After WeWork debacle, IPO market slams brakes on unprofitable companies

WeWork崩溃后,IPO市场猛烈抨击无利可图的公司

2019/09/28 00:17  路透社
By Tim McLaughlin
BOSTON, Sept 27 (Reuters) - Companies making their debut on the U.S. stock market are getting a rough welcome, especially if they are losing money, casting a shadow over the calendar for initial public offerings for the rest of the year.
The surprise postponement of the WeWork IPO has underscored how confidence is eroding in the market both for companies looking to raise capital and investors.
A more discerning market for initial public offerings continued to punish Peloton Interactive Inc on Friday, a day after it began trading, as shares of the fitness startup fell 4% to $24.74. The company is now trading 15% below its Wednesday IPO price.
In the past, public market investors have typically expected companies to become profitable within 18 months or so of an IPO. This timeline has been relaxed with money managers eager to add businesses with fast-growing revenue to their portfolios.
Recent deals, however, suggest an uncertain economic outlook is pushing investors to be more selective about the loss-making companies they are willing to back.
Peloton reported rapid top-line growth of 110% during the fiscal year that ended June 30. But the company also showed negative operating leverage, with operating expenses surging 147% over the prior year.
Loss-making teeth-alignment company SmileDirectClub earlier this month became the first U.S. IPO in three years to price above its target range and close down on its first trading day, according to research firm Renaissance Capital.
The average IPO return in 2019 is now about 9%, down from more than 30% at the end of June and more than 18% about two weeks ago.
In the United States, much of the attention in the third quarter has focused on a deal that failed to come to fruition - the planned IPO of WeWork parent We Company.
Having aimed to launch its IPO earlier in September, the company postponed plans to list until later in 2019, before replacing its chief executive officer and saying it was reviewing its timetable to go public.
Endeavor Group Holdings , an entertainment and talent agency company backed by Hollywood power broker Ari Emanuel with a track record of losses, made a last-minute decision to abandon its IPO due to the tough market conditions.
Taking a lesson from the struggles earlier in 2019 of ride-hailing companies Uber Technologies and Lyft Inc , which have no stated timetable for becoming profitable, investors have started to push back on companies with a history of steep losses.
"It will be a dialogue among bankers and boards and senior management teams where they say, 'these were isolated and not comparable,' or say 'we have a sentiment shift and we need to be more conservative and use a different strategy,'" said David Ethridge, U.S. IPO services leader at audit firm PwC.
The market was more receptive to lesser-known names such as cyber security company Ping Identity and cloud monitoring company Datadog Inc . Both companies have reported more modest losses and rely on selling to companies rather than to consumers.

(Reporting By Joshua Franklin and Lance Tupper in New York;
Writing by Tim McLaughlin in Boston.; Editing by Alden Bentley
and Bill Berkrot)
((tim.mclaughlin@thomsonreuters.com; +1 617-856-4409; Reuters
Messaging: Tim.McLaughlin.thomsonreuters.com@reuters.net)
蒂姆·麦克劳林(Tim McLaughlin)著
路透波士顿9月27日电-在美国股市首次亮相的公司受到了热烈欢迎,尤其是在亏损的情况下,这给今年剩余时间首次公开募股(IPO)的日程蒙上了一层阴影.
WeWork IPO意外推迟,突显出对于寻求融资的公司和投资者而言,市场信心正如何受到侵蚀。
周五,在佩洛顿互动公司(Peloton Interactive Inc)开始交易一天后,一个更具洞察力的首次公开发行(IPO)市场继续惩罚该公司,这家健身初创公司的股价下跌4%,至24.74美元。该公司目前的股价比周三的IPO价格低了15%。
过去,公开市场投资者通常期望公司在IPO后18个月左右实现盈利。随着基金经理急于将收入快速增长的业务添加到其投资组合中,这一时间表已有所放宽。
然而,最近的交易表明,不确定的经济前景正促使投资者对他们愿意支持的亏损公司更加挑剔。
peloton报告称,在截至6月30日的财年中,营收快速增长了110%。但该公司也显示出负的运营杠杆,运营支出比上一年飙升了147%。
根据研究公司Renaissance Capital的数据,本月早些时候,扭亏为盈的SmileDirectClub公司成为三年来美国首次公开募股(IPO),发行价高于目标区间,并在第一个交易日关闭。
2019年IPO的平均回报率现在约为9%,低于6月底的逾30%和大约两周前的逾18%。
在美国,第三季度的大部分注意力都集中在一项未能实现的交易上-WeWork母公司我们公司(WeWork)计划的首次公开募股(IPO)。
由于计划在9月初启动IPO,该公司将上市计划推迟到2019年晚些时候,然后更换首席执行官,并表示正在评估上市时间表。
由好莱坞权力经纪人阿里·伊曼纽尔(Ari Emanuel)支持的娱乐和人才经纪公司Enavor Group Holdings在最后一刻做出了放弃IPO的决定,原因是市场形势严峻。
从2019年早些时候叫车公司优步技术(Uber Technologies)和Lyft Inc.的挣扎中吸取了教训,这两家公司没有明确的盈利时间表,投资者已开始对历史上亏损严重的公司进行回击。
审计公司普华永道(PwC)美国IPO服务主管大卫·埃思里奇(David Ethridge)表示:“这将是银行家、董事会和高级管理团队之间的对话,他们会说,‘这些是孤立的,不可比较的’,或者说‘我们的情绪发生了转变,我们需要更加保守,使用不同的策略。’”
市场更愿意接受不太知名的公司,如网络安全公司Ping identity和云监控公司Datadog Inc。两家公司都报告了较为温和的亏损,并依赖于向公司而不是向消费者销售产品。

(约书亚·富兰克林和兰斯·塔珀纽约报道;
作者:Tim McLaughlin in Boston;编辑:Alden Bentley
和比尔·伯克罗)
(tim.mclaughlin@thomsonretems.com;+1 617-856-4409;路透社
消息传送:Tim.McLaughlin.thomsonreuters.com@reuters.net)

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