Snap上市首日股價飆升
The US broke its long drought of large technology initial public offerings on Thursday as shares in Snap soared more than 40 per cent in their market debut despite questions about corporate governance and profitability at the owner of vanishing messaging service Snapchat.
美國週四結束了很久沒有大型科技公司首次公開發行(IPO)的局面。Snap的股票在上市首日飆升44%，儘管人們對閱後即焚服務Snapchat所有者的公司治理和盈利能力存在疑問。A pack of traders huddled around the desk of Snap’s designated market maker for more than an hour after the opening bell at the New York Stock Exchange to strike the opening price, when cheers rang out across the floor. The IPO was priced at $17, above the indicated range of $14 to $16, with the shares opening at $24.
紐交所(NYSE)開盤後報出開盤價時，交易大廳裏響起了歡呼聲。隨後的1個多小時裏，一羣交易員圍攏在Snap指定做市商的辦公桌周圍。IPO定價爲17美元，高於14美元至16美元的指導價區間，而開盤價爲24美元。
Shares rose above $25 in afternoon trading, valuing the group at close to $30bn.
最終，Snap股價以24.48美元報收，公司估值接近290億美元。
At that valuation Snap is worth two and a half times social media rival Twitter, and about the same as food manufacturer Kellogg, video games maker Electronic Arts and electronics company Panasonic. But it is dwarfed by its two main rivals for advertising dollars: Google, at $590bn, and Facebook, at $400bn.
Snap的這一估值是社交媒體對手Twitter的2.5倍，跟食品生產商家樂氏(Kellogg's)、電子遊戲發行商電子藝界(Electronic Arts)和電子產品公司松下(Panasonic)相當，但在Snap在與其爭奪廣告支出的兩大對手谷歌(Google)和Facebook面前相形見絀。谷歌與Facebook的估值分別爲5900億美元和4000億美元。Some 75m Snap shares traded hands at 11.35am New York time, when it began trading, the highest volume of any stock worth more than $50m on US exchanges, according to data from Bloomberg.
彭博(Bloomberg)數據顯示，截至紐約時間上午11點35分，Snap股票交易量已達到約7500萬股，是美國交易所估值高於5000萬美元的上市公司中最高的。The enthusiasm came despite the decision by some portfolio managers to shun the stock over concerns about the company’s decision to issue shares with no voting rights, a first in the US, and to ensure control for the co-founders even if they leave the company.
投資熱情高漲的背景是，一些投資組合經理決定避開該股，原因是擔憂該公司決定發行無投票權的股票。這是美國首次發行不附帶投票權的股票，此舉爲共同創始人確保了控制權，即使他們離開公司也是如此。In addition, some analysts questioned whether an app with no profits and fierce competition from other social media groups warranted such a lofty valuation. Last year the company recorded a net loss of $515m, up from $373m in 2015, on revenue of $405m.
此外，一些分析師質疑，一個沒有利潤且面對來自其他社交媒體集團激烈競爭的App，是否配得上如此高的估值？去年，該公司實現營收4.05億美元，而淨虧損爲5.15億美元，較2015年3.73億美元的淨虧損有所增加。
