Isaacs
2021-04-07
Haha
Goldman Bought $100M Of Deliveroo Shares During "Worst IPO Ever"...And Still Made Money<blockquote>高盛在“有史以来最糟糕的IPO”期间购买了1亿美元的户户送股票...而且还赚了钱</blockquote>
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When the dust settled, the bank told shareholders any losses would be insignificant, while Credit Suisse, the bank with perhaps the biggest exposure, said Tuesdayit has booked a nearly $5 billion loss.</p><p><blockquote>高盛成功避免了高杠杆对冲基金Archegos Capital Management崩溃带来的数十亿美元潜在损失,与其他银团银行决裂,抛售了代表Archegos持有的大量科技和媒体公司的股票。尘埃落定后,该银行告诉股东,任何损失都是微不足道的,而风险敞口可能最大的银行瑞士信贷周二表示,已计入近50亿美元的损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/47fd80723b34abfbcc3fb3f906001ae8\" tg-width=\"500\" tg-height=\"292\">But it looks like Archegos' collapse wasn't the only disaster to rattle the Vampire Squid. As we previously noted, the bank served as one of the lead underwriters and stabilization agents for Deliveroo's abysmal London IPO, which has been criticized as the worst IPO in London's history for the massive drop the shares suffered during their market debut(sliding 31% after pricing at the bottom of their range).</p><p><blockquote>但看起来Archegos的崩溃并不是唯一让吸血乌贼感到不安的灾难。正如我们之前指出的,该银行是户户送糟糕的伦敦IPO的主承销商和稳定机构之一,该IPO因其股价在首次上市期间大幅下跌(下跌31%)而被批评为伦敦历史上最糟糕的IPO。定价位于其范围的底部)。</blockquote></p><p> But amazingly,while 70K retail traders got burned in the IPOafter Deliveroo allowed customers and employees to invest in the early allocations via a platform called PrimaryBid (all told, they invested £50 million), Goldman managed to walk away with a modest profit. According to the FT, the Goldman bout about £75 million in Deliveroo on the open market to help prop up the price. That amount was equal to roughly 25% of the shares traded during the first two days of trading last week, according to Bloomberg data. Even though the shares had shed nearly one-third of their value, the FT said Goldman likely booked a profit on the trade, which was tantamount to closing a short position after the bank sold its over-allotment - though some of these profits will be surrendered to Deliveroo.</p><p><blockquote>但令人惊讶的是,在户户送允许客户和员工通过一个名为PrimaryBid的平台投资早期分配(他们总共投资了5000万英镑)后,7万名散户交易员在IPO中遭受了损失,而高盛却成功地获得了微薄的利润。据英国《金融时报》报道,高盛在公开市场上购买了约7500万英镑的户户送,以帮助支撑价格。根据彭博社的数据,这一金额约相当于上周前两天交易股票的25%。尽管该股价值已下跌近三分之一,但英国《金融时报》表示,高盛可能在此次交易中获利,这相当于在该行出售超额配售后平仓空头头寸——尽管其中部分利润将被放弃。交给户户送。</blockquote></p><p> So far, Goldman has used roughly half of its overallotment, perthe FT.</p><p><blockquote>据英国《金融时报》报道,到目前为止,高盛已经使用了大约一半的超额配售。</blockquote></p><p> The £75m worth of purchases by Goldman Sachs, when used in combination with the “overallotment” reserved for stabilising the IPO, mean the bank should have booked a profit from Deliveroo’s declining share price.This is because brokers sell more stock than their allotments at the issue price and then cover their orders either by exercising the overallotment option or, if the shares fall, by buying in the market at below the flotation price. The difference between the 390p issue price and whatever Goldman Sachs paid in the market equates to the profit booked on the trade.But these profits will be surrendered to Deliveroo, as part of an agreement between the two companies which was not disclosed in the company’s IPO prospectus, people with direct knowledge of the matter added.Goldman Sachs and Deliveroo declined to comment. Shares remain well below their IPO price as of Tuesday's close.</p><p><blockquote>高盛价值7500万英镑的收购,与为稳定IPO而预留的“超额配售”结合使用,意味着该银行本应从户户送股价下跌中获利。这是因为经纪商以发行价出售的股票多于其配售量,然后通过行使超额配售选择权或在股价下跌时以低于发行价的价格在市场上买入来弥补订单。390便士的发行价与高盛在市场上支付的价格之间的差额相当于该交易的利润。但直接知情人士补充说,作为两家公司之间协议的一部分,这些利润将移交给户户送,该协议并未在该公司的IPO招股说明书中披露。高盛和户户送拒绝置评。截至周二收盘,股价仍远低于IPO价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6608488d552b1938d14e033c65897cda\" tg-width=\"500\" tg-height=\"275\">And bankers are bracing for more potential downside as the 70K retail investors mentioned above can start cashing out of their positions tomorrow.</p><p><blockquote>银行家们正在为更多潜在的下行空间做好准备,因为上述7万散户投资者明天就可以开始套现。</blockquote></p><p> Advisers working on the deal received roughly £49M in fees from Deliveroo. While Goldman Sachs is the sole stabilisation agent on the deal, it was in charge of the listing process alongside JPMorgan, while the other banks on the deal include Bank of America, Citigroup, Jefferies and Numis. Bankers have sought to blame pernicious short-sellers and concerns about future labor-regulation regarding gig economy workers, as well as Deliveroo's dual-class share structure (which gives CEO Will Shu control of the boar), for the stock's troubles. Some also blamed timing, saying the firm debuted too late to catch the wave of spectacular tech offerings last year, but too early for expected changes in British securities laws to allow companies with the dual-class structure to be included as part of the FTSE 100, the UK's premier index.</p><p><blockquote>参与该交易的顾问从户户送获得了约4900万英镑的费用。虽然高盛是该交易的唯一稳定机构,但它与摩根大通一起负责上市流程,而参与该交易的其他银行包括美国银行、花旗集团、杰富瑞和Numis。银行家们试图将该股的困境归咎于恶意卖空者、对未来零工经济工人劳工监管的担忧,以及户户送的双重股权结构(这使得首席执行官威尔·舒能够控制野猪)。一些人还指责时机,称该公司上市太晚,未能赶上去年壮观的科技产品浪潮,但对于英国证券法的预期变化以允许具有双重结构的公司被纳入富时100指数的一部分来说还为时过早,英国的首要指数。</blockquote></p><p> But now, the FT has reported that Goldman, one of the lead underwriters responsible for managing the IPO, also took a massive short position during the company's debut.</p><p><blockquote>但现在,英国《金融时报》报道称,负责管理此次IPO的主承销商之一高盛也在该公司首次亮相期间持有大量空头头寸。</blockquote></p><p> Bankers are worried that the IPOcould dissuade other British tech firmsfrom listing in London, perhaps pushing them to choose the US - or Amsterdam (now Europe's leading market for IPOs). When bankers look back, how much of the blame for the botched IPO will rest with Goldman?</p><p><blockquote>银行家担心,此次IPO可能会阻止其他英国科技公司在伦敦上市,或许会促使它们选择美国或阿姆斯特丹(现在是欧洲领先的IPO市场)。当银行家回顾过去时,高盛将为这次拙劣的IPO承担多少责任?</blockquote></p><p></p>","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>Goldman Bought $100M Of Deliveroo Shares During \"Worst IPO Ever\"...And Still Made Money<blockquote>高盛在“有史以来最糟糕的IPO”期间购买了1亿美元的户户送股票...而且还赚了钱</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\">\nGoldman Bought $100M Of Deliveroo Shares During \"Worst IPO Ever\"...And Still Made Money<blockquote>高盛在“有史以来最糟糕的IPO”期间购买了1亿美元的户户送股票...而且还赚了钱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-07 13:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Goldman Sachs managed to avoid billions of dollars in potential losses from the implosion of highly levered hedge fund Archegos Capital Management by breaking ranks with other syndicate banks to dump large blocks of shares representing Archegos's exposure to a coterie of tech and media names. When the dust settled, the bank told shareholders any losses would be insignificant, while Credit Suisse, the bank with perhaps the biggest exposure, said Tuesdayit has booked a nearly $5 billion loss.</p><p><blockquote>高盛成功避免了高杠杆对冲基金Archegos Capital Management崩溃带来的数十亿美元潜在损失,与其他银团银行决裂,抛售了代表Archegos持有的大量科技和媒体公司的股票。尘埃落定后,该银行告诉股东,任何损失都是微不足道的,而风险敞口可能最大的银行瑞士信贷周二表示,已计入近50亿美元的损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/47fd80723b34abfbcc3fb3f906001ae8\" tg-width=\"500\" tg-height=\"292\">But it looks like Archegos' collapse wasn't the only disaster to rattle the Vampire Squid. As we previously noted, the bank served as one of the lead underwriters and stabilization agents for Deliveroo's abysmal London IPO, which has been criticized as the worst IPO in London's history for the massive drop the shares suffered during their market debut(sliding 31% after pricing at the bottom of their range).</p><p><blockquote>但看起来Archegos的崩溃并不是唯一让吸血乌贼感到不安的灾难。正如我们之前指出的,该银行是户户送糟糕的伦敦IPO的主承销商和稳定机构之一,该IPO因其股价在首次上市期间大幅下跌(下跌31%)而被批评为伦敦历史上最糟糕的IPO。定价位于其范围的底部)。</blockquote></p><p> But amazingly,while 70K retail traders got burned in the IPOafter Deliveroo allowed customers and employees to invest in the early allocations via a platform called PrimaryBid (all told, they invested £50 million), Goldman managed to walk away with a modest profit. According to the FT, the Goldman bout about £75 million in Deliveroo on the open market to help prop up the price. That amount was equal to roughly 25% of the shares traded during the first two days of trading last week, according to Bloomberg data. Even though the shares had shed nearly one-third of their value, the FT said Goldman likely booked a profit on the trade, which was tantamount to closing a short position after the bank sold its over-allotment - though some of these profits will be surrendered to Deliveroo.</p><p><blockquote>但令人惊讶的是,在户户送允许客户和员工通过一个名为PrimaryBid的平台投资早期分配(他们总共投资了5000万英镑)后,7万名散户交易员在IPO中遭受了损失,而高盛却成功地获得了微薄的利润。据英国《金融时报》报道,高盛在公开市场上购买了约7500万英镑的户户送,以帮助支撑价格。根据彭博社的数据,这一金额约相当于上周前两天交易股票的25%。尽管该股价值已下跌近三分之一,但英国《金融时报》表示,高盛可能在此次交易中获利,这相当于在该行出售超额配售后平仓空头头寸——尽管其中部分利润将被放弃。交给户户送。</blockquote></p><p> So far, Goldman has used roughly half of its overallotment, perthe FT.</p><p><blockquote>据英国《金融时报》报道,到目前为止,高盛已经使用了大约一半的超额配售。</blockquote></p><p> The £75m worth of purchases by Goldman Sachs, when used in combination with the “overallotment” reserved for stabilising the IPO, mean the bank should have booked a profit from Deliveroo’s declining share price.This is because brokers sell more stock than their allotments at the issue price and then cover their orders either by exercising the overallotment option or, if the shares fall, by buying in the market at below the flotation price. The difference between the 390p issue price and whatever Goldman Sachs paid in the market equates to the profit booked on the trade.But these profits will be surrendered to Deliveroo, as part of an agreement between the two companies which was not disclosed in the company’s IPO prospectus, people with direct knowledge of the matter added.Goldman Sachs and Deliveroo declined to comment. Shares remain well below their IPO price as of Tuesday's close.</p><p><blockquote>高盛价值7500万英镑的收购,与为稳定IPO而预留的“超额配售”结合使用,意味着该银行本应从户户送股价下跌中获利。这是因为经纪商以发行价出售的股票多于其配售量,然后通过行使超额配售选择权或在股价下跌时以低于发行价的价格在市场上买入来弥补订单。390便士的发行价与高盛在市场上支付的价格之间的差额相当于该交易的利润。但直接知情人士补充说,作为两家公司之间协议的一部分,这些利润将移交给户户送,该协议并未在该公司的IPO招股说明书中披露。高盛和户户送拒绝置评。截至周二收盘,股价仍远低于IPO价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6608488d552b1938d14e033c65897cda\" tg-width=\"500\" tg-height=\"275\">And bankers are bracing for more potential downside as the 70K retail investors mentioned above can start cashing out of their positions tomorrow.</p><p><blockquote>银行家们正在为更多潜在的下行空间做好准备,因为上述7万散户投资者明天就可以开始套现。</blockquote></p><p> Advisers working on the deal received roughly £49M in fees from Deliveroo. While Goldman Sachs is the sole stabilisation agent on the deal, it was in charge of the listing process alongside JPMorgan, while the other banks on the deal include Bank of America, Citigroup, Jefferies and Numis. Bankers have sought to blame pernicious short-sellers and concerns about future labor-regulation regarding gig economy workers, as well as Deliveroo's dual-class share structure (which gives CEO Will Shu control of the boar), for the stock's troubles. Some also blamed timing, saying the firm debuted too late to catch the wave of spectacular tech offerings last year, but too early for expected changes in British securities laws to allow companies with the dual-class structure to be included as part of the FTSE 100, the UK's premier index.</p><p><blockquote>参与该交易的顾问从户户送获得了约4900万英镑的费用。虽然高盛是该交易的唯一稳定机构,但它与摩根大通一起负责上市流程,而参与该交易的其他银行包括美国银行、花旗集团、杰富瑞和Numis。银行家们试图将该股的困境归咎于恶意卖空者、对未来零工经济工人劳工监管的担忧,以及户户送的双重股权结构(这使得首席执行官威尔·舒能够控制野猪)。一些人还指责时机,称该公司上市太晚,未能赶上去年壮观的科技产品浪潮,但对于英国证券法的预期变化以允许具有双重结构的公司被纳入富时100指数的一部分来说还为时过早,英国的首要指数。</blockquote></p><p> But now, the FT has reported that Goldman, one of the lead underwriters responsible for managing the IPO, also took a massive short position during the company's debut.</p><p><blockquote>但现在,英国《金融时报》报道称,负责管理此次IPO的主承销商之一高盛也在该公司首次亮相期间持有大量空头头寸。</blockquote></p><p> Bankers are worried that the IPOcould dissuade other British tech firmsfrom listing in London, perhaps pushing them to choose the US - or Amsterdam (now Europe's leading market for IPOs). When bankers look back, how much of the blame for the botched IPO will rest with Goldman?</p><p><blockquote>银行家担心,此次IPO可能会阻止其他英国科技公司在伦敦上市,或许会促使它们选择美国或阿姆斯特丹(现在是欧洲领先的IPO市场)。当银行家回顾过去时,高盛将为这次拙劣的IPO承担多少责任?</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.zerohedge.com/markets/goldman-bought-100m-deliveroo-shares-during-disastrous-ipo-and-still-made-money?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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":{"GS":"高盛"},"source_url":"https://www.zerohedge.com/markets/goldman-bought-100m-deliveroo-shares-during-disastrous-ipo-and-still-made-money?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179942301","content_text":"Goldman Sachs managed to avoid billions of dollars in potential losses from the implosion of highly levered hedge fund Archegos Capital Management by breaking ranks with other syndicate banks to dump large blocks of shares representing Archegos's exposure to a coterie of tech and media names. When the dust settled, the bank told shareholders any losses would be insignificant, while Credit Suisse, the bank with perhaps the biggest exposure, said Tuesdayit has booked a nearly $5 billion loss.\nBut it looks like Archegos' collapse wasn't the only disaster to rattle the Vampire Squid. As we previously noted, the bank served as one of the lead underwriters and stabilization agents for Deliveroo's abysmal London IPO, which has been criticized as the worst IPO in London's history for the massive drop the shares suffered during their market debut(sliding 31% after pricing at the bottom of their range).\nBut amazingly,while 70K retail traders got burned in the IPOafter Deliveroo allowed customers and employees to invest in the early allocations via a platform called PrimaryBid (all told, they invested £50 million), Goldman managed to walk away with a modest profit. According to the FT, the Goldman bout about £75 million in Deliveroo on the open market to help prop up the price. That amount was equal to roughly 25% of the shares traded during the first two days of trading last week, according to Bloomberg data. Even though the shares had shed nearly one-third of their value, the FT said Goldman likely booked a profit on the trade, which was tantamount to closing a short position after the bank sold its over-allotment - though some of these profits will be surrendered to Deliveroo.\nSo far, Goldman has used roughly half of its overallotment, perthe FT.\n\n The £75m worth of purchases by Goldman Sachs, when used in combination with the “overallotment” reserved for stabilising the IPO, mean the bank should have booked a profit from Deliveroo’s declining share price.This is because brokers sell more stock than their allotments at the issue price and then cover their orders either by exercising the overallotment option or, if the shares fall, by buying in the market at below the flotation price. The difference between the 390p issue price and whatever Goldman Sachs paid in the market equates to the profit booked on the trade.But these profits will be surrendered to Deliveroo, as part of an agreement between the two companies which was not disclosed in the company’s IPO prospectus, people with direct knowledge of the matter added.Goldman Sachs and Deliveroo declined to comment.\n\nShares remain well below their IPO price as of Tuesday's close.\nAnd bankers are bracing for more potential downside as the 70K retail investors mentioned above can start cashing out of their positions tomorrow.\nAdvisers working on the deal received roughly £49M in fees from Deliveroo. While Goldman Sachs is the sole stabilisation agent on the deal, it was in charge of the listing process alongside JPMorgan, while the other banks on the deal include Bank of America, Citigroup, Jefferies and Numis. Bankers have sought to blame pernicious short-sellers and concerns about future labor-regulation regarding gig economy workers, as well as Deliveroo's dual-class share structure (which gives CEO Will Shu control of the boar), for the stock's troubles. Some also blamed timing, saying the firm debuted too late to catch the wave of spectacular tech offerings last year, but too early for expected changes in British securities laws to allow companies with the dual-class structure to be included as part of the FTSE 100, the UK's premier index.\nBut now, the FT has reported that Goldman, one of the lead underwriters responsible for managing the IPO, also took a massive short position during the company's debut.\nBankers are worried that the IPOcould dissuade other British tech firmsfrom listing in London, perhaps pushing them to choose the US - or Amsterdam (now Europe's leading market for IPOs). When bankers look back, how much of the blame for the botched IPO will rest with Goldman?","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":524,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/341978762"}
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