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Square将其IPO定价为9美元，估值较私募时的60亿美元减半上市
连续八个季度亏损后，Square将其IPO定价为每股9美元——估值29亿美元，低于私募时的60亿美元，也低于其自身设定的11至13美元区间。
Square
做的是什么生意
Payments and point-of-sale services for small- and medium-sized businesses, starting as a card reader that plugged into a phone and broadening into software and consumer-branded products.
起因
Square started as a simple card reader that plugged into a phone, then spent years positioning as a hip consumer brand as much as a payments and point-of-sale service for small and medium businesses. A little more than a year before the IPO it had raised $150M at a $6B valuation — its Series E priced shares at $15.50 — and TechCrunch noted that CEO Jack Dorsey, also Twitter's CEO, added uncertainty about where his attention would go.
经过
Square's late-October S-1 update showed the trouble: third-quarter net revenue of $332M against a net loss of about $54M, with Starbucks transaction costs of about $41M in the quarter and $118.5M across the nine months to September versus only $95.2M in related revenue. Losses had run eight consecutive quarters, its consumer-facing businesses had generally flopped, and other point-of-sale services were pressing. Square set an $11–13 range on November 6 — up to $403.7M raised, a valuation of about $4.19B — then cut the price to $9 on November 18, roughly $2.9B and below the $6B private round from a year earlier. Vinod Khosla left the board before the listing, and Shopkeep CEO Norm Merritt told TechCrunch that Square had 'a lot to prove': 'They really don't have a proven profit model yet.'
结果
Priced at $9 a share on November 18, 2015 — roughly $2.9B, under half the $6B valuation of its last private round and below the $11–13 range it had set twelve days earlier — Square was set to start trading on the NYSE under the ticker SQ the next day.
背景
Square最初是一个插入手机的简单读卡器，后来发展为面向中小企业的支付和销售点平台——处理交易、销售周边软件，并试图打造一个时尚消费品牌。在IPO前一年多，它以60亿美元的估值融资1.5亿美元，这是2015年私募市场最炙手可热的估值之一。接着S-1文件披露，公开市场得以重新为公司定价。
更新后的文件显示了投资者犹豫的原因。Square报告第三季度净营收为3.32亿美元，净亏损约5400万美元，至此亏损已连续八个季度。星巴克合作关系成了一个开放伤口：在截至9月的九个月内，交易成本达1.185亿美元，而相关营收仅为9520万美元。面向消费者的业务基本失败，销售点竞争对手步步紧逼，Shopkeep的CEO告诉TechCrunch，Square还“有很多需要证明的地方”——“他们还没有验证过盈利模式。”
Square最初于11月6日设定了11至13美元的IPO区间，估值约41.9亿美元，然后在11月18日将价格降至9美元——估值约29亿美元，不到其最后一轮私募估值60亿美元的一半。在降价的同时，富达减记了其持有的Snapchat股权，贝莱德减记了Dropbox，这使得Square的折价上市成为2015年后期科技公司估值降温的公开面孔。这一定价在Hacker News上吸引了175分和175条评论，Square定于次日在纽交所以SQ代码开盘。
这件事要成立，得有什么
- 连续八个季度亏损意味着Square更需要IPO资金而不是高价格；其资产负债表不允许它等到盈利。
- 60亿美元的私募估值没有公开市场锚——E轮股票定价为15.50美元——因此IPO将公司重置为买家实际愿意支付的价格。
- 星巴克合作关系是一个明显的伤口：在九个月内成本达1.185亿美元，而交易收入仅有9520万美元，这使Square的利润率看起来结构性糟糕。
- 从11至13美元区间降至9美元表明需求经过了两次测试；随着富达减记Snapchat、贝莱德减记Dropbox，Square的降价成为独角兽遇冷的公开体现。
- Shopkeep等竞争对手公开说出了投资者担忧的问题——没有验证盈利模式——因此最终价格必须保守到足以让市场消化。
可借鉴之处
降低IPO价格能让急需现金的公司上市，但它告诉市场，卖方接受了较低的价格；只有当公司日后证明价格错了，折扣才有回报。
后续进展
截至2015年11月19日，Square已定价为9美元，定于在纽交所以SQ代码开盘——一家估值约29亿美元的公司，较一年前60亿美元的私募估值腰斩有余。它仍在亏损：调整后EBITDA在第三季度转负，亏损已连续八个季度，星巴克的交易仍在拖累业绩。开盘后股价能否保持在发行价之上尚未确定；该公司押注其中小企业支付业务最终会让折价看起来划算。
资料来源
- Square Prices Its IPO At $9
- Square Plays Safe On Initial IPO Price To Entice Investors
- Updated Square Financials Show Q3 Revenue Of $332.2M, $53.9M In Losses
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