为依据,所以对利率变化非常敏感。”

当然,企业的上市脚步不会停止,如果经常看本新闻简报的话,就能够发现有些企业已经在提交上市申请。今年直接上市的情况可能会增多,因为更多的企业会对定价流程提出异议,争相让市场自行决定。综上所述,选择在今年上市的公司可能需要对马丁所说的“估值折扣”做好准备。马丁补充称,投资者可能也会更加重视财务指标。

我和马丁及Rainmaker Securities的联合创始人格伦·安德森讨论了他们和投资者在今年最期待的IPO交易。他们称,以下五家公司值得关注:

Reddit:这是一头“房间里的大象”(译者注:英国谚语,意指那些触目惊心地存在却被一直被忽略的事实),有人已经关注了许多年。该社交媒体平台在2021年12月中旬(秘密)提交了上市申请,预计将于今年第一季度上市。Reddit估值100亿美元,累计融资金额超13亿美元,而且该公司一直在大举招聘人才,近期刚刚任命了几名新的高层领导。马丁称:“当然,该公司有可能成为旗下自有平台上的一只模因(MEME)股票。”

Stripe:总部位于旧金山,2021年3月,这家支付处理平台以高达1520亿美元的估值成为全球估值第二高公司。当然,估值不代表一切:该公司融资金额为22亿美元,仅比Reddit高出不到一倍,甚至不及这个名单上一些估值较低的同行。这也说明一家公司如果认为不需要通过公开市场融资,非上市状态就可以维持很久。该公司在新冠疫情期间表现良好,与几十万家公司签订了服务使用协议。

字节跳动:说到估值最高的公司,也就是TikTok母公司字节跳动,估值在3600亿美元左右(根据PitchBook的数据,该公司融资金额约145亿美元)。2021年由于海外上市政策收紧,字节跳动搁置了上市计划,公司创始人张一鸣宣布辞去首席执行官职务。马丁表示:“字节跳动的IPO显然极不成功。”2022年,字节跳动是否会再次尝试上市?

Klarna:备受关注的Klarna是一家总部设在斯德哥尔摩的先买后付行业巨头,估值456亿美元,累计融资39亿美元。该公司一直在扩大美国业务,除了计划不久后在美国推出信用卡,最近还在几个市场中上线了浏览器拓展程序。该公司的首席执行官在2021年曾经表示,市场波动对IPO而言可能是个问题,可能还要关注美国消费者金融保护局(Consumer Financial Protection Bureau)对先买后付行业发起的调查。

Revolut:总部设在伦敦的Revolut,从事外汇和银行业务,是欧洲融资状况最好的初创公司之一,已经在对美国业务实施规模化发展,但也面临着一些挑战。该公司估值330亿美元,已经融资近19亿美元。

我还在关注以下正在上市途中的公司:

StubHub:StubHub是一家总部位于旧金山的票务平台,现在对于活动产业而言可能并不是好时候,但这未能阻止其母公司StubHub Holdings去研究各种应对方案。知情人士向彭博社(Bloomberg)透露,该公司已经向美国证券交易委员会提交机密文件,正在考虑直接上市。Viagogo于2021年年底完成了对StubHub的收购,根据PitchBook的数据,合并实体的估值约为40亿美元。

苏富比(Sotheby’s):据彭博社报道,今年1月早些时候,这家总部设在纽约的拍卖行据传挑选了几位投资银行家来负责今年有可能进行的IPO。苏富比2021年的销售额创下纪录,在数字资产拍卖领域更是声名鹊起。根据PitchBook的数据,该公司的估值为37亿美元左右。苏富比拍卖行2019年被亿万富豪帕特里克·德拉希所收购,重归私有化。

Oyo Hotels:印度最大的经济型酒店预订公司Oyo Hotels,估值96亿美元(累计融资金额约30亿美元),是印度估值最高的初创公司之一,已经开启了在孟买证交所(Bombay Stock Exchange)上市的IPO流程。该公司一直在调整业务模式,现提供与酒店业合作伙伴的收入分成安排。

太盟投资集团(PAG):私募股权公司TPG在美国公开上市之后,紧接着,总部设在中国香港的太盟投资集团正计划在香港上市。据彭博社报道,该公司的资产管理规模约为450亿美元,有可能通过IPO筹得约20亿美元资金。

Turo:总部设在旧金山的租车平台Turo,估值12亿美元,累计融资4.96亿美元,已经于今年1月早些时候提交了上市申请。该公司在新冠疫情期间遭遇重大挫败,尤其是在德国。

无论企业选择上市,还是暂时搁置计划,眼下的私募市场中不缺资金。

加油,欧洲,加油!欧洲的风投活动正在爆炸式增长,该地区的风投活动还从未像2021年一样活跃过。有趣的是,根据PitchBook的数据,涉及非传统来源(例如投资银行、对冲基金、养老基金、主权财富基金和企业风投部门)的融资额高达884亿美元以上。请关注这个领域。(188金宝搏 下载)

译者:冯丰

审校:夏林

2021年,IPO大行其道。

安永(EY)的年度全球IPO报告显示,2021年的IPO共2388宗,筹资逾4530亿美元,IPO的数量较2020年增长64%。2021年,仅在美国就有多达416家公司上市。

随后情况急转而下:半数新上市公司股票跌破发行价。纳斯达克指数(Nasdaq)自年初以来下跌了12.49%。利率开始回升,美联储(Federal Reserve)也计划今年加息数次,初创企业的融资成本升高。特别是,美国证券交易委员会(SEC)列出了一些对于特殊目的收购公司(SPAC)的重大顾虑。

所有这些市场信号都有可能会阻碍企业的上市计划。

私人市场证券交易平台Rainmaker Securities的创始人格雷格·马丁说:“如果利率继续上升,我们预计上市势头肯定就会放缓。这些公司的估值以五年、六年或七年的现金流为依据,所以对利率变化非常敏感。”

当然,企业的上市脚步不会停止,如果经常看本新闻简报的话,就能够发现有些企业已经在提交上市申请。今年直接上市的情况可能会增多,因为更多的企业会对定价流程提出异议,争相让市场自行决定。综上所述,选择在今年上市的公司可能需要对马丁所说的“估值折扣”做好准备。马丁补充称,投资者可能也会更加重视财务指标。

我和马丁及Rainmaker Securities的联合创始人格伦·安德森讨论了他们和投资者在今年最期待的IPO交易。他们称,以下五家公司值得关注:

Reddit:这是一头“房间里的大象”(译者注:英国谚语,意指那些触目惊心地存在却被一直被忽略的事实),有人已经关注了许多年。该社交媒体平台在2021年12月中旬(秘密)提交了上市申请,预计将于今年第一季度上市。Reddit估值100亿美元,累计融资金额超13亿美元,而且该公司一直在大举招聘人才,近期刚刚任命了几名新的高层领导。马丁称:“当然,该公司有可能成为旗下自有平台上的一只模因(MEME)股票。”

Stripe:总部位于旧金山,2021年3月,这家支付处理平台以高达1520亿美元的估值成为全球估值第二高公司。当然,估值不代表一切:该公司融资金额为22亿美元,仅比Reddit高出不到一倍,甚至不及这个名单上一些估值较低的同行。这也说明一家公司如果认为不需要通过公开市场融资,非上市状态就可以维持很久。该公司在新冠疫情期间表现良好,与几十万家公司签订了服务使用协议。

字节跳动:说到估值最高的公司,也就是TikTok母公司字节跳动,估值在3600亿美元左右(根据PitchBook的数据,该公司融资金额约145亿美元)。2021年由于海外上市政策收紧,字节跳动搁置了上市计划,公司创始人张一鸣宣布辞去首席执行官职务。马丁表示:“字节跳动的IPO显然极不成功。”2022年,字节跳动是否会再次尝试上市?

Klarna:备受关注的Klarna是一家总部设在斯德哥尔摩的先买后付行业巨头,估值456亿美元,累计融资39亿美元。该公司一直在扩大美国业务,除了计划不久后在美国推出信用卡,最近还在几个市场中上线了浏览器拓展程序。该公司的首席执行官在2021年曾经表示,市场波动对IPO而言可能是个问题,可能还要关注美国消费者金融保护局(Consumer Financial Protection Bureau)对先买后付行业发起的调查。

Revolut:总部设在伦敦的Revolut,从事外汇和银行业务,是欧洲融资状况最好的初创公司之一,已经在对美国业务实施规模化发展,但也面临着一些挑战。该公司估值330亿美元,已经融资近19亿美元。

我还在关注以下正在上市途中的公司:

StubHub:StubHub是一家总部位于旧金山的票务平台,现在对于活动产业而言可能并不是好时候,但这未能阻止其母公司StubHub Holdings去研究各种应对方案。知情人士向彭博社(Bloomberg)透露,该公司已经向美国证券交易委员会提交机密文件,正在考虑直接上市。Viagogo于2021年年底完成了对StubHub的收购,根据PitchBook的数据,合并实体的估值约为40亿美元。

苏富比(Sotheby’s):据彭博社报道,今年1月早些时候,这家总部设在纽约的拍卖行据传挑选了几位投资银行家来负责今年有可能进行的IPO。苏富比2021年的销售额创下纪录,在数字资产拍卖领域更是声名鹊起。根据PitchBook的数据,该公司的估值为37亿美元左右。苏富比拍卖行2019年被亿万富豪帕特里克·德拉希所收购,重归私有化。

Oyo Hotels:印度最大的经济型酒店预订公司Oyo Hotels,估值96亿美元(累计融资金额约30亿美元),是印度估值最高的初创公司之一,已经开启了在孟买证交所(Bombay Stock Exchange)上市的IPO流程。该公司一直在调整业务模式,现提供与酒店业合作伙伴的收入分成安排。

太盟投资集团(PAG):私募股权公司TPG在美国公开上市之后,紧接着,总部设在中国香港的太盟投资集团正计划在香港上市。据彭博社报道,该公司的资产管理规模约为450亿美元,有可能通过IPO筹得约20亿美元资金。

Turo:总部设在旧金山的租车平台Turo,估值12亿美元,累计融资4.96亿美元,已经于今年1月早些时候提交了上市申请。该公司在新冠疫情期间遭遇重大挫败,尤其是在德国。

无论企业选择上市,还是暂时搁置计划,眼下的私募市场中不缺资金。

加油,欧洲,加油!欧洲的风投活动正在爆炸式增长,该地区的风投活动还从未像2021年一样活跃过。有趣的是,根据PitchBook的数据,涉及非传统来源(例如投资银行、对冲基金、养老基金、主权财富基金和企业风投部门)的融资额高达884亿美元以上。请关注这个领域。(188金宝搏 下载)

译者:冯丰

审校:夏林

IPOs experienced quite the pop in 2021.

There were 2,388 deals last year—a 64% increase from 2020—raising more than $453 billion in assets, according to EY’s annual global IPO report. There were a whopping 416 listings in the U.S. alone.

And then things went south: Half of newly public companies began trading below their debut price tag. The Nasdaq is down 12.49% since the beginning of this year. Interest rates are ticking back up, and the Fed is making plans to lift its federal funds rate several times this year, which will ultimately make borrowing money more expensive for startups. The SEC has laid out some major concerns it has with SPACs, in particular.

All of these market signals could put a crimp on a company’s plans to go public.

“We're expecting a slowdown—certainly if interest rates continue to tick up,” says Greg Martin, founder of Rainmaker Securities, a private securities transactions brokerage. “These companies are so sensitive to interest rates, because they're being valued on five, six, seven years of cash flow.”

Of course, companies will still go public—and if you read this newsletter regularly, you know they’re already filing doing so. We may even see more direct listings this year, as more companies take issue with the pricing process and vie to let the markets decide for themselves. All that being said, companies that opt to list this year may need to prepare for a “valuation haircut,” as Martin calls it. He added that investors may put more of a premium on financial metrics as well.

I spoke with Martin and Glen Anderson, co-founder of Rainmaker Securities, about the IPOs they and investors are most anticipating that could happen this year. Here are five companies they say to watch:

Reddit:This is the elephant in the room, and one people have had an eye on for, well, years. The social media platform filed (confidentially) to go public in mid-December, and is expected to go public in the first quarter. It’s raised more than $1.3 billion in funding at a $10 billion valuation, and has been on a hiring spree, announcing just yesterday a handful of new senior leaders. “And, of course, they could be a meme stock on their own platform,” Martin says.

Stripe:Last March, the San Francisco-based payments processing platform became the second-highest valued company in the world. It’s now valued at a whopping $152 billion (Of course, valuations aren’t everything: It has raised $2.2 billion, which is only about double that of Reddit’s funding, and less than some of the lower-valued peers on this list). This is testament to how long a company can stay private without feeling the need to look to the public for funding. It’s done well through the pandemic, signing on a couple hundred thousand companies to use its services.

ByteDance:Speaking of most valuable companies: ByteDance, which owns TikTok and is valued somewhere in the range of $360 billion (It has raised around $14.5 billion, per PitchBook). ByteDance shelved plans to go public last year amid China’s regulatory crackdown on the tech sector, and its CEO announced his resignation last year. “Obviously BD’s IPO was very unsuccessful, and people saw what could happen if the Chinese government decides to put a crimp in your business,” Martin says. Will 2022 deliver a second attempt?

Klarna:All eyes are on the Stockholm-based buy now, pay later giant, which has raised $3.9 billion at a valuation of $45.6 billion. It’s been growing its business in the U.S., planning to launch a credit card there soon, and recently added a browser extension to several of its markets. The company's CEO said last year that market volatility might be an issue for an IPO, and the Consumer Financial Protection Bureau’s inquiry into the BNPL sector may be something to look out for.

Revolut:Based in London, the foreign exchange and banking company is one of Europe’s most well-funded startups, and it’s been scaling its business in the U.S., not without some challenges. It has raised nearly $1.9 billion and is valued at an estimated $33 billion.

Just for fun, here are a few more companies I am watching that are en route to the public markets:

StubHub:It might not be a great time for the events industry, but it hasn’t stopped StubHub Holdings, the parent company of StubHub, a San Francisco-based ticketing platform, from looking into its options. The company has already filed confidential paperwork with the SEC and it’s considering a direct listing, people familiar with the matter told Bloomberg. Viagogo completed its acquisition of StubHub at the end of last year, and the combined entity is valued at an estimated $4 billion, per Pitchbook.

Sotheby’s:Earlier January, the New York-based auction house reportedly selected investment bankers for an IPO that could happen this year, per Bloomberg. Sotheby’s reported a record year of sales in 2021, and has garnered a name for itself for its activity in the digital assets world. The company is valued at around $3.7 billion, per Pitchbook, and it’s owned by billionaire Patrick Drahi, who took the company private in 2019.

Oyo Hotels:Indian budget hotel booking company Oyo Hotels, and one of the highest-valued startups in the country at $9.6 billion (it’s raised around $3 billion), started out the IPO process to list on the Bombay Stock Exchange. The company has been adjusting its business model, now offering revenue-sharing arrangements with its hotel partners.

PAG:On the heels of private equity firm TPG’s public listing in the U.S., Hong Kong-based PAG is planning to go public in the region. The firm has around $45 billion in AUM, and it could raise around $2 billion in an IPO, per Bloomberg.

Turo:A car rental marketplace based in San Francisco, filed to go public earlier January (It has raised a total $496 million at an approximate $1.2 billion valuation). The company has experienced some major setbacks during the pandemic, particularly in Germany.

Whether companies opt to go public, or shelf plans for a while, there’s no shortage of funding in the private markets right now.

Go, Europe, go!We’ve never seen venture capital activity in Europe like we did in 2021. This region is exploding. What’s interesting is that more than $88.4 billion of funding involved non-traditional sources (think investment banks, hedge funds, pension funds, sovereign wealth funds, and corporate venture capital arms), according to Pitchbook. Watch this space.

精选评论
撰写或查看更多评论, 请打开财富Plus APP
扫描二维码下载财富APP