紐交所總裁：2020年的上市熱潮,，明年還將持續(xù)
Anne Sraders
2020-12-06
愛(ài)彼迎（Aribnb）、帕蘭提爾（Palantir）,、雪花（Snowflake）,、DoorDash紛紛公開(kāi)募股。上市在2020年風(fēng)靡一時(shí),，2021年也將是首次公開(kāi)募股（IPO）的活躍年份,。
紐約證券交易所總裁史黛西·坎寧安在周二《財(cái)富》雜志的虛擬頭腦風(fēng)暴技術(shù)大會(huì)上表示，盡管新冠疫情和波動(dòng)局勢(shì)攪亂了公開(kāi)市場(chǎng),，但2020年是“對(duì)IPO具有歷史意義的一年,。我們經(jīng)歷了紐交所歷史上最繁忙的一年?！?/p>
坎寧安說(shuō),，一貫的“市場(chǎng)波動(dòng)和IPO活躍度之間的負(fù)相關(guān)”在2020年被打破了。證券交易所巨頭經(jīng)歷了“破紀(jì)錄的IPO活躍度。此外,，不少公司增發(fā)新股,，因?yàn)楣菊谕ㄟ^(guò)公開(kāi)市場(chǎng)籌集資金來(lái)抵御新冠疫情帶來(lái)的挑戰(zhàn)”。
坎寧安說(shuō),，出現(xiàn)上市熱潮的部分原因在于公司意識(shí)到,，在私募市場(chǎng)上融資“突然變得成本更高”，而上市公司在公開(kāi)市場(chǎng)上可以“非常容易和有效”地融資,?！耙虼耍_(kāi)市場(chǎng)的真正價(jià)值得到了展示,?！边@促使許多CEO捫心自問(wèn)：“他們是否總能在私募市場(chǎng)上獲得同樣的資金？因此,，有些公司開(kāi)始嘗試盡早上市,。”
事實(shí)上,，即使是一場(chǎng)有爭(zhēng)議且曠日持久的總統(tǒng)選舉,，也不足以阻止今年秋季上市申請(qǐng)的大量涌現(xiàn)?？矊幇脖硎?，她看到一些公司“不再觀(guān)望，準(zhǔn)備上市,，不僅是在12月， 2021年初這一態(tài)勢(shì)仍將繼續(xù)”,。
這并不意味著所有公司都選擇傳統(tǒng)的IPO方式,。有些公司也在考慮一系列其它上市選擇，包括特殊目的收購(gòu)公司（SPAC）和直接上市,，這兩種上市方式不太受市場(chǎng)環(huán)境的影響,，而且“不需要同時(shí)進(jìn)行融資”，坎寧安這樣說(shuō)道,。
但坎寧安認(rèn)為,，無(wú)論是通過(guò)SPAC還是IPO方式，明年都有不錯(cuò)的前景,?！?021年的上市門(mén)檻相當(dāng)高，但到目前為止預(yù)計(jì)會(huì)很繁忙,?！保ㄘ?cái)富中文網(wǎng)）
翻譯：郝秀
審校：汪皓
愛(ài)彼迎（Aribnb）、帕蘭提爾（Palantir）、雪花（Snowflake）,、DoorDash紛紛公開(kāi)募股,。上市在2020年風(fēng)靡一時(shí)，2021年也將是首次公開(kāi)募股（IPO）的活躍年份,。
紐約證券交易所總裁史黛西·坎寧安在周二《財(cái)富》雜志的虛擬頭腦風(fēng)暴技術(shù)大會(huì)上表示,，盡管新冠疫情和波動(dòng)局勢(shì)攪亂了公開(kāi)市場(chǎng)，但2020年是“對(duì)IPO具有歷史意義的一年,。我們經(jīng)歷了紐交所歷史上最繁忙的一年,。”
坎寧安說(shuō),，一貫的“市場(chǎng)波動(dòng)和IPO活躍度之間的負(fù)相關(guān)”在2020年被打破了,。證券交易所巨頭經(jīng)歷了“破紀(jì)錄的IPO活躍度。此外,，不少公司增發(fā)新股,，因?yàn)楣菊谕ㄟ^(guò)公開(kāi)市場(chǎng)籌集資金來(lái)抵御新冠疫情帶來(lái)的挑戰(zhàn)”。
坎寧安說(shuō),，出現(xiàn)上市熱潮的部分原因在于公司意識(shí)到,，在私募市場(chǎng)上融資“突然變得成本更高”，而上市公司在公開(kāi)市場(chǎng)上可以“非常容易和有效”地融資,?！耙虼耍_(kāi)市場(chǎng)的真正價(jià)值得到了展示,?！边@促使許多CEO捫心自問(wèn)：“他們是否總能在私募市場(chǎng)上獲得同樣的資金？因此,，有些公司開(kāi)始嘗試盡早上市,。”
事實(shí)上,，即使是一場(chǎng)有爭(zhēng)議且曠日持久的總統(tǒng)選舉,，也不足以阻止今年秋季上市申請(qǐng)的大量涌現(xiàn)?？矊幇脖硎?，她看到一些公司“不再觀(guān)望，準(zhǔn)備上市,，不僅是在12月,， 2021年初這一態(tài)勢(shì)仍將繼續(xù)”。
這并不意味著所有公司都選擇傳統(tǒng)的IPO方式,。有些公司也在考慮一系列其它上市選擇,，包括特殊目的收購(gòu)公司（SPAC）和直接上市，這兩種上市方式不太受市場(chǎng)環(huán)境的影響，而且“不需要同時(shí)進(jìn)行融資”,，坎寧安這樣說(shuō)道,。
但坎寧安認(rèn)為，無(wú)論是通過(guò)SPAC還是IPO方式,，明年都有不錯(cuò)的前景,。“2021年的上市門(mén)檻相當(dāng)高,，但到目前為止預(yù)計(jì)會(huì)很繁忙,。”（財(cái)富中文網(wǎng)）
翻譯：郝秀
審校：汪皓
Aribnb. Palantir. Snowflake. DoorDash. Going public is all the rage in 2020. And now 2021 is shaping up to be an exciting year for IPOs.
Against all the odds as a pandemic and volatility roiled the public markets, 2020 was a "historic year when it comes to IPOs. We had the busiest year we’ve ever had in the history of the NYSE," New York Stock Exchange president Stacey Cunningham said at Fortune's virtual Brainstorm Tech conference on Tuesday.
The typical "inverse correlation between market volatility and the IPO activity" was broken in 2020, as the stock exchange titan has seen "record-breaking IPO activity, not just IPOs but also through follow-on offerings, as companies are using the public markets to raise money to fight off the challenges of COVID-19 that they've been facing," Cunningham said.
Part of the frenzy to go public, says Cunningham, owes to companies realizing that raising money in the private markets was "more expensive suddenly," while public companies were "very easily and efficiently" raising money in the public markets. "So really the value of the public markets was on display," she said. That's prompted lots of CEOs to ask themselves, "would they always have the same access to capital in the private markets? And so some of them started to dip their toe into going public sooner," says Cunningham.
Indeed, even a controversial and drawn-out Presidential election hasn't been enough to stem the flow of S-1 filings this fall: Cunningham says she's seeing companies "coming back off the sidelines, ready to go public, and not just in the month of December but in early 2021," Cunningham said.
That doesn't mean companies are all just opting for traditional IPOs. Firms are considering an array of options to going public, including SPACs (special purpose acquisition companies) and direct listings—methods that aren't quite as tethered to market conditions and "where there isn’t a capital raise happening at the same time," Cunningham says.
But whether via SPACs or IPOs, Cunningham sees a healthy pipeline come next year: "2021 has a pretty high bar to beat, but it’s looking busy so far."
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