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Slack上市:关于直接上市投资者需要了解什么

Slack IPO: What Investors Need To Know About Direct Listings
Slack上市:关于直接上市投资者需要了解什么
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2019-06-22 09:16
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Slack上市:关于直接上市投资者需要了解什么

Workplace messaging software company Slack Technologies has filed for an IPO, but it isn't using the traditional method of going public. Instead, Slack -- a service that aims to foster efficiency and collaboration among coworkers through chatrooms -- is choosing to pursue a direct listing of its shares, becoming the second major company to do so in the past year. Spotify Technology (NYSE:SPOT)used the same method when it went public in 2018.

工作场所通讯软件公司Slack Technologies已申请上市,但没有采用传统的上市方式。Slack是一项旨在通过聊天室提高员工工作效率和互相协作的服务,它选择直接上市,成为过去一年里第二家这样上市的公司。Spotify Technology (NYSE:SPOT)在2018年上市时也采用了同样的方法。

While we don't yet know the timetable or most other details of Slack's potential IPO, here's a rundown of how a direct listing is different from a traditional IPO, and why the company may have decided to use this route.

虽然我们还不知道Slack潜在IPO时间表或其他大部分细节,但下面就来简要介绍一下直接上市与传统IPO的不同之处,以及该公司可能决定采用这种方式的原因。

What is a direct listing?

什么是直接上市?

Generally, when a company wants to do an initial public offering, or IPO, they will hire one or more underwriters. Think major banks with investment banking operations like Goldman Sachsor JPMorgan Chase. These underwriters essentially facilitate the process -- determining the initial offering price, dealing with regulatory issues, and selling the shares to the initial investors.

一般来说,当一家公司想要进行首次公开发行(IPO)时,他们会雇佣一个或多个承销商。想想拥有投资银行业务的大型银行,比如高盛(Goldman sachs)或摩根大通(JPMorgan Chase)。这些承销商在本质上推动了这一过程——确定初始发行价,处理监管问题,并将股票出售给初始投资者。

On the other hand, a direct listing, also known as a direct public offering, or DPO, is a process by which the company sells its own shares directly to the public. There are no underwriters involved. In simple English, the company's existing shares are listed on an exchange, and people who own them, such as the company's existing investors, can choose to sell their shares directly on the public markets.

另一方面,直接上市,也被称为互联网直接公开发行(DPO),是公司直接向公众出售其股票的过程。没有保险公司参与。简单地说,公司现有的股票在交易所上市,拥有这些股票的人,比如公司现有的投资者,可以选择直接在公开市场上出售股票。

By using a direct listing instead of a traditional IPO, companies aren't raising any new capital, as they do in a traditional IPO. Rather, it simply creates a public market for existing investors' shares.

通过直接上市而不是传统的IPO,公司没有像在传统IPO中那样筹集任何新资本。相反,它只是为现有投资者的股票创造了一个公开市场。

Why might Slack want to pursue this route?

Slack为什么要走这条路?

According to The Wall Street Journal, citing people familiar with the business, Slack has significant cash on its balance sheet, which explains why it wouldn't need to raise capital in an IPO.

据《华尔街日报》(The Wall Street Journal)援引知情人士的话说,Slack的资产负债表上有大量现金,这就解释了它为什么不需要在IPO中筹集资金。

If a company doesn't need to raise new capital there are a couple of key advantages of a direct listing, such as:

如果一家公司不需要筹集新资本,直接上市有几个主要优势,比如:

  • No need to pay underwriters or other third parties. This can be a major money-saver when compared with the traditional IPO route. The company still hires some advisors -- in fact, Slack is working with Goldman Sachs, Morgan Stanley, and Allen & Co. on the deal (the same advisors when Spotify directly listed its shares). However, the costs are significantly lower.
  • There is no lock-up period, meaning that insiders don't have to wait a certain amount of time after the IPO before selling shares. Existing investors are free to cash out and sell their shares to the public on day one if they choose to do so. Slack was most recently valued at $7.1 billion after an August funding round, and insiders have indicated that the company's public listing could result in a similar valuation, so it's fair to assume that insiders could be in for a hefty payday when the listing is completed.
  • 不需要支付给承销商或其他第三方。与传统的IPO方式相比,这可以省一大笔钱。该公司仍然聘用了顾问——事实上,Slack正与高盛(Goldman Sachs)、摩根士丹利(Morgan Stanley)和Allen & Co.就这笔交易进行合作(Spotify直接上市时的顾问也正是这些顾问)。然而,成本要低得多。
  • 没有锁定期,这意味着内部人士不必在IPO后等待一定时间再出售股票。如果现有投资者愿意,他们可以在第一天将股票向公众出售变现。Slack最近一次估值在去年8月的一轮融资之后,为71亿美元。内部人士表示,该公司的公开上市可能导致估值相差无几,因此,我们有理由假设,上市完成后,内部人士可能会获得丰厚的薪酬。

To be clear, there are some risks involved with a direct listing. In a traditional IPO, underwriters market the shares to investors and help establish an initial price. With a direct listing, the share price is largely governed by simple supply and demand dynamics.

需要明确的是,直接上市存在一些风险。在传统的IPO中,承销商向投资者推销股票,帮助确定初始价格。而直接上市,股价在很大程度上受简单的供需动态控制。

When Spotify went this route in 2018, the process went smoothly and its efforts produced solid results as the company shares roughly maintained the IPO price. But Spotify was already a brand well known to the public, making it easier to sell to retail and institutional investors.

当Spotify在2018年走上这条道路时,整个过程进展顺利,其努力取得了坚实的成果,该公司股价基本维持在IPO价格。但Spotify已经是一个为公众所熟知的品牌,这使得它更容易销售给散户和机构投资者。

So, why might Slack have chosen the direct listing route? Most likely, it's because the company's immediate capital needs are met and management feels that there is enough public demand for its shares to support the stock price. And, the ability for early investors and other insiders to cash in some of their shares immediately likely doesn't hurt. It is yet to be seen whether the company will be able to capitalize on its unicorn status.

那么,Slack为什么会选择直接上市呢?最有可能的原因是,该公司的即时资本需求得到了满足,管理层认为公众对其股票的需求足以支撑股价。而且,对早期投资者和其他内部人士来说,立即兑现部分股票的能力可能不会受到影响。该公司能否利用其独角兽地位,目前还不得而知。

This article originally appeared in the Motley Fool.

这篇文章最初发表在Motley Fool上。

Matthew Frankel, CFP has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

马修·弗兰克尔(Matthew Frankel), 国际金融理财师,没有持有上述任何一只股票。Motley Fool未持有上述股票没有头寸。Motley Fool有披露政策。

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