The investment bankers say demand for your IPO looks strong, and they expect your stock to open with a "pop||投资银行业者说对你的 IPO 的要求看起来强壮, 和他们期待你的存货打开一 "取出." That prediction proves true—the shares open at $23 and the price moves steadily higher throughout the trading day, finally closing at||那一个预测证明真实的-部份公开在 $23 和价格整个～期间贸易日子稳定地更高地移动, 最后关闭在 $25. Although the stock's strong first-day performance is gratifying, you can't shake the feeling that you might have mispriced the IPO||虽然存货的强烈第一-日子的表现是悦人的，但是你不能摇动那个感觉你可能标错价格 IPO. The calculations run through your mind: Each $1 increase in the offering price would have generated $2 million more for the company||跑过你的思想的计算: 每个 $1 的增加提供价格会产生 $另外二百万个为公司.
The thought nags you—did you sell too cheaply||想法不断地唠叨恼人你-你太廉宜卖吗?
When an IPO quickly moves to a significantly higher price during its first day on the market, it's natural to wonder if the investment bankers—and the issuing company's officers—didn't misprice the deal||当 IPO 很快地在它的第一天期间在市场上移动到重要比较高的价格的时候，天然的是想知道是否投资银行业者-和发行公司的官员-没有标错价格交易. Although the market for IPOs has cooled recently, some offerings still post impressive first-day gains||虽然给 IPOs 的市场最近已经冷却, 一些提供仍然邮寄令人印象深刻的第一-日子得到. In mid-June, for example, 6 million shares of GOTO.com came to market at $15 and closed at $22.375, after trading as high as||在六月中, 举例来说, GOTO.com 的六百万部份被提出在市场上销售在 $15 而且关闭在 $22.375, 在进行贸易之后当做高度地当做 $28.50. Not too long ago, Internet and technology IPOs routinely doubled in value on their first day||不是太长以前, 在他们的第一天在价值通常两倍的英特网和技术 IPOs. That kind of volatility makes it inevitable to second-guess||那种挥发性使它不可避免到第二-猜测.
The MarketWatch.com offering exemplifies the incredible demand that has existed for these issues||MarketWatch.com 提供例证已经为这些议题存在的难以置信的要求. The company, an online financial news service, went public January 15, 1999, with an offering price of||公司 , 一个在线财务的通讯社,一月 15 日公开发售股票了,1999, 藉由提供价格 $17. It closed the day at $97.50, an increase of||它关闭了那天在 $97.50, 增加 474%. In another instance, theglobe.com went up 606%, from $9 to $63.50 on its first day, in November||在另外的一个例证中， theglobe.com 上涨 606%了,从 $9 到 $63.50 在它的第一天, 在十一月 1998.
These enormous price surges raise questions about whether traditional valuation methods remain valid||这些巨大的价格巨涌到处提出疑问是否传统的评价方法保持有效. Not surprisingly, however, investment bankers and CFOs who have taken their companies public recently dispute the notion that IPO pricing rules have changed||不是令人惊讶地,然而，投资银行业者和最近已经带他们的公司民众的 CFOs 争论观念 IPO 订价的规则已经改变.
WHAT'S IN A NUMBER||什么在一个数字中?
Investment bankers say the valuation process is as much an art as a science||投资银行业者说评价程序是像一个科学一样的很多一种艺术. The scientific part of the pricing equation is based on numbers: an issuer's historical and projected financial results, as well as valuations for comparable companies||订价相等的科学部份以数字为基础: 发行者的历史而且为可比较的公司计画了财务的结果 , 连同评价. The art is in the investment banker's assessment of market conditions and investors' demand for the new issue||艺术在投资银行业者的市场情况和投资者的评估对新的议题要求.
"Pricing an IPO is always a function of the valuation," says Charles J||订定 IPO 的价格总是评价的一个功能," 说查尔斯 J. Kaplan, president of Equity Analytics||Kaplan, 公正分析学的总统. "That's what you have to determine first||那是你必须决定第一的."
Kaplan, whose company advises privately held firms wishing to go public, points to a range of valuation multiples used to estimate a company's market value||Kaplan, 公司私下劝告拿着了公司想要公开发售股票 , 多种的评价倍数的点过去一直估计一个公司的市场价格. "Let's assume a food distributor or a food processing company wants to go public||让我们承担一个食物经销商或者一家食品加工公司想要公开发售股票. We look at income before interest and dividends and put a multiple on that||我们在兴趣和被除数之前审查收入而且把倍数放在那. If it is a relatively slow-growth industry, the multiple will be lowerif it's a fast-growing company, we'll use a higher multiple||如果它是一相对地慢地-生长业, 倍数将会比较低如果它是一家斋戒-成长的公司, 我们将会使用较高的倍数. The multiple probably won't go higher than 10 or lower than 2 or||倍数或许将不去比较高地超过 10 或低的超过 2 或 3."
Estimating a company's value begins well in advance of the IPO date||估计一个公司的价值在 IPO 日期之前开始得好. Businesses planning to go public typically interview several investment banking firms before selecting one to underwrite the offering||计划典型地公开发售股票的生意在选择一签名于下提供之前接见一些投资银行业公司. The investment bankers, in turn, investigate the company to determine if they want to handle the deal||如果他们想要处理交易，在旋转的投资银行业者调查公司决定. They perform a detailed review of the company's finances, the quality of its management team and the company's position in its major markets||他们运行公司的财务的详细检讨, 它的经营团队和公司的位置的质量在它的主要市场中. The investment bankers also consider "comparables," which are publicly traded companies in the same industry as the IPO candidate||投资银行业者也考虑在如同 IPO 候选人一般的工业中公然地被交易公司的 "可比较的 ,".
Selecting the right comparables is straightforward when working with established companies in clearly defined or mature industries||选择那正确的可比较的是笔直的当在清楚地定义与确定的公司合作的时候或成熟的工业. It is more challenging, though, to find appropriate benchmarks for younger companies, especially those in new and rapidly changing industries||它更挑战性,虽然, 为较年轻的公司找适当的基点, 尤其那些在新的和快速地变更工业. William J||威廉 J. Ruehle, CFO of Broadcom in Irvine, California—a broadband-communications integrated circuits manufacturer that went public in April 1998—stresses the need for flexibility in developing comparisons||Ruehle, 在欧文的 Broadcom 的 CFO, 加州-一个宽频-沟通整合了在 1998 年四月公开发售股票的线路制造业者-在发展中的比较中强调对柔性的需要. "The universe of comparables is constantly changing, so you're always challenged to find the right firms," he points out||宇宙可比较的正在不变地变更, 因此你总是被挑战找正确的公司," 他指出. "We started with comparable communications-semiconductor companies, then we broadened that to companies that have a unique franchise||我们从可比较的沟通-半导体的公司开始了,然后我们对有一个独特的许可的公司变宽了那. The established companies have one type of multiple||确定的公司有倍数的一个类型. As a new company, should we have a better multiple initially or perhaps a lower multiple because our track record is shorter||如一家新的公司，我们应该最初有较好的倍数吗或者也许较低的倍数因为我们的记录比较短?" Despite the tepid IPO market, Ruehle says, "I would say the current pricing practice definitely favors higher multiples for very promising new companies||尽管微温的 IPO 市场， Ruehle 说,"我会说现在的订价练习一定为非常有希望的新公司支持较高的倍数."
But how do you value a company—such as an Internet-related business that's pioneering a new activity—when there are no comparables||但是你如何评价一家公司-像是正在提倡一个新的活动的英特网讲的生意-何时没有可比较的? To compound the difficulty, how do you value a young business that shows losses despite rapidly growing revenues||混合困难, 你如何评价尽管快速增加的收入表示损失的年轻的生意? It's a challenge, but one that Wall Street has overcome before||它是挑战 , 但是以前，华尔街有克服.
"In the past, a company had to show profits and reasonable revenue growth to do an IPO," Kaplan notes||过去，一家公司必须表示利润和合理的收入生长做 IPO," Kaplan 注意. "Then the cable TV companies came along, in the 1970s and 1980s||然后有线电视公司进展了, 在 1970 年代和 1980 年代中. They needed to do IPOs, but they were showing increasing losses because they had had very large capital expenditures to build and maintain their networks||他们需要做 IPOs, 但是因为他们已经有非常大的首都开支建立并且维持他们的网络，他们是成绩逐渐增加的损失. Investment bankers recognized that the companies were showing large increases in revenue and the losses would dissipate over time because the companies had large customer bases that would buy the service month after month||因为公司有了一月一月地会买服务的大的客户基础，所以投资银行业者辨认出公司正在表现了 , 收入的大增加和损失会使过了时间发泄."
A NEW MODEL||一个新的模型
The solution: Change the valuation model||解决: 改变评价模型. "Instead of valuing the cable companies traditionally, at some multiple of earnings, for example, they valued the firms based on their installed customer base," Kaplan says||而非传统地评价电缆公司，在所得的一些倍数，举例来说，他们评价了以他们的安装客户基础为基础的公司," Kaplan 说. "This led to a valuation multiple based on the cable company's subscribers||这导致了以电缆公司的签署者为基础的评价倍数."
Today's Internet companies are forcing a similar revision||今天的英特网公司正在强迫相似的校订. Since many show losses, investment bankers are focusing on revenue growth, industry leadership and projected profit potential to establish benchmarks||自从许多表演损失以后, 投资银行业者是把重心集中在收入生长, 工业领导而且计画了利润潜能建立基点. "Early profitability is not the key to value in a company like this," says Jerry Kennelly, CPA and CFO of Inktomi, San Mateo, California||早的收益性不是在一家像这的公司中评价的关键," 杰瑞狗舍说, CPA 和 Inktomi ，桑河 Mateo 的 CFO 加州. "You must look at the potential of the firm's markets and its revenue growth potential in evaluating stocks like ours||你一定在评估存货同类我们的方面看公司的市场的潜能和它的收入生长潜能. It would be a disservice to our shareholders if we didn't make the right investments at this stage to gain important market share just for the sake of early profitability||如果我们在现阶段没有作正确的投资为了早的收益性仅仅得到重要的市场占有率，它会是对我们的股东的一个伤害."
Inktomi, founded in February 1996, builds the software infrastructure for large Internet portal sites||Inktomi,在 1996 年二月发现, 为大的网路入门位置建立软件系统内各部分. The Inktomi IPO's offering price on June 10, 1998, was $18 per share, and the stock doubled to $36 on the first day||Inktomi IPO 的提供 1998 年六月 10 日定价格, 是每部份 $18, 和存货人两倍到 $36 在第一天. Kennelly reports that there was some give-and-take with the investment bankers over the benchmarks and the offering price||狗舍报告和投资银行业者在基点和提供价格之上有一些互让. "You make projections and the investment bankers discount what you say by some factor that they believe is appropriate||你作发射和投资银行业者打折你所藉着一些因素说他们相信的很适当. You try to find the most authoritative market data you can||你试着找最权威的市场数据你能."
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