IPO盛宴中暴賺的7大投行
2014 was a stellar year for initial public offerings across the globe.
對於全球IPO市場來說，2014年是收穫頗豐的一年。This year, 1,155 companies started trading on the world’s public markets and pulled in over $238 billion. Based on total proceeds, that makes 2014 the best year for IPOs since 2010, and we haven’t even rung in the new year yet.
這一年，1155家公司首發上市，融資逾2380億美元。按融資總額計算，這是2010年以來全球IPO市場表現最好的一年。The year also featured the biggest public stock offering ever when Chinese e-commerce giant Alibaba BABA 0.41% raised $25 billion in September and started trading on the New York Stock Exchange.
今年還出現了美國曆史上規模最大的IPO——中國電子商務巨擘阿里巴巴9月份於紐約證交所掛牌上市，籌集資金高達250億美元。
With figures this big, there are a lot of gains to spread around. Goldman Sachs GS 0.20% had the best year, grabbing 109 deals worldwide and netting $4.76 billion in fees as of mid-December, according to Bloomberg data. JPMorgan Chase came in second with $4.03 billion in fees across 113 deals. Morgan Stanley MS -0.36% was a distant third, pulling in almost $372 million.
這場IPO盛宴也帶來了不少賺錢機會。高盛迎來了有史以來業績最好的一年。彭博提供的數據顯示，高盛參與了全球109家公司的IPO，承銷費淨收入爲47.6億美元。摩根大通緊隨其後，涉足了113家公司的IPO，斬獲收入40.3億美元。位居第三的摩根士丹利與前兩名差距較大，承銷收入近3.72億美元。Investment banks earn fees from underwriting IPOs, and the amount they earn is a set percentage of the total money raised by the newly public company. The bank’s cut typically ranges between 3% and 5.5% for big U.S. IPOs, although banks will often lower that percentage if they want to get involved in a prestigious deal. For example, underwriters on the record-breaking Alibaba deal agreed to a 1% cut of the proceeds. Lower fees are often worth it in order to build a relationship with a company and position the bank for future business, such as an upcoming debt issuance or other top shelf IPOs.
投行通過承銷新股賺取佣金，這筆費用按照新上市公司融資總額的固定比例來收取。在美國市場，大型IPO的承銷費比例通常爲3%-5.5%——如果投行希望參與備受關注的IPO，往往會下調這個百分比。舉例來說，在阿里巴巴創紀錄的IPO過程中，承銷商同意收取1%的佣金。降低收費通常都是物有所值的，這樣做既是爲了和企業建立關係，也有利於投行今後的業務，比如隨後的公司債券發行，或是其他大型IPO。Also, IPO fees don’t capture the whole revenue picture. Banks usually take home much more than their fee totals, notching even more gains after the shares list on the stock exchange. Stocks of hot companies often see their prices pop in first day trading, rising above the offering price, and so banks can sell a chunk of the company’s shares for an immediate gain.
此外，承銷費並不是投行在IPO中的全部收入。通常，投行在IPO中所獲得的收入遠高於承銷費，而且它們在新股上市交易後甚至賺的更多。上市當天，熱門公司的股價經常飆升，從而超出發行價；投行就會將手中的新股拋出，直接套利。All of this has helped to boost investment banks’ bottom lines in 2014. Citigroup’s C 0.22% income from underwriting offerings rose 51% year-over-year in the third quarter, while JPMorgan’s underwriting income was up 24% over the same period. The revenue jump helped both banks boost overall income, which was up 9% at Citigroup and 5% at JPMorgan compared with the year prior.
所有這些都有助於提升投行的2014年的財務表現。第三季度，花旗集團的承銷收入同比增長了51%，摩根大通的承銷收入增幅爲24%。藉助這部分收入的大幅攀升，花旗和摩根大通的總收入同比分別上漲了9%和5%。The banks weren’t the only big IPO winners this year, especially where Alibaba comes into play. Yahoo YHOO 1.26% has Alibaba to thank for a nearly $9.4 billion windfall, and Softbank Chairman Masayoshi Son skyrocketed to the top of the Japan’s richest moguls list after the Chinese internet giant went public.
投行不是今年IPO盛宴中的唯一的大贏家，尤其是牽涉到阿里巴巴時。雅虎得感謝阿里，後者讓它不費吹灰之力就賺了近94億美元。此外，阿里巴巴上市後，軟銀董事長孫正義也一躍成爲日本首富。（財富中文網）
