Whose benefits are IPO?

25 сентября, 2021 от fake Выкл

«After all, if the stars light up —

So it is necessary for anyone? «

(C) V.V. Mayakovsky

Employed in the Russian investor’s environment that IPO is the same «primary public placement» of shares is such an event whose goal is to enrich the retail investor.

Even on some finance channels, I read about the «unsuccessful» IPIO — those who could not retail investors crazy money to earn (and even lost).

And I’m not quite sure that my blog colleagues correctly arrange accents, speaking about «successful» or «unsuccessful» ipio.

Let’s deal with what is «successful» or «successful» ipio, and what is «unsuccessful.»

Who and for whom these are the most ipio is spending and what it is at all for the beast.

In short, a session of magic with exposure, like a classic))


Let’s start from the very beginning.

Lives itself, the commercial organization, referred to as the «Company» and Sorrow, does not know. Engaged in some business. What — for the purposes of our today’s story is not so important.

What is particularly entertaining — for our today’s goals, the company did not matter or unprofitable to IPIO.

Business can be profitable — like Sovcomflot, for example.

Or, on the contrary, unprofitable, like ozone, for example.

In the popularity of shares in investors with IPIO, the earlier profits of the company affect not very much.

From the point of view of IPIO, the profitability of the business overlooking the company’s stock exchange is only one — and far from the most important is the attractive factor of its papers. There are a million other factors, including:

the popularity of the industry in which the company is engaged in business,

a country (or country) in which business leads

current scales and prospects for its scaling in the future,

Corporate governance level in the company

And a lot of everything else, up to the observance of environmental norms and anti-corruption standards.

And I decided this company to go to the ipio. And why, by the way, did she accept such a decision? You will laugh — but everything is very simple: someone wanted to get money.

Moreover, it may be, as the company itself (it was, for example, in the case of Sovcomflot), both the old shareholders (so it was, for example, in the case of Fix Prizes).

Ipio is the primary public placement of shares. That is, the first time when the opportunity to buy the company’s shares will be granted a wide range of persons — on the stock exchange.

And earns on this placement. Whose shares sell.

If the stock exchange share previously belonged to the stock exchange (as in the case of IPIO Fix Prizes), then the owners of the shares will earn money — old shareholders. In the case of Fix, the price guys can be congratulated — they became billionaires, by the way.

If newly released stocks are reworked on the stock exchange — the company itself will receive money. This happened in the case of IPIO Sovkomflot.

And all guys. No third options. Primary accommodation is the sale of shares on the stock exchange in order to make money or old shareholders, or the company itself. There is no third.

Earn «raby grandmothers» by retail investors This is not just not a normal scenario with IPIO — this is a specific «cant» of the IPIO organizers, for which from them then seven skins will descend.

Why is that? Elementary, Watson (C)

As you already understood, stocks are not sold on the ipio, which takes out of nowhere, from the air. No, someone’s shares are sold on IPIO. Either the shares of old shareholders, or the shares of the company itself — that is, there is always a person, the maximum price is extremely interested in obtaining his goods.

The task of the IPIO organizers — «Guess» / calculate this maximum price. The situation, when a hundred percent, a hundred percent took place on a day after IPIO — this is a terrible error of EPIO organizers.

I will explain on the example. Imagine that you hired a realtor for selling your apartment. He convinced you that the apartment should be sold for a million rubles. But after the sale, you will learn that the buyer who bought an apartment with you for a million rubles, easily reselling it every other day in two million. I think you will, to put it mildly, are not very pleased with your realtor.

But after all, the «old shareholders», which brought the company to IPIO, often put on its creation no less strength and years of life than you are on the payment of mortgages. Seeing someone gets on the shares of their company in one day of possession as much as they — during the years of work and risk, they are not at all rejoicing it.

2020 was one of the most successful for retail investors, which were invested in IPIO — the overwhelming majority of primary accommodations on the US stock exchanges «fired» and many shares grew at times in the first months after placement.

However, some companies considered this by the reason not to hurry as soon as possible to jump on the stock exchange, but in order to take a time-out and once again think about — at what price they should be placed to enrich themselves, and not enrich happily rubbing retail hands Investors.

So arguing about «successful» and «unsuccessful» IPIO is always worth asking for a question:

«And for whom this ipio was successful or unsuccessful? And who ordered this ipio? «

Simple example: ipio Sovkomflot. The company has accommodated after a very successful year. Managed to get a large amount of money to repay the debt and the construction of new ships. And from this point of view, her ipio is definitely successful.

But investors who inserted money in it may face the fact that this year is already far from such a beautiful as the past — the loss formed immediately in the first quarter and forecasts for dividends for 2021 are only about 3.5% (below official inflation). So the investment of Sovcomflot in the coming year does not look very good. But what does this have it with unsuccessful IPIO? IPIO was just a good maximum.

For the sake of justice, it is necessary to recognize that the Keis Sovkomflot is not quite ordinary. Shares sold, in fact, the state, which is not particularly interested in maintaining a further course of shares.

In the normal case, after IPIO, the «old shareholders» sells not all of their shares, which means interest in maintaining a high course of shares of the company and they have them after IPIO.

Usually, the situation is good when immediately after IPIO shares have a clear perspective for growth. But, of course, they do not fly to «Cosmos» and are not traded at times more expensive.

Although, of course, every retail investor investing in Aypio wants just such an option when the shares are two times more expensive in the evening of the first day, and by the end of the first week — six times more expensive. No one wants to be richer slowly, everyone wants to be as soon as possible