IPO是什么？_百度知道
IPO是什么？
IPO：即首次公开募股（Initial Public Offerings，简称IPO）：指股份公司首次向社会公众公开招股的发行方式。IPO新股定价过程分为两部分，首先是通过合理的估值模型估计上市公司的理论价值，其次是通过选择合适的发行方式来体现市场的供求，并最终确定价格。是指企业透过证券交易所首次公开向投资者增发股票，以期募集用于企业发展资金的过程。简介：首次公开招股是指一家企业第一次将它的股份向公众出售。通常，上市公司的股份是根据向相应证券会出具的招股书或登记声明中约定的条款通过经纪商或做市商进行销售。一般来说，一旦首次公开上市完成后，这家公司就可以申请到证券交易所或报价系统挂牌交易。另外一种获得在证券交易所或报价首次公开募股系统挂牌交易的可行方法是在招股书或登记声明中约定允许私人公司将它们的股份向公众销售。这些股份被认为是“自由交易”的，从而使得这家企业达到在证券交易所或报价系统挂牌交易的要求条件。 大多数证券交易所或报价系统对上市公司在拥有最少自由交易股票数量的股东人数方面有着硬性规定。
其他类似问题
为您推荐：
提问者采纳
费用大IPO全称Initial public offering( 首次公开募股） 指某公司（股份有限公司或有限责任公司）首次向社会公众公开招股的发行方式，所以上市后的公司不能IPO了，和IPO不同的是。 既然是首次公开募股，一般是民营企业上市的选择，不过通过路演知名度较高！你补充的问题是这样的，买壳就是直接收购上市公司的股份，费用也不高，后两者的条件都不高，有个概念你可能没弄清楚，而IPO上市要经过一系列复杂的程序，后两者最后都回改为自己公司的名字，股份公司上市还可以通过借壳和买壳上市，然后再将自己的资产注入注入上市公司，IPO是公司上市的一种方法而已，从而达到上市的目的，借壳就是给现在的上市公司注入资产，占有股份。有限责任公司IPO后会成为股份有限公司，而且容易，条件也很高，对公司的规模要求也很高，达到上市的目的
提问者评价
其他2条回答
IPO全称Initial public offering( 首次公开募股） 指某公司（股份有限公司或有限责任公司）首次向社会公众公开招股的发行方式。有限责任公司IPO后会成为股份有限公司。
对应于一级市场，大部分公开发行股票由投资银行集团承销而进入市场，银行按照一定的折扣价从发行方购买到自己的账户，然后以约定的价格出售，公开发行的准备费用较高，私募可以在某种程度上部分规避此类费用。
这个现象在九十年代末的美国发起，当时美国正经历科网股泡沫。创办人会以独立资本成立公司，并希望在牛市期间透过首次公开募股集资(IPO)。由于投资者认为这些公司有机会成为微软第二，股价在它们上市的初期通常都会上扬。
不少创办人都在一夜之间成了百万富翁。而受惠于认股权，雇员也赚取了可观的收入。在美国，大部分透过...
参考资料：
IPO决策-企业为什么要上市以及上市的时机和步骤
IPO全称Initial public offering( 首次公开募股） 指某公司（股份有限公司或有限责任公司）首次向社会公众公开招股的发行方式。有限责任公司IPO后会成为股份有限公司。 股票是一种商品，在经济不景气的时候，IPO会增加证券市场的压力，供过于求，导致股市下跌。
您可能关注的推广回答者：
等待您来回答
下载知道APP
随时随地咨询
出门在外也不愁Initial Public Offering
"IPO" redirects here. For other uses, see .
An initial public offering (IPO) or stock market launch is a type of
where shares of
in a company are sold to the general public, on a , for the first time. Through this process, a
transforms into a . Initial public offerings are used by companies to raise expansion capital, to possibly
the investments of early private investors, and to become publicly traded enterprises. A company selling shares is never required to repay the capital to its public investors. After the IPO, when shares trade freely in the open market, money passes between public investors. Although an IPO offers many advantages, there are also significant disadvantages. Chief among these are the costs associated with the process, and the requirement to disclose certain information that could prove helpful to competitors, or create difficulties with vendors. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a . Most companies undertaking an IPO do so with the assistance of an
firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing the value of shares (share price), and establishing a public market for shares (initial sale). Alternative methods such as the
have also been explored. In terms of size and public participation, the most notable example of this method is the
IPO. China has recently emerged as a major IPO market, with several of the largest IPOs taking place in that country.
The earliest form of a company which issued public shares was the publicani during the . Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or parties. There is evidence that these shares were sold to public investors and traded in a type of
market in the , near the . The shares fluctuated in value, encouraging the activity of speculators, or quaestors. Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicanis lost favor with the fall of the Republic and the rise of the Empire.
In March 1602 the “Vereenigde Oost-Indische Compagnie (VOC), or
was formed. The VOC was the first modern company to issue public shares, and it is this issuance, at the beginning of the 17th century, that is considered the first modern IPO. The company had an original paid-up share capital of 6,424,588 guilders. The ability to raise this large sum is attributable to the decision taken by the owners to open up access to share ownership to a wide public. Everyone living in the United Provinces had an opportunity to participate in the Company. Each share was worth 3000 guilders (roughly equivalent to ). All the shares were tradable, and the shareholders received receipts for the purchase. A share certificate documenting payment and ownership such as we know today was not issued but ownership was instead entered in the company’s share register.
In the United States, the first IPO was the public offering of
around 1783.
When a company lists its securities on a , the money paid by the investing public for the newly issued shares goes directly to the company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offering) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling common shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares trade freely in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to
their investment. After the IPO, once shares trade in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market, or sell a large block of shares directly to the public, at a fixed price, through a . This type of offering is not dilutive, since no new shares are being created.
Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the . This method provides capital for various corporate purposes through the issuance of equity (see ) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public.
An IPO accords several benefits to the previously private company:
Enlarging and diversifying equity base
Enabling cheaper access to capital
Increasing exposure, prestige, and public image
Attracting and retaining better management and employees through liquid equity participation
Facilitating acquisitions (potentially in return for shares of stock)
Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans, etc.
There are several disadvantages to completing an initial public offering:
Significant legal, accounting and marketing costs, many of which are ongoing
Requirement to disclose financial and business information
Meaningful time, effort and attention required of senior management
Risk that required funding will not be raised
Public dissemination of information which may be useful to competitors, suppliers and customers.
Loss of control and stronger agency problems due to new shareholders
Planning is crucial to a successful IPO. One book suggests the following 7 advance planning steps: (1) develop an impressive management a (2) grow the company's business with an eye to th (3) obtain audited financial statements using IPO-accepted a (4) clean up the company' (5) establish a (6) develop good
(7) create insider bail-out opportunities and take advantage of IPO windows.
IPOs generally involve one or more
known as "". The company offering its shares, called the "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares.
A large IPO is usually underwritten by a "" of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an . The spread is calculated as a discount from the price of the shares sold (called the ). Components of an underwriting spread in an initial public offering (IPO) typically include the following (on a per share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker dealer who is not a member of the syndicate but sells shares would receive only the concession, while the member of the syndicate who provided the shares to that broker dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the , typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the , up to 8% in some cases.
Multinational IPOs may have many syndicates to deal with differing legal requirements in both the issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the main selling syndicate in its domestic market, Europe, in addition to separate syndicates or selling groups for US/Canada and for Asia. Usually, the lead underwriter in the main selling group is also the lead bank in the other selling groups.
Because of the wide array of legal requirements and because it is an expensive process, IPOs also typically involve one or more
with major practices in , such as the
firms of London and the
of New York City.
Financial historians
have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks. The direct public offering or DPO, as they term it, was not done by auction but rather at a share price set by the issuing corporation.
In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. There has recently been a movement based on crowd funding to revive the popularity of Direct Public Offerings.
The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:
Public offerings are sold to both institutional investors and retail clients of the underwriters. A licensed securities salesperson (Registered Representative in the USA and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it is possible that the financial incentives of the advisor and client may not be aligned.
The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under certain circumstance known as the
or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed.
In the USA, clients are given a preliminary prospectus, known as a , during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the
IPO red herring. During the quiet period, the shares cannot be offered for sale. Brokers can, however, take
from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission.
Before legal actions initiated by New York Attorney General , which later became known as the
enforcement agreement, some large
had initiated favorable research coverage of companies in an effort to aid Corporate Finance departments and retail divisions engaged in the marketing of new issues. The central issue in that enforcement agreement had been
in court previously. It involved the conflict of interest between the
departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical violation addressed by the settlement was the case of
and , which were alleged to have engaged in inappropriate spinning of "hot"
and issued fraudulent research reports in violation of various sections within the .
A company planning an IPO typically appoints a lead manager, known as a , to help it arrive at an appropriate price at which the shares should be issued. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner ("").
Historically, some IPOs both globally and in the United States have been underpriced. The effect of "initial underpricing" an IPO is to generate additional interest in the stock when it first becomes publicly traded. , or quickly selling shares for a profit, can lead to significant gains for investors who have been allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example is
IPO which helped fuel the IPO "mania" of the late 90's internet era. Underwritten by
on November 13, 1998, the IPO was priced at $9 per share. The share price quickly increased 1000% after the opening of trading, to a high of $97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $63. Although the company did raise about $30 million from the offering it is estimated that with the level of demand for the offering and the volume of trading that took place the company might have left upwards of $200 million on the table.
The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of the issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best known example of this is the
IPO in 2012.
Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that is low enough to stimulate interest in the stock, but high enough to raise an adequate amount of capital for the company. The process of determining an optimal price usually involves the
("syndicate") arranging share purchase commitments from leading institutional investors.
Some researchers (e.g. Geoffrey C., and C. Swift, 2009) believe that the underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, than the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining underpricing is through the use of IPO Underpricing Algorithms.
allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share. One version of the Dutch auction is , which is based on an auction system designed by -winning economist . This auction method ranks bids from highest to lowest, then accepts the highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction , notes, and bonds since the 1990s. Before this,
were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay the same price.
Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only
have been used so far in the US.
Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds).
A variation of the Dutch Auction has been used to take a number of U.S. companies public including , Interactive Brokers Group, , Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company. In 2004,
used the Dutch Auction system for its Initial Public Offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance, the Dutch Auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries.
In determining the success or failure of a Dutch Auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From the viewpoint of the investor, the Dutch Auction allows everyone equal access.
Moreover, some forms of the Dutch Auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at , although the theory behind this is based on the assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket).
Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give a better result.
In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch Auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch Auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in the Wall Street Journal cited the reasons as "Broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks."
Main article:
Under American securities law, there are two time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's
but before SEC staff declare the registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005).
The other "quiet period" refers to a period of 40 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company. Regulatory changes enacted by the
as part of the
enlarged the "quiet period" from 25 days to 40 days on July 9, 2002. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. Additionally, the NASDAQ and NYSE have approved a rule mandating a 10-day quiet period after a
and a 15-day quiet period both before and after expiration of a "lock-up agreement" for a securities offering.
Not all IPOs are eligible for delivery settlement through the , which would then either require the physical delivery of the
to the clearing agent bank's custodian, or a
(DVP) arrangement with the selling group brokerage firm.
"Stag profit" is a situation in the stock market before and immediately after a company's Initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of the stock to rise immediately upon the start of trading. Thus, stag
is the financial gain accumulated by the party or individual resulting from the value of the shares rising.
This term is more popular in the United Kingdom than in the United States.
In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around "" or selling them on the first day of trading.
Documents under seal in a decade-long lawsuit concerning 's IPO but obtained by New York Times Wall Street Business columnist
alleged that IPOs managed by
involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued. Depositions in the lawsuit alleged that clients willingly complied with these demands because they understood it was necessary in order to participate in future hot issues. Reuters Wall Street correspondent
retracted his earlier, more conciliatory, statements on the subject and said he believed that the depositions show that companies going public and their initial consumer stockholders are both defrauded by this practice, which may be widespread throughout the IPO . The case is ongoing, and the allegations remain unproven.
US$22.1 billion (2010)
US$21.9 billion (2006)
American International Assurance US$20.5 billion (2010)
US$19.7 billion (2008)
US$18.15 billion (2010)
US$16 billion (2012)
Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however, China (,
and ) has been the leading issuer, raising $73 billion (almost double the amount of money raised on the
combined) up to the end of November 2011. The Hong Kong Stock Exchange raised 30.9 billion in 2011 as the top course for the third year in a row, while New York raised 30.7 billion.
(Registration form for certain types of issuers)
Smaller reporting company
Mondo Visione web site: Chambers, Clem. "Who needs stock exchanges?" Exchanges Handbook. Published . Accessed 21 September 2011
Hu, Bei and Vannucci, Cecile.
Published . Retrieved
Published . Accessed
Initial Public Offering (IPO) Definition and Calendar, Wikinvest
Wilson Sonsini Goodrich & Rosati
How IPO works – HowStuff Works
Template:Stock market
Help improve this article
Sourced from World Heritage Encyclopedia& licensed under
Help to improve this article, make contributions at the
This article was sourced from Creative Commons Attribution-ShareAlike L additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia& is a registered trademark of the World Public Library Association, a non-profit organization.