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2021-12-01

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Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>

Direct listings have jumped this year, but are still in the single digits because that path to the p

Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":603962544,"tweetId":"603962544","gmtCreate":1638353829251,"gmtModify":1638353829725,"author":{"id":3575241823069388,"idStr":"3575241823069388","authorId":3575241823069388,"authorIdStr":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":25,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like pls</body></html>","htmlText":"<html><head></head><body>Like pls</body></html>","text":"Like pls","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/603962544","repostId":1163333225,"repostType":4,"repost":{"id":"1163333225","kind":"news","pubTimestamp":1638353038,"share":"https://www.laohu8.com/m/news/1163333225?lang=zh_CN&edition=full","pubTime":"2021-12-01 18:03","market":"us","language":"en","title":"Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163333225","media":"Barrons","summary":"Direct listings have jumped this year, but are still in the single digits because that path to the p","content":"Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.<blockquote>专家表示，今年直接上市数量大幅增加，但仍处于个位数，因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并巴伦周刊。</blockquote> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.<blockquote>今年迄今为止，已有942家公司公开募股，募集了2990亿美元，这一数字来自Dealogic show。首次公开发售及特殊目的收购公司合并之总额分别为383家及559家。</blockquote> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.<blockquote>相比之下，只有七家公司采用了直接上市——没有筹集一分钱，只是将股票在交易所上市。尽管如此，自2018年以来，这7家公司仍占13家直接上市公司的一半以上。</blockquote> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”<blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示：“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股，而是为公司提供另一条进入公开市场的途径。”</blockquote> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.<blockquote>IPO专家杰伊·里特(Jay Ritter)也预计，直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.<blockquote>研究IPO的佛罗里达大学金融学教授里特表示：“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票，或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.<blockquote>首次直接上市发生在近四年前，即2018年4月3日，当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金，但以近270亿美元的估值结束了上市公司的第一天。</blockquote> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and&nbsp;Thryv Holdings (THRY), a provider of marketing automation software for small businesses.<blockquote>在接下来的两年里，五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack TechnologiesPalantir Technologies(PLTR)，数据分析公司；Asana(ASAN)，提供项目管理软件；以及Thryv Holdings(THRY)，一家小型企业营销自动化软件提供商。</blockquote> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange&nbsp;Coinbase&nbsp;(COIN);Squarespace&nbsp;(SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter&nbsp;(ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up&nbsp;Warby Parker&nbsp;(WRBY).<blockquote>今年——还有一个月——总数为七个：Roblox(RBLX)，游戏平台；加密货币交易所Coinbase（COIN）；Squarespace(SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter(ZIP)，就业市场Amplitude(AMPL)，产品分析公司；以及眼镜初创公司Warby Parker(WRBY)。</blockquote> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing,&nbsp;Bloomberg reported. Stripe didn’t return requests for comment.<blockquote>据彭博社报道，在线支付处理商Stripe预计将于明年进行最大的公开募股之一，该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the&nbsp;London Stock Exchange&nbsp;in July.<blockquote>自2018年以来的13家直接上市公司中，8家选择了纽约证券交易所，4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote> The mechanics<blockquote>机械师</blockquote> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.<blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。毕竟，就像IPO或SPAC合并一样，直接上市需要相同的文书工作（本质上是向美国证券交易委员会提交的招股说明书）以及大致相同的时间，即12至18个月，普华永道IPO服务负责人。Ethridge表示，12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote> But there are real differences: how money is raised and where it goes, and the role played by investment banks.<blockquote>但存在真正的差异：资金如何筹集和流向，以及投资银行所扮演的角色。</blockquote> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.<blockquote>首先，钱。选择首次公开募股的公司通常需要新资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、底层投资者和员工——出售股票，他们得到的是钱，而不是公司。</blockquote> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.<blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出，不立即需要资本的公司更适合直接上市。</blockquote> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.<blockquote>风险投资公司IVP的普通合伙人廖表示：“（公司）选择直接上市的关键标准是，它们的资产负债表是否足够强劲，以至于不需要通过发行筹集资金。”投资了400多家公司，其中包括125家上市实体。</blockquote> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.<blockquote>第二，投资银行。在首次公开募股中，银行承销股票销售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.<blockquote>因此，承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%，Ethridge表示。</blockquote> Several banks typically work on a big IPO and split the fees. For example, Airbnb&nbsp;(ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and&nbsp;Goldman Sachs,worked on the deal.<blockquote>几家银行通常会参与大型IPO并分摊费用。例如，家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.<blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森·邓恩律师事务所的直接上市指南，他们还是帮助准备公司的注册声明，并协助定位业务。一位参与过多笔交易的投资银行家表示，它们还充当做市商并指导价格。</blockquote> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.<blockquote>埃思里奇说，他们的费用“大幅”减少，但由于只有十几家直接上市公司，很难确定到底减少了多少。</blockquote> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.<blockquote>“如果支付的总价差费用是[IPO]支付费用的50%，我不会感到惊讶，”他说。</blockquote> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.<blockquote>但奇怪的是，银行通常通过直接上市赚的钱一样多，因为交易工作较少，所以分割更大，Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.<blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天，市值接近860亿美元。其财务顾问共有四名，包括高盛和摩根大通。</blockquote> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said<blockquote>特鲁斯戴尔表示：“尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。”</blockquote> The investors<blockquote>投资者</blockquote> The real winners in a direct listing could very well be investors—both institutions and regular people.<blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.<blockquote>机构喜欢直接上市，因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.<blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示，没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来，该公司已帮助2,000多家公司上市，其中四家是通过直接上市。</blockquote> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.<blockquote>更重要的是，直接上市对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.<blockquote>Davis Polk的Truesdell告诉记者：“零售业在第一天就推动了流行。”巴伦周刊。</blockquote> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.<blockquote>结果是：对于普通人来说，传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多，收于144.71美元。</blockquote> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.<blockquote>惠灵顿的卡门表示：“通过直接上市，[散户投资者]拥有与其他机构相同的权利。”</blockquote> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.<blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示，避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.<blockquote>Skates表示，当一家公司的股票在首次公开募股中上涨30%、50%或100%时，IPO定价就错误了。斯凯特说，公司“除了一个好的新闻标题之外，没有任何原因就放弃了巨额价值”。</blockquote> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.<blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道，首次公开募股有路演。</blockquote> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”<blockquote>大多数直接上市的公司都用“分析师日”取代了路演，包括普通人在内的投资者在那里了解业务。例如，Coinbase在Reddit上发布了一条消息：“问我们任何问题。”</blockquote> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.<blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说：“如果你是Spotify，你知道你会得到报道，所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.<blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”<blockquote>“公司需要做更多的工作来确保所有信息都在那里，”他说。“你仍然可以获得分析师的报道。”</blockquote> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.<blockquote>斯凯特说，传统的首次公开募股“吸引了更多的投资者兴趣，但那是因为他们提供了数亿美元的巨额赠品。</blockquote> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”<blockquote>“作为首席执行官，你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</blockquote>","source":"lsy1601382232898","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>Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</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\">\nDirect Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 18:03\n\n</h4>\n</header>\n<article>\nDirect listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.<blockquote>专家表示，今年直接上市数量大幅增加，但仍处于个位数，因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并巴伦周刊。</blockquote> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.<blockquote>今年迄今为止，已有942家公司公开募股，募集了2990亿美元，这一数字来自Dealogic show。首次公开发售及特殊目的收购公司合并之总额分别为383家及559家。</blockquote> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.<blockquote>相比之下，只有七家公司采用了直接上市——没有筹集一分钱，只是将股票在交易所上市。尽管如此，自2018年以来，这7家公司仍占13家直接上市公司的一半以上。</blockquote> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”<blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示：“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股，而是为公司提供另一条进入公开市场的途径。”</blockquote> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.<blockquote>IPO专家杰伊·里特(Jay Ritter)也预计，直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.<blockquote>研究IPO的佛罗里达大学金融学教授里特表示：“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票，或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.<blockquote>首次直接上市发生在近四年前，即2018年4月3日，当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金，但以近270亿美元的估值结束了上市公司的第一天。</blockquote> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and&nbsp;Thryv Holdings (THRY), a provider of marketing automation software for small businesses.<blockquote>在接下来的两年里，五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack TechnologiesPalantir Technologies(PLTR)，数据分析公司；Asana(ASAN)，提供项目管理软件；以及Thryv Holdings(THRY)，一家小型企业营销自动化软件提供商。</blockquote> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange&nbsp;Coinbase&nbsp;(COIN);Squarespace&nbsp;(SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter&nbsp;(ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up&nbsp;Warby Parker&nbsp;(WRBY).<blockquote>今年——还有一个月——总数为七个：Roblox(RBLX)，游戏平台；加密货币交易所Coinbase（COIN）；Squarespace(SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter(ZIP)，就业市场Amplitude(AMPL)，产品分析公司；以及眼镜初创公司Warby Parker(WRBY)。</blockquote> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing,&nbsp;Bloomberg reported. Stripe didn’t return requests for comment.<blockquote>据彭博社报道，在线支付处理商Stripe预计将于明年进行最大的公开募股之一，该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the&nbsp;London Stock Exchange&nbsp;in July.<blockquote>自2018年以来的13家直接上市公司中，8家选择了纽约证券交易所，4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote> The mechanics<blockquote>机械师</blockquote> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.<blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。毕竟，就像IPO或SPAC合并一样，直接上市需要相同的文书工作（本质上是向美国证券交易委员会提交的招股说明书）以及大致相同的时间，即12至18个月，普华永道IPO服务负责人。Ethridge表示，12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote> But there are real differences: how money is raised and where it goes, and the role played by investment banks.<blockquote>但存在真正的差异：资金如何筹集和流向，以及投资银行所扮演的角色。</blockquote> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.<blockquote>首先，钱。选择首次公开募股的公司通常需要新资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、底层投资者和员工——出售股票，他们得到的是钱，而不是公司。</blockquote> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.<blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出，不立即需要资本的公司更适合直接上市。</blockquote> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.<blockquote>风险投资公司IVP的普通合伙人廖表示：“（公司）选择直接上市的关键标准是，它们的资产负债表是否足够强劲，以至于不需要通过发行筹集资金。”投资了400多家公司，其中包括125家上市实体。</blockquote> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.<blockquote>第二，投资银行。在首次公开募股中，银行承销股票销售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.<blockquote>因此，承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%，Ethridge表示。</blockquote> Several banks typically work on a big IPO and split the fees. For example, Airbnb&nbsp;(ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and&nbsp;Goldman Sachs,worked on the deal.<blockquote>几家银行通常会参与大型IPO并分摊费用。例如，家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.<blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森·邓恩律师事务所的直接上市指南，他们还是帮助准备公司的注册声明，并协助定位业务。一位参与过多笔交易的投资银行家表示，它们还充当做市商并指导价格。</blockquote> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.<blockquote>埃思里奇说，他们的费用“大幅”减少，但由于只有十几家直接上市公司，很难确定到底减少了多少。</blockquote> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.<blockquote>“如果支付的总价差费用是[IPO]支付费用的50%，我不会感到惊讶，”他说。</blockquote> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.<blockquote>但奇怪的是，银行通常通过直接上市赚的钱一样多，因为交易工作较少，所以分割更大，Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.<blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天，市值接近860亿美元。其财务顾问共有四名，包括高盛和摩根大通。</blockquote> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said<blockquote>特鲁斯戴尔表示：“尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。”</blockquote> The investors<blockquote>投资者</blockquote> The real winners in a direct listing could very well be investors—both institutions and regular people.<blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.<blockquote>机构喜欢直接上市，因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.<blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示，没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来，该公司已帮助2,000多家公司上市，其中四家是通过直接上市。</blockquote> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.<blockquote>更重要的是，直接上市对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.<blockquote>Davis Polk的Truesdell告诉记者：“零售业在第一天就推动了流行。”巴伦周刊。</blockquote> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.<blockquote>结果是：对于普通人来说，传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多，收于144.71美元。</blockquote> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.<blockquote>惠灵顿的卡门表示：“通过直接上市，[散户投资者]拥有与其他机构相同的权利。”</blockquote> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.<blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示，避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.<blockquote>Skates表示，当一家公司的股票在首次公开募股中上涨30%、50%或100%时，IPO定价就错误了。斯凯特说，公司“除了一个好的新闻标题之外，没有任何原因就放弃了巨额价值”。</blockquote> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.<blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道，首次公开募股有路演。</blockquote> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”<blockquote>大多数直接上市的公司都用“分析师日”取代了路演，包括普通人在内的投资者在那里了解业务。例如，Coinbase在Reddit上发布了一条消息：“问我们任何问题。”</blockquote> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.<blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说：“如果你是Spotify，你知道你会得到报道，所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.<blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”<blockquote>“公司需要做更多的工作来确保所有信息都在那里，”他说。“你仍然可以获得分析师的报道。”</blockquote> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.<blockquote>斯凯特说，传统的首次公开募股“吸引了更多的投资者兴趣，但那是因为他们提供了数亿美元的巨额赠品。</blockquote> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”<blockquote>“作为首席执行官，你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","PLTR":"Palantir Technologies Inc.","ABNB":"爱彼迎","ZIP":"ZipRecruiter Inc.","THRY":"Thryv Holdings Inc","SQSP":"Squarespace Inc.",".IXIC":"NASDAQ Composite","WRBY":"Warby Parker Inc.","AMPL":"AmplitudeE, Inc.","ASAN":"阿莎娜","COIN":"Coinbase Global, Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163333225","content_text":"Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.\nSo far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.\nBy comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.\n“We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”\nIPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.\n“More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.\nThe first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.\nIn the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.\nThis year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).\nOne of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.\nOf the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.\nThe mechanics\nThe appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.\nBut there are real differences: how money is raised and where it goes, and the role played by investment banks.\nFirst, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.\nTwo experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.\n“The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.\nSecond, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.\nConsequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.\nSeveral banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.\nIn a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.\nTheir fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.\n“It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.\nOddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.\nCoinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.\n“Even though the total comp is substantially less, it’s not less per bank,” Truesdell said\nThe investors\nThe real winners in a direct listing could very well be investors—both institutions and regular people.\nInstitutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.\nNo lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.\nMore important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.\n“Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.\nThe upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.\n“With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.\nAvoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.\nWhen a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.\nFor companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.\nMost of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”\nBut the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.\nSkates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.\n“It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”\nTraditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.\n“As a CEO, you don’t want investors looking for a quick flip on stock. 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Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>

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