今年又是一個(gè)IPO的豐收年，又有一票大型科技公司扎推上市。

上月底，即時(shí)通訊軟件平臺(tái)Slack遞交了上市申請(qǐng)。同日，打車軟件Uber也發(fā)布了IPO定價(jià)。四月上旬， Lyft、Pinterest和Zoom相繼上市，民宿平臺(tái)Airbnb和大數(shù)據(jù)公司Palantir也將在今年晚些時(shí)候上市。據(jù)復(fù)興資本公司介紹，今年很可能將成為IPO創(chuàng)紀(jì)錄的一年，火紅程度甚至可能超過(guò)“.com”泡沫時(shí)期。復(fù)興資本的負(fù)責(zé)人凱瑟琳?史密斯表示：“我們認(rèn)為，2019年有可能成為IPO市場(chǎng)融資創(chuàng)紀(jì)錄的一年，總發(fā)行額可能破1000億美元，超過(guò)1999年和2000年的水平。”下面，我們就來(lái)回顧一下美國(guó)歷史上規(guī)模最大的10次IPO，以及這些公司上市以來(lái)的表現(xiàn)。有趣的是，只有一家今年上市的公司進(jìn)入了前十名。（你能猜到是哪家公司嗎？）

阿里巴巴，250億美元

It’s a mega year for mega tech IPOs.

Messaging platform Slack filed to go public Friday, and Uber priced it’s massive offering the same day. Earlier in April, Lyft, Pinterest and Zoom all went public, and AirBnB and Palantir are expected to debut later this year. According to Renaissance Capital, it could be a record breaking year for IPOs in general, potentially even surpassing the dot-com boom years. “We think it is possible that 2019 could prove to be a record year for capital raised in the IPO market, at over $100 billion in issuance, exceeding the amounts raised in 1999 and 2000,” said Kathleen Smith, principal at Renaissance. Below, we looked at the ten largest U.S. IPOs of all time, and how they’ve fared since going public. Interesting, only one of this year’s offerings is slated to make the top ten (can you guess which?)

Alibaba, $25 billion

2014年，阿里巴巴突然殺入美國(guó)IPO界。由于香港當(dāng)時(shí)不允許雙重股權(quán)結(jié)構(gòu)（一種給予創(chuàng)始人和公司高管較大控制權(quán)的股權(quán)結(jié)構(gòu)），因此阿里巴巴放棄了港交所，轉(zhuǎn)而選擇在美國(guó)上市。自從IPO以來(lái)，阿里的股價(jià)已上漲了190%，估值達(dá)到4840億美元。不過(guò)中國(guó)經(jīng)濟(jì)的放緩也讓一些投資者對(duì)阿里股票感到擔(dān)憂。

Visa，197億美元

This Chinese tech giant burst onto the U.S. IPO scene in 2014, choosing the U.S. rather than the Hong Kong stock exchange at a time when the latter didn’t allow for dual class offerings (a structure that gives outsized control to founders and executives). Shares have risen 190% since its IPO for a valuation of $484 billion. However, a slowdown in China has some investors concerned.

Visa, $19.7 billion

這次IPO是在2008年3月進(jìn)行的，此時(shí)離貝爾斯登銀行的破產(chǎn)只過(guò)了幾天，然而Visa的IPO還是點(diǎn)燃了眾多投資者的熱情，并創(chuàng)下成功融資197億美元的紀(jì)錄。當(dāng)時(shí)恰逢金融危機(jī)，市場(chǎng)的違約風(fēng)險(xiǎn)越來(lái)越高，投資者已被一連串的信貸爆雷搞得風(fēng)聲鶴唳，但Visa并不直接承擔(dān)消費(fèi)債務(wù)，這一特點(diǎn)讓它得到了許多投資者的喜愛(ài)。Visa向來(lái)是一支口碑極佳的績(jī)優(yōu)股，上市以來(lái)的回報(bào)率高達(dá)1363%。

通用汽車，181億美元

This IPO came just days after the collapse of Bear Stearns—but investors were nonetheless charged up by Visa. The credit card company set a record in March 2008 by raising $19.7 billion. Wary of the bursting credit bubble, investors liked that Visa didn’t directly carry consumer debt at a time of rising defaults. Visa has continued to be a winner for investors, returning 1,363% since its debut.

General Motors, $18.1 billion

通用汽車的破產(chǎn)和IPO在美國(guó)歷史上都是排得上號(hào)的。就在通用汽車申請(qǐng)破產(chǎn)重組、美國(guó)政府對(duì)其提供緊急救助資金的次年，通用汽車通過(guò)IPO獲得了180億美元融資。雖然通用汽車最終起死回升，但它的復(fù)蘇之路也并非一帆風(fēng)順，比如它的點(diǎn)火開(kāi)關(guān)缺陷問(wèn)題（造成124人死亡、275人受傷）就給公司商譽(yù)造成了重大打擊。自IPO以來(lái)，該公司股價(jià)累計(jì)上漲了18%。

意大利國(guó)家電力公司，174億美元

The name behind one of the largest U.S. bankruptcies also also tied to one of the largest U.S. IPOs. General Motors filed to raise $18 billion roughly a year after the government agreed to bail the company out as it underwent Chapter 11 bankruptcy. Though GM is one of revival and rejuvenation, it has hit several hiccups with an ignition switch scandal linked to 124 deaths and 275 injuries. The stock has risen 18% since the IPO.

Enel SpA, $17.4 billion

為了響應(yīng)意大利政府的私有化計(jì)劃，意大利國(guó)家電力公司于1999年9月上市。在IPO之前，時(shí)任CEO的弗朗哥?塔托對(duì)公司成本進(jìn)行了大刀闊斧地削減。據(jù)《華爾街日?qǐng)?bào)》（ the Wall Street Journal.）報(bào)道，從1996年到1999年，該公司裁員達(dá)15000余人，運(yùn)營(yíng)成本下降了18%。不過(guò)由于交易量很低，該股票已經(jīng)不再在美國(guó)公開(kāi)交易。

臉書(shū)，160億美元

An Italian electricity company, Enel went public in September 1999 as part of a privatization program by the country’s government. The IPO came after heavy cost cutting measure from then CEO Franco Tato. Some 15,000 people had been cut from the staff between 1996 to 1999, while operating costs had fallen 18%, per the Wall Street Journal. The stock though no longer trades in the U.S. due to low trading volume.

Facebook, $16 billion

臉書(shū)的IPO是在2012年5月，上市當(dāng)天納斯達(dá)克還鬧出了夭蛾子。由于延遲和技術(shù)故障，導(dǎo)致一些交易者以高于訂購(gòu)價(jià)的價(jià)格買入了股票。不過(guò)在承銷商的幫助下，該股發(fā)行首日還是以38.23美元的價(jià)格收盤(pán)了，好歹比38美元的IPO價(jià)高出兩毛三，略微保住了一些面子。2012年，臉書(shū)的IPO估值約為812美元。從那時(shí)起，雖然臉書(shū)接連遭遇公關(guān)和隱私問(wèn)題，但它的用戶仍在持續(xù)增加，收入也是年年上升，每年都給華爾街帶來(lái)新驚喜。目前臉書(shū)股票已累計(jì)上漲408.6%，當(dāng)前市值為5470億美元。

德國(guó)電信，131億美元

This May 2012 IPO was known for its first-day trading troubles. Nasdaq delays and glitches led to some traders receiving shares at higher prices than ordered; The stock, with the help of its underwriters, just barely managed to stay above its $38 IPO price at the end of the day, closing at $38.23. In 2012 the IPO was valued at about $81.2 billion. Since then, the company has continued to add users and wow Wall Street with earnings reports even as it struggles with PR and privacy problems. The stock is up 408.6% since then for a now $547 billion market capitalization.

Deutsche Telekom, $13.1 billion

德國(guó)電信走私有化道路上，于1996年在法蘭克福、東京和美國(guó)同時(shí)上市。當(dāng)時(shí)德國(guó)電信的計(jì)劃是要利用上市圈來(lái)的錢去擴(kuò)展國(guó)際市場(chǎng)，怎奈天不遂人愿，德國(guó)電信的股票現(xiàn)在已經(jīng)不再在美國(guó)的主要證交所交易了。

AT&T，106億美元

A mega European IPO, the German Telekom giant was privatized, and then listed on stock exchanges in Frankfurt, Tokyo, and the U.S. in 1996. At the time, the plan was to use the funding to expand in international markets. However the company no longer trades on major U.S. exchanges.

AT&T, $10.6 billion

在2000年的IPO推動(dòng)下，AT&T剝離了無(wú)線通信業(yè)務(wù)——不過(guò)幾年后，這塊剝離出去的業(yè)務(wù)又重新回到AT&T家族。在2000年的時(shí)候，AT&T的IPO還創(chuàng)下了美國(guó)歷史上的IPO規(guī)模之最。

Uber，90億美元

The 2000 IPO helped spin off AT&T’s wireless division—though it would eventually return to the AT&T fold just years later. It was, at the time, the largest U.S. IPO ever.

Uber Technologies, $9 billion

網(wǎng)約車巨頭Uber將IPO價(jià)格定在44到50美元之間，這意味著它大概能融資到90億美元。此前曾有傳言稱，Uber的目標(biāo)估值是1200億美元。但以目前的IPO定價(jià)區(qū)間看，它的估值大概跟美國(guó)運(yùn)通 (960億美元)、星巴克 (950億美元)、好市多 (1080億美元)在同一檔次，距離英偉達(dá)(1140億美元)還有不小差距。不過(guò)Uber還有一個(gè)重要的問(wèn)題需要回答：公司何時(shí)才能實(shí)現(xiàn)利潤(rùn)增長(zhǎng)，以證明自己配得上這個(gè)估值？

卡夫食品，86億美元

The ride-sharing giant Uber priced its much anticipated IPO between a range of $44 to $50, meaning it should raise roughly $9 billion. Previously, it had been rumored Uber was seeking a valuation of $120 billion but the current range would place it in the valuation-sphere of American Express ($96 billion), Starbucks ($95 billion), Costco ($108 billion), and within striking distance of Nvidia ($114 billion). The billion dollar question though still stands: When and how will Uber grow profits that will justify its numbers?

Kraft Foods $8.6 billion

很少有人記得奧利奧餅干和奧斯卡美熱狗的制造商原本竟是一家煙草公司的旗下企業(yè)——也就是原來(lái)的菲利浦莫里斯公司，現(xiàn)在的奧馳亞集團(tuán)。畢竟現(xiàn)在距離該公司推動(dòng)卡夫食品上市已經(jīng)過(guò)去了十幾年。2001年，卡夫食品以“KFT”為名在納斯達(dá)克上市。2003年，奧馳亞在卡夫食品的股份被剝離給了其他股東。當(dāng)時(shí)卡夫食品的估值約為538億美元。上市近20年，該股的投資者回報(bào)率約為146.6%。這支股票之所以增長(zhǎng)較為疲軟（相比于標(biāo)普500指數(shù)），至少在一定程度上應(yīng)歸因于消費(fèi)模式的變化。（財(cái)富中文網(wǎng)）

作者：Lucinda Shen

譯者：樸成奎

Few remember that the maker of Oreos and Oscar Mayer weiners was was owned by a cigarette company. After all, it’s been a decade-and-a-half since since Phillip Morris, now Altria, offered Kraft Foods up for what was then the country’s second largest IPO. Then known as Kraft Foods, it began trading on the Nasdaq as “KFT” in 2001, with Altria’s stake in the company spun off to shareholders in 2003. The company was valued at about $53.8 billion at the time, giving investors returns of 146.6% since its IPO nearly two decades earlier. It’s comparatively weak stock growth (when compared to the S&P 500) can be at least in part attributed to changing consumer patterns.