美國IPO市場遭遇供過於求的問題(中英對照)

2021/08/01
金融

日期:2021/08/01   IA

Breakingviews

U.S. IPO market hits oversupply problem

Richard Beales

NEW YORK, July 30 (Reuters Breakingviews) - The pandemic has thrown the world’s supply chains into disarray. The pipeline for companies going public on U.S. exchanges has its own sourcing problem: too many of them. Online trading app Robinhood Markets’ (HOOD.O) vaunted offering fell flat this week, battery maker Clarios International delayed its debut, and Dole cut its price. Other initial public offerings did better, but investors can afford to be choosy.

 

Some 265 operating businesses have floated on U.S. markets so far this year, already topping 2020’s 209 and raising more than $100 billion, according to Dealogic, a figure not seen in any full year since the heady days of 1999 to 2000. That’s not even including 387 floats of special-purpose acquisition companies in 2021 – trouncing the 248 that came to market last year – tapping investors for another $100 billion plus.

 

There’s still plenty of juice. The average first-day price pop for non-SPAC offerings so far this year is a whopping 39%, per Dealogic. Shares in trendy grill maker Traeger (COOK.N), for one, surged a hot 22% on Thursday.

 

But at this year’s rapid pace, there’s potentially a surplus of inventory. Robinhood, valued at $32 billion at its IPO price, fell 8% on its Thursday debut. Bringing retail investors into the initial offering, usually reserved for institutional buyers, may have avoided a distorting stampede into the stock on the first day of market-wide trading. Still, underwriters try to price shares leaving room for early gains.

 

美國IPO市場遭遇供過於求的問題

紐約,7 月 30 日(路透社 Breakingviews)- 大流行使世界供應鏈陷入混亂。公司在美國交易所上市的渠道有其自身的採購問題:數量太多。在線交易應用程序 Robinhood Markets (HOOD.O)吹噓的報價本週持平,電池製造商 Clarios International 推遲了首次亮相,Dole 下調了價格。其他首次公開募股的表現更好,但投資者可以挑剔。

 

Dealogic 的數據顯示,今年迄今為止,約有 265 家運營企業在美國市場上市,已超過 2020 年的 209 家,籌資超過 1000 億美元,這是自 1999 年至 2000 年令人興奮的日子以來從未出現過的全年數字。這甚至不包括2021 年有 387 家特殊目的收購公司上市——超過去年上市的 248 家——再吸引投資者 1000 億美元以上。

 

果汁還是很足的。根據 Dealogic 的數據,今年到目前為止,非 SPAC 產品的平均首日價格漲幅高達 39%。時尚燒烤製造商 Traeger (COOK.N) 的股價週四飆升了 22%。

 

但在今年的快速發展中,庫存可能過剩。Robinhood 以 IPO 價格計算,價值 320 億美元,在周四首次亮相時下跌了 8%。讓散戶投資者參與首次發行,通常是為機構買家保留的,這可能避免了在全市交易的第一天出現扭曲性的踩踏事件。儘管如此,承銷商仍試圖為股票定價,為早期上漲留出空間。