Exclusive: Nasdaq files with SEC for IPO alternative to raise funds
Exclusive: Nasdaq files with SEC for IPO alternative to raise funds
By Joshua Franklin
作者：約書亞·富蘭克林
NEW YORK (Reuters) - Exchange operator Nasdaq Inc has filed with U.S. regulators to change its rules to enable companies that debut on the stock market through a direct listing to raise capital, as an alternative to an initial public offering.
路透紐約8月23日電-交易所運營商納斯達克(Sequoia Capital Inc.)已向美國監管機構提交申請，要求修改規則，允許通過直接上市上市的公司籌集資金，作為首次公開募股(IPO)的替代方案。
The move underscores a desire for an alternative route to the public markets to an IPO, for decades the avenue used by the likes of Amazon.com Inc and Apple Inc , amid criticism by venture capital firms that investment banks underprice IPOs to help investors score big gains.
此舉突顯出人們渴望找到公開市場上市的替代途徑。幾十年來，亞馬遜和蘋果等人一直使用這種途徑。風投公司批評稱，投資銀行壓低IPO定價，以幫助投資者獲得高額收益。
Nasdaq made the proposed rule change in a filing submitted on Monday and which is set to be published by the U.S. Securities and Exchange Commission (SEC) on Tuesday.
納斯達克在週一提交的一份文件中做出了擬議的規則修改，美國證券交易委員會(美國證券交易委員會)將於週二公佈這份文件。
Nasdaq has been working on the filing for around a year, according to a person familiar with the matter.
據一位知情人士透露，納斯達克已經為這一申請工作了大約一年的時間。
The SEC already allows direct listings for companies that do not raise capital in the process. In 2018, music streaming business Spotify Technology SA was the first major company to go public through a direct listing.
美國證券交易委員會已經允許不在上市過程中籌集資金的公司直接上市。2018年，音樂流媒體企業Spotify Technology SA是第一家通過直接上市的大公司。
The rival New York Stock Exchange (NYSE) in June submitted an amended rule change with the SEC that would also enable companies to raise capital through a direct listing.
競爭對手紐約證券交易所(NYSE)在6月份向美國證券交易委員會提交了一份修訂規則，也將允許公司通過直接上市籌集資金。
Nasdaq's proposal would see a company, with the help of an investment bank, set a non-binding price range in advance of the first trade on the exchange, with a fixed number of shares being sold. There is no limit on how much above the price range a company's share price could open; the stock would not open more than 20% below the range.
納斯達克的提議是，由一家公司在一家投行的幫助下，在香港交易所首次交易之前設定一個不具約束力的價格區間，發售固定數量的股票。一家公司的股價開盤價比區間高出多少沒有限制；股票開盤不會比區間低20%以上。
Under the NYSE's June proposal, a stock would need to open within the proposed price range.
根據紐約證交所6月份的提議，一隻股票的開盤價必須在提議的價格區間內。
There were 109 U.S. IPOs so far this year, as of Aug. 21, excluding special purpose acquisition company (SPAC) listings, according to IPOScoop. They have delivered an average first-day pop of 35.7%, according to Reuters calculations of IPOScoop data.
根據IPOScoop的數據，截至8月21日，今年迄今美國共有109宗IPO，其中不包括特殊目的收購公司(SPAC)的上市。根據路透社(Reuters)對IPOScoop數據的計算，它們的平均首日漲幅為35.7%。
Venture capital investors including Benchmark's Bill Gurley have criticized the IPO structure, arguing it allows banks to sell stock at a discount to their clients, who can then reap large gains when the stock begins trading.
包括Benchmark的比爾·格利在內的風險資本投資者批評了IPO結構，認為它允許銀行以折扣價向客户出售股票，然後當股票開始交易時，客户可以獲得鉅額收益。
(Reporting by Joshua Franklin in New York; Editing by Leslie Adler)
(Joshua Franklin在紐約報道；Leslie Adler編輯)
譯文內容由第三人軟體翻譯。