Facebook上市市值最高可達959億美元
Facebook expects to hit a valuation of as much as $95.9bn when it debuts on Wall Street this month, the social networking company said, as it moved into the final stages of the most hotly anticipated share sale since Google’s initial public offering eight years ago.
The company also put an unusually wide price range on its shares, with a value of only $86bn at the midpoint. That is well below the $100bn widely anticipated in the markets and left some investors and analysts questioning whether Facebook’s IPO will live up to the high hopes aroused in the build-up.
Facebook設定的股票發行價區間比一般公司要寬，若按區間中點計算，該公司的估值僅爲860億美元。這個估值明顯低於市場廣泛預期的1000億美元，一些投資者和分析師因此質疑，Facebook的IPO規模是否能不辜負市場在此次IPO籌備期間燃起的厚望。“My first impression is, it sounds low,” said Kevin Landis, chief investment officer of Firsthand Funds, which already owns Facebook stock. He said the company appeared to have deliberately pitched the price range low to avoid the sticker shock investors might otherwise feel, calling the estimate “a conversation-starter” that could rise much higher.
Firsthand Funds首席投資官凱文•蘭迪斯(Kevin Landis)說：“我的第一感覺是，這好像低了點。”Firsthand Funds目前已持有Facebook的股份。他表示，Facebook似乎有意設定了較低的價格區間，免得因定價過高把投資者嚇跑。他認爲這個估價只是試探性的，之後可能大幅提高。
Facebook’s share sale will cap a rise that has taken founder Mark Zuckerberg from Harvard University dorm to the top of Silicon Valley in only eight years. Based on the top end of the price range, his personal stake after the sale would still be worth $17.6bn, eclipsing Google founders Larry Page and Sergey Brin, each of whom currently own shares worth slightly less than $17bn in the search company.
Facebook的上市標誌着，其創始人馬克•扎克伯格(Mark Zuckerberg)用八年時間，完成了從哈佛大學(Harvard University)宿舍到硅谷(Silicon Valley)之巔的征程。按最高發行價計算，Facebook上市之後，扎克伯格個人所持股份將價值176億美元，超越了谷歌創始人拉里•佩奇(Larry Page)和謝爾蓋•布林(Sergey Brin)，後兩人在這家搜索引擎公司持有的股份，價值均略低於170億美元。The filing comes ahead of next week’s expected start of an investor “roadshow”, putting Facebook’s shares on track to begin trading late the week after.
預計，Facebook將於下週展開面向投資者的路演，而後按部就班地在再下一週的晚些時候上市。The price range of $28-$35 a share, which was much wider than for other recent internet IPOs but in line with Google’s first share sale, reflects the dilemma Facebook faces as it tries to build a broad Wall Street following for its stock, according to analysts.
Facebook股票的發行價區間爲每股28美元至35美元，寬度大大超過近期其他互聯網企業的IPO，但與谷歌的IPO相當。分析師們認爲，這反映出Facebook努力爲其股票招攬更多華爾街擁躉時面臨的兩難局面。“You don’t want to price this too high or you might dilute some of the demand, but if you underprice it, you dilute some of the buzz,” said Jed Williams, analyst at BIA/Kelsey.
BIA/Kelsey的分析師傑德•威廉姆斯(Jed Williams)指出：“一方面不能定價過高，否則就可能削弱需求，另一方面也不能定價過低，否則就可能削弱轟動效應。”A slowdown in Facebook’s revenue growth and jump in costs has also left Wall Street wary. The shares reached a peak of $46 in private market trading earlier this year as investors chased the price higher, though the mood has since turned more cautious.
Facebook收入增長的放緩和成本的大幅升高也引起了華爾街的警惕。由於投資者追漲，Facebook股價今年早些時候曾在私募市場交易中達到每股46美元的高點，不過在那以後投資者的情緒已變得更加審慎。At the lower end of its price range, Facebook would be worth just under $77bn, a price that is in line with the valuation that its board put on the company last month at the time that it used cash and stock in its $1bn acquisition of photo-sharing app Instagram.
如果按最低發行價計算，Facebook的市值將略低於770億美元。這個數字與上月Facebook董事會對該公司的估值相符，當時Facebook剛以10億美元現金加股票收購了照片分享應用Instagram。
