Spotify可能試驗唔用投行保薦 直接上市


其實呢個係上星期的舊聞,但好重要要寫返。WSJ引述消息人士指,正密謀上市的Spotify正考慮IPO時,不僱用投行的保薦服務(Underwritting),「直接」上市。


The Swedish company, last valued at $8.5 billion, is seriously considering not holding a public sale of shares. Instead it is exploring simply listing its shares on an exchange in what is known as a direct listing, according to people familiar with the matter. It wouldn’t raise money—the hallmark of an IPO—or use underwriters to sell the stock.

所謂的「保薦」上市,就是上市的司其實是先以一個概定的價錢所投行出售股份,再由投行向機構投資者及公開市場出售股份。投行理論上會承受上市時市況不穩的風險,但亦可賺取當中的差價利潤。

Spotify就是希望可避開這筆巨額費用,藉以賺更多。有趣是,為考慮這個方式上市,Spotify僱用了一間投行作研究。

WSJ: https://www.wsj.com/articles/spotify-finally-readies-an-ipo-thats-not-an-ipo-1491476403