All this shows why setting an offering price for shares in an IPO is so tricky. Its more an artthan a science, says Paul Bard of Renaissance Capital, an IPO research firm in America.Investment banks are supposed to be masters of that art. But some people, such as PeterThiel, a big early investor in Facebook and LinkedIn, have accused the banks involved in theLinkedIn transaction of drastically underpricing the shares.
以上种种,均说明了首次公开募股的报价是一门微妙的学问,与其说是科学,不如说是艺术,美国IPO研究机构复兴资本公司的保罗?巴德如此说道。投资银行向来被视为是这门艺术的行家,但包括脸谱和人脉网的主要早期投资者彼得?席尔在内的一些人,都对投资银行参与到人脉网的股票交易,将股票发行价大幅压低而诟病不已。
Bankers have sometimes been accused of underpricing deals so that their investment clientscan make a swift killing on a firms shares. However in this case Mr Thiels gripe was that thebanks failed to appreciate LinkedIns tremendous potential. Perhaps it never occurred to thebankers involved that people would pay so much for such a risky stock.
投资银行家有时会被指责刻意压低交易价格,以便其投资客户从购买的企业股票中大发横财。然而席尔先生的矛头这次仅针对投资银行未能意识到人脉网的巨大潜力。或许原因在于,参与投资的银行家永远都不会想到,人们竟然会为了这家风险重重的股票投入如此多的金钱。
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