誰是Facebook上市亂戰(zhàn)中的真正贏家？
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????而且，賣家從承銷商那里得到了相當大的優(yōu)惠，很可能是由于Facebook施加了巨大的壓力。Facebook把承銷權(quán)交給了那些渴望和Facebook掛上鉤的公司。 ????“承銷商折扣”——承銷商因為承銷股票發(fā)行而獲得的折扣——只占到38美元發(fā)行價的1.1%，對首次公開募股來說非常之低。相比之下，據(jù)標普資本（S&P Capital IQ）的資料顯示，社交游戲公司Zynga上市時的承銷商折扣為3.25%，團購網(wǎng)站Groupon為6%，房產(chǎn)估值在線服務公司Zillow為7%。 ????這意味著，在這次IPO發(fā)行中出售股票的Facebook內(nèi)部人士不僅高價出售了股票，還可以把相當大部分的收益放進自己的口袋。 ????我不是說這其中有什么不合法的地方。我敢肯定，律師們已經(jīng)詳細審查了這次IPO發(fā)行的各個方面，包括有選擇地向大型投資者披露，F(xiàn)acebook的數(shù)據(jù)已經(jīng)開始顯出疲態(tài)。結(jié)論是：嘴上說給予普通人權(quán)力是一回事，但在金融世界里給予他們權(quán)力則完全是另外一回事。 ????——Doris Burke協(xié)助進行了本文的調(diào)查工作 ????譯者：千牛絮 |
????What's more, the sellers got an extraordinarily cheap deal from the underwriters, probably because of incredible pressure that Facebook exerted by shopping the deal to firms who were drooling over the prospect of having their name connected with Facebook's. ????The "underwriting discount" -- the amount that the underwriters kept for themselves in return for doing the deal -- was only 1.1% of the $38 offering price, which is extraordinarily low for an initial public offering. By contrast, the discount for Zynga's (ZNGA) offering was 3.25%, according to S&P Capital IQ, and was 6% for Groupon (GRPN), and 7% for Zillow (Z). ????This means that Facebook insiders who sold in the offering not only got a high price for their shares, they got to keep an extraordinarily large portion of the proceeds. ????I'm not saying any of this is illegal. I'm sure that lawyers have blessed every aspect of this, including any selective disclosure to big players that Facebook's numbers were starting to look a little ugly. The bottom line is: it's one thing to talk about empowering average people. But empowering them in the financial world is a whole different game. ????-- Research assistance by Doris Burke |
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