UPDATE: IPO market has begun pushing back on growth-at-all-costs private companies

最新消息:IPO市场已开始阻碍不惜一切代价增长的民营企业

2019/09/30 01:03  道琼斯

MW UPDATE: IPO market has begun pushing back on growth-at-all-costs private companies

By Ciara Linnane, MarketWatch

Struggles at WeWork and Peloton's lackluster debut suggest the IPO window is closed for highly valued, loss-making companies

Endeavor Group Holdings canceled plans for an initial public offering Thursday, the latest sign that the IPO market is slowing down.

The move came as Peloton Interactive Inc.'s stockstruggled in its trading debut, and after We Co. , the parent of the office-space company WeWork, postponed its IPO (http://www.marketwatch.com/story/wework-makes-it-official-puts-its-ipo-on-hold-2019-09-17) and forced its chief executive to step down (http://www.marketwatch.com/story/wework-co-founder-and-ceo-adam-neumann-is-stepping-down-2019-09-24) amid mounting concern about its huge losses and high leverage.

See also: Peloton stock spins in reverse during trading debut (http://www.marketwatch.com/story/peloton-stock-spins-in-reverse-during-trading-debut-as-ipo-market-cools-down-2019-09-26)

"The IPO window is closing on growth-at-all-costs, highly valued private companies that are trying to come to market with excessively valued pricing," said Kathleen Smith, principal at Renaissance Capital, (https://www.renaissancecapital.com/IPO-Investing/US-IPO-ETF) a provider of institutional research and IPO exchange-traded funds.

Endeavor , an entertainment powerhouse that owns sports and modeling agency IMG and mixed-martial-arts organization UFC, among other properties, said earlier Thursday that it would trim its offering to 15 million shares priced at $26 to $27 each, down from 19.4 million shares priced at $30 to $32 each that it targeted in a filing on Sept. 16. After markets closed, the company announced that it would delay the IPO (http://www.marketwatch.com/story/endeavor-reportedly-pulling-its-ipo-after-peloton-struggles-2019-09-26) and "continue to evaluate the timing for the proposed offering as market conditions develop."

Don't miss:Entertainment giant Endeavor is going public: 5 things to know ahead of its IPO (http://www.marketwatch.com/story/entertainment-giant-endeavor-is-going-public-5-things-to-know-ahead-of-its-ipo-2019-05-31)

Smith said after the offering was reduced that she expected the company to complete the deal, given that it is profitable and has a record of putting together media properties and talent, but conceded investors are sensitive about overpaying in the current market.

"It's called price discovery, and it's a cleansing process that will make for better days ahead," she said.

China's Wanda Sports Group Co. Ltd.(WSG) , which is viewed as an Endeavor comparable, had a difficult IPO in July, when it priced a downsized deal at $8 a share, about double where it is trading today, Smith said.

"We know the market has been jittery and IPOs in general are seeing multiple contraction," she said, citing recent pullbacks in Zoom Video Communications , streaming platform Roku(ROKU) and cybersecuritiy company CrowdStrike as examples. CrowdStrike(CRWD) , which went public in June, has a one-month negative return of 30%, she said.

"Even the IPO ETF has had a pullback related to this," she said. "Any company looking to go public and their underwriters should be looking at that."

See:Peloton IPO: 5 things to know about the interactive exercise-machine company (http://www.marketwatch.com/story/peloton-ipo-five-things-to-know-about-the-interactive-exercise-machine-company-2019-08-28)

(http://www.marketwatch.com/story/peloton-ipo-five-things-to-know-about-the-interactive-exercise-machine-company-2019-08-28)WeWork said earlier this week that co-founder and Chief Executive Adam Neumann is resigning from that role, amid mounting concerns from some of the company's big investors about huge losses and liabilities. The company has inevitably been compared with Uber(UBER) and Lyft(LYFT) , the ride-sharing giants that went public this year in deals widely viewed as flops.

"Softbank's Vision fund has invested in many highfliers such as Uber, WeWork and Slack," said Per Roman, co-founder and managing partner of boutique investment bank GP Bullhound.

Don't miss: WeWork is going public: 5 things to know about the office-sharing company (http://www.marketwatch.com/story/wework-is-going-public-5-things-to-know-about-the-office-sharing-company-2019-08-14)

Those companies relied on increasingly extravagant funding rounds that came at higher and higher valuations: "land grabs fueled by venture capital," he said.

Read also:Uber stock is a buy-one-get-one-free deal, analyst contends (http://www.marketwatch.com/story/uber-stock-is-a-buy-one-get-one-free-deal-analyst-contends-2019-09-16)

Even Oracle (http://www.marketwatch.com/articles/oracles-larry-ellison-calls-uber-and-wework-almost-worthless-51568924122)(ORCL)founder and Executive Chairman Larry Ellison (http://www.marketwatch.com/articles/oracles-larry-ellison-calls-uber-and-wework-almost-worthless-51568924122) has criticized the trend, describing Uber and Lyft as "almost worthless" at a September event in San Francisco, as MarketWatch sister publication Barron's reported.

The Renaissance IPO ETF(IPO)has fallen about 7% in the last three months but remains higher by 23% on the year, outpacing the S&P 500's18% gain and the Dow Jones Industrial Average's15% rise.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com



(END) Dow Jones Newswires

September 29, 2019 13:03 ET (17:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

MW更新:IPO市场已开始阻碍不惜一切代价增长的民营企业

作者:Ciara Linnane,MarketWatch

WeWork的挣扎和peloton平淡的首次公开募股表明,IPO窗口对于估值高、亏损的公司来说是关闭的

奋进集团控股公司周四取消了首次公开发行(IPO)计划,这是IPO市场放缓的最新迹象。

此举出台之际,peloton Interactive Inc.的股票在上市首日陷入困境,办公空间公司WeWork的母公司我们公司(We Co.)推迟了IPO(http:/www.market watch.com/STORE/WeWork-make-it-官方-put-its-IPO-on-hold-2019-09-17),并迫使其首席执行官下台(http:/www.market watch.com/STORE/WeWork-co-方正创始人兼首席执行官-Adam-Neum.

另请参阅:peloton股票在交易首日反向旋转(http:/www.market watch.com/STORE/peloton-stock-spins-in-reverse-time-trade-deplace-as-ipo-market-olols-down-2019-09-26)

提供机构研究和IPO交易所交易基金(ETF)的复兴资本(Renaissance Capital)(https:/www.renaissececapital.com/IPO-investment/US-IPO-etf)负责人凯瑟琳·史密斯(Kathleen Smith)表示:“IPO窗口正在关闭,那些不惜一切代价实现增长、估值高的民营企业正试图以估值过高的价格上市。”

周四早些时候,拥有体育和模特经纪公司IMG和混合武术组织UFC等资产的娱乐巨头Enavoror表示,将把发行价从9月9日提交的文件中确定的每股30美元至32美元的1,440万股下调至1,500万股,每股定价为26至27美元。16.在市场收盘后,该公司宣布将推迟IPO(http:/www.market watch.com/STORUE/REPORTING-PULL-ITS-IPO-after-peloton-Struggles-2019-09-26),并“随着市场条件的发展,继续评估拟议中的上市时机”。

不要错过:娱乐巨头奋进(Endeavor)即将上市:IPO前需要了解的5件事(http:/www.market watch.com/Story/Entertainment-Growth-Enavor-Is-Going-Public-5-Things-to-That-All-Of-ITS-IPO-2019-05-31)

史密斯表示,在减少发行后,她预计公司将完成交易,因为它是有利可图的,并且有汇集媒体资产和人才的记录,但承认投资者对目前市场上的过高支付很敏感。

“这被称为价格发现,这是一个净化过程,将使未来的日子更美好,”她说。

史密斯说,被视为奋进(Endeavor)同类公司的中国万达体育集团有限公司(WSG)在7月份进行了一次艰难的首次公开募股(IPO),当时该公司将缩小规模的交易定价为每股8美元,约为目前交易价格的两倍。

“我们知道市场一直很紧张,IPO总体上出现了多次收缩,”她表示,并以Zoom Video Communications、流媒体平台Roku(Roku)和网络安全公司CrowdStrike最近的回调为例。她说,CrowdStrike(CRWD)于6月份上市,一个月的回报率为负30%。

“就连IPO ETF也因此出现了回调,”她表示。“任何希望上市的公司及其承销商都应该关注这一点。”

参见:peloton IPO:关于交互式健身器材公司的5件事(http:/www.market watch.com/Story/peloton-IPO-Five-Things-to-Know-the-Interactive-Exercise-Machine-company-2019-08-28)

(http:/www.market watch.com/story/peloton-ipo-Five-Things-to-the-Interactive-Exercise-Machine-Company-2019-08-28)WeWork本周早些时候表示,联合创始人兼首席执行官亚当·诺依曼(Adam Neumann)将辞去这一职位,因为该公司的一些大投资者对巨额亏损和债务越来越担忧。该公司不可避免地被拿来与优步(Uber)和Lyft进行比较,这两家拼车巨头今年上市,交易被普遍视为失败。

精品投资银行GP Bullhound的联合创始人和管理合伙人佩尔·罗曼(Per Roman)表示:“软银的愿景基金已投资于许多高端企业,如优步(Uber)、WeWork和Slack。”

不要错过:WeWork即将上市:关于办公共享公司的5件事(http:/www.market watch.com/Story/WeWork-Is-Going-Public-5-Things-to-Know-the-Office-Sharing-company-2019-08-14)

这些公司依赖于越来越奢侈的融资,而这些融资的估值越来越高:“由风险资本推动的土地抢夺,”他说。

另请阅读:分析师认为,优步股票是买一送一的交易(http:/www.market watch.com/story/uber-stock-is-a-Buy-one-get-one-free-Deal-Analyst-contends-2019-09-16)

甚至甲骨文公司(Oracle)创始人兼执行主席拉里·埃里森(Larry Ellison)创始人兼执行主席拉里·埃里森(Larry Ellison)也批评了这一趋势,称优步和Lyft在9月份的一次活动中“几乎一文不值”,甚至甲骨文也批评了这一趋势,称优步和Lyft在9月份的活动中“几乎一文不值”

复兴IPO ETF(IPO)在过去三个月下跌了约7%,但仍比去年高出23%,超过了标准普尔500指数(S&P500)18%的涨幅和道琼斯工业平均指数(Dow Jones Industrial Average)15%的涨幅。

-Ciara Linnane;415-439-6400;AskNewswires@dowjones.com



(完)道琼斯通讯社

September 29, 2019 13:03 ET (17:03 GMT)

版权所有(C)2019Dow Jones&Company,Inc.

免责声明:中文翻译由腾讯翻译君提供支持,富途对翻译信息的准确性或可靠性所造成的任何损失不承担任何责任。

Copyright©2019 FUTU. All rights reserved. FUTU does not provide any investment advice.