美歐IPO市場顯著復甦

The last leg of the year is set to be a busy one for initial public offerings on both sides of the Atlantic, with companies including Italy’s Pirelli, Alibaba-backed Best Logistics and video streaming platform Roku lining up to list.

今年剩餘時間將是大西洋兩岸首次公開發行(IPO)的繁忙季節，意大利倍耐力(Pirelli)（見題圖）、阿里巴巴(Alibaba)支持的百世物流(Best Logistics)和視頻流媒體平臺Roku等公司都將上市。

The pipelines were building in spite of poor performance for this year’s high-profile deal from Snap, the owner of Snapchat, in the US and investor concerns that a strengthening euro may curtail the earnings recovery in Europe.

籌備IPO交易的公司正在增多，儘管今年在美國高調上市的Snap（旗下擁有Snapchat）表現不佳，同時投資者擔憂歐元不斷走強可能遏制歐洲企業的盈利復甦。

“As long as overall markets remain relatively constructive and transactions continue to be executed well, we continue to expect healthy volumes over the rest of the year,” said David Ludwig, head of Americas equity capital markets at Goldman Sachs.

“只要總體市場仍然相對積極，只要交易繼續執行良好，我們繼續預期今年餘下時間會保持健康的交易量，”高盛(Goldman Sachs)美洲股票資本市場主管戴維?路德維格(David Ludwig)表示。

US listings were up from 2016, which marked the one of the weakest periods in years. According to Dealogic, 112 IPOs have priced year to date, versus just 63 at this time last year. Issuance volume has more than doubled to $31.6bn.

美國上市交易相比2016年（多年來最疲弱的年份之一）出現起色。根據Dealogic的統計，今年迄今已有112筆IPO得到定價，而去年這個時候只有63筆。發行金額翻了一番多，達到316億美元。

Two-thirds of this year’s deals are trading above their issue price. On average, 2017’s class of US IPOs have risen in value by about double the S&P 500, at 20 per cent, according to Renaissance Capital, which runs IPO-focused exchange traded funds.

今年三分之二新上市股票目前的交易價格高於發行價。據旗下管理着專注於IPO的交易所交易基金(ETF)的Renaissance Capital介紹，平均而言，2017年美國新上市股票的股價漲幅大約是標準普爾500指數(S&P 500)的兩倍，達到20%。

Snap, however, has sunk to about $15 after initially rallying from its IPO price of $17 in March, damping some expectation of further activity involving so-called decacorns, tech companies that have achieved valuations of $10bn or more through private funding.

然而，3月份以17美元的發行價上市的Snap，在最初上漲後下跌至約15美元，打擊了市場對於所謂“十角獸”企業（通過私人籌資達到100億美元或更高估值的公司）會有更多IPO活動的預期。

Spotify, the music streaming service, plans to list existing private shares directly on the New York Stock Exchange as soon as the fourth quarter rather than doing a formal IPO, while other large, well-known tech companies for now were seen as more likely prospects for 2018, bankers said.

銀行家們表示，音樂流媒體服務Spotify計劃最早第四季度在紐約證券交易所(NYSE)直接上市其現有的非公開發行股票，而不走正式的IPO程序，而其他大型知名科技公司則被視爲更有可能在2018年上市。