Uzijonga njani ii-IPO ukuze ufumane uBuyiselo obukhulu

1. Isishwankathelo see-IPOs

Unikezelo loluntu lokuqala (IPO) luphawula umzuzu obalulekileyo kubomi benkampani, ukuyiguqula ukusuka kwiqumrhu labucala ukuya eluntwini. traded corporation. Le nkqubo ivumela inkampani ukuba inyuse inkunzi ngokunikezela ngezabelo zesitokhwe sayo kuluntu okokuqala. Ii-IPOs linyathelo elibalulekileyo ekukhuleni kweshishini kunye nokwandiswa, okuhlala kubonwa njengenqanaba lempumelelo. Bavumela iinkampani ukuba zifikelele kuluhlu olubanzi lwabatyali-mali kunye neemali ezinokuphembelela ukutsha, uphuhliso, kunye nokunyusa ukusebenza. Nangona kunjalo, ii-IPOs zikwamele umsitho wemali okwinqanaba eliphezulu kubatyali-mali kunye neenkampani ngokufanayo, ezithwele amandla awo omabini amabhaso abalulekileyo kunye nomngcipheko omkhulu.

1.1. Chaza i-IPO kunye nokubaluleka kwayo

IPO yinkqubo apho inkampani yabucala inikezela ngezabelo zayo kuluntu okokuqala. Phambi kwe-IPO, ubunini benkampani buthintelwa kuphela kubaseki, oongxowankulu bamashishini, kunye nabatyali-zimali babucala. Nje ukuba i-IPO iqaliswe, izabelo ziye zifumaneke ukuze zithengwe kutshintshiselwano lwesitokhwe sikawonke-wonke, njengeNew York Stock Exchange (NYSE) okanye iNasdaq. Le ntshukumo inyusa kakhulu ukubonakala kwenkampani, utywala, kunye nesiseko esiyinkunzi.

Ukubaluleka kwe-IPO kulele ekukwazini kwayo ukuguqula imeko yemali yenkampani. Kwinkampani, ibonelela ngokufikelela kwisixa esikhulu semali ngaphandle kwesidingo sokwenza ityala. Ukongeza, ukuya esidlangalaleni kunokonyusa intembeko yenkampani kunye nokuma kwentengiso, kuyinike ukhuphiswano kwaye ivumele ukukhula kwexesha elizayo ngokufunyanwa, uphando kunye nophuhliso. Kubatyali-mali, i-IPO inika ithuba lokuthenga izabelo kwangethuba kubomi boluntu benkampani, phambi kokuba ixabiso layo linyuke kakhulu. Umtsalane wokuthenga “kwinto enkulu elandelayo” uqhube abatyali-mali abaninzi ukuba bafune ii-IPO njengendlela yotyalo-mali enengeniso.

1.2. Gxininisa aMakhono okuBuyisa okuPhakamileyo kunye nemingcipheko eBandakanyiweyo

Ngelixa amathuba okuba nembuyekezo ephezulu kutyalo-mali lwe-IPO enokuhenda, imingcipheko ebandakanyekayo ayifanele ibethwe ngoyaba. Ngokwembali, ii-IPOs ziye zanxulunyaniswa nezinye zezona nzuzo zinomtsalane kwimarike yemasheya. Umzekelo, iinkampani ezinje ngoGoogle, iAmazon, kunye noFacebook zazisa imbuyekezo enkulu kubatyali-mali bokuqala abathenge izabelo ngexesha leeIPO zabo.

Nangona kunjalo, icala le-flip kukuba ii-IPO ziguquguquka ngokwendalo kwaye aziqikeleleki. Ii-IPO ezininzi zisenokungafikeleli kulindelo lokuqala lwemarike, nto leyo ekhokelela ekuguquguqukeni okubalulekileyo kwamaxabiso kunye nelahleko kubatyali-mali. Imiba efana nokuxabisa kakhulu kwenkampani, uluvo lwemarike, kunye neemeko zoqoqosho zinokukhokelela ekusileleni kwe-IPO ukwenza kakuhle, ubuncinci kwixesha elifutshane. Ngaphezu koko, ukunqongophala kwedatha yembali kwiinkampani ezitsha zoluntu kuthetha ukuba abatyali-mali bahlala bejongana nokungaqiniseki xa bezama ukulinganisa impilo yemali yenkampani okanye amandla exesha elide.

Utyalo-mali kwii-IPO lufuna ukuqonda okubanzi kweengozi kunye nemivuzo. Abatyali mali kufuneka baqwalasele imbuyekezo yangoku kunye neyexesha elide, ukulinganisa oku ngokuchasene nokwenzeka kwelahleko enkulu, ngakumbi kwizigaba zokuqala zoluntu lwesitokhwe. urhwebo.

2. Ukuqonda ii-IPOs

Ngaphambi kokungena kwizicwangciso zotyalo-mali ze-IPO, kubalulekile ukuqonda imiba eyahlukeneyo yenkqubo ye-IPO ngokwayo. Uhambo ukusuka ekubeni yinkampani yabucala ukuya ekubeni nguwonke wonke tradeIqumrhu libandakanya amanqanaba amaninzi, ngalinye linobunzima balo. Ukongeza, kukho iindidi ezahlukeneyo zee-IPO, kwaye ukuqonda izigama ezithile ezinxulumene nee-IPO kunokunceda abatyali-mali benze izigqibo ezinolwazi.

2.1. Inkqubo ye-IPO: Ukusuka ekuFayilweni kokuqala ukuya kwiSinikelo sikawonke-wonke

Inkqubo ye-IPO lulandelelwano olubanzi nolulawulwayo lweziganeko eziqinisekisa ukuba inkampani ikulungele ukukhupha izabelo kuluntu ngelixa ithobela iimfuno zomthetho. Ngezantsi ngamanyathelo aphambili abandakanyekayo kwinkqubo ye-IPO:

1. Isigqibo sokuya esidlangalaleni: Isigqibo senkampani sokuya eluntwini sikholisa ukuqhutywa yimfuno yenkunzi, umnqweno wokwandisa ukubonakala kweemarike, okanye ukubonelela abanini-zabelo abasele bekho, njengabaseki kunye nabatyali-zimali kwangoko. Isigqibo sihlala senziwe xa inkampani ifikelele kwinqanaba elithile lokukhula kunye nenzuzo.
2. Ukukhethwa kwababhali abangaphantsi: Inkampani ikhetha iibhanki zotyalo-mali okanye ababhala phantsi ukulawula i-IPO. Aba babhali bangaphantsi badlala indima ebalulekileyo ekumiseleni ixabiso lonikezelo, ixesha le-IPO, kunye nokuthengisa izabelo kubatyali-zimali bamaziko kunye nabathengisi.
3. Iifayile zoLawulo: Emva kokuba kukhethwe abangaphantsi kwababhalisi, inkampani ifake ingxelo yayo yokubhalisa, eyaziwa ngokuba yi-S-1, kunye neKhomishini yezoKhuseleko kunye noTshintsho (SEC). Olu xwebhu lubonelela ngedatha yezemali eneenkcukacha, ingozi izinto, kunye nokuqonda kwimodeli yeshishini yenkampani kunye nethemba elizayo.
4. Imiboniso yendlela kunye neNtengiso: Kwi-IPO ekhokelela kwi-IPO, inkampani kunye nababhali bayo bangaphantsi baqhuba imiboniso yendlela, apho babonisa umbono wenkampani kunye nemali kubatyali-mali abanokubakho. Oku kunceda ukuvelisa inzala kwaye kunika ababhali bangaphantsi imvakalelo yokufunwa, edlala indima ekumiseleni ixabiso lonikezelo.
5. Amaxabiso kunye noKwabiwa: Emva kokulinganisa inzala yomtyali-mali, ababhala phantsi babeka ixabiso le-IPO. Eli xabiso libaluleke kakhulu, njengoko limisela ukuba yimalini eyinkunzi eya kuphakanyiswa yinkampani kunye nokuba lingakanani ixabiso abatyali-mali abaza kulifumana. Izabelo zikwabelwa abatyali-mali bamaziko kwaye bakhethe abatyali-zimali abathengisayo.
6. Usuku lwe-IPO (Uluhlu loluntu): Ngomhla we-IPO, izabelo ziqala ukurhweba kwi-stock exchange ekhethiweyo. Ngeli nqanaba, amandla emarike athatha indawo, kwaye ixabiso lesitokhwe liyakwazi ukuguquguquka ngokusekelwe kunikezelo kunye nokufunwa kwamandla.
7. Iingqwalasela zePost-IPO: Ukulandela i-IPO, iinkampani kufuneka zihambelane neemfuno eziqhubekayo zokunika ingxelo ye-SEC, kubandakanywa neengxelo zekota zengeniso kunye nokuvezwa malunga noshintsho olubalulekileyo kwimisebenzi yezoshishino.

2.2. Iindidi zee-IPO

Ii-IPOs aziyonkqubo yobukhulu obunye. Iindidi ezahlukeneyo zee-IPO zisetyenziswa ngokuxhomekeke kwiimfuno zenkampani, iimeko zemarike, kunye nokukhethwa kwabachaphazelekayo. Ngezantsi ziintlobo eziqhelekileyo zee-IPOs:

• Umnikelo ophambili: Kwi-IPO ephambili, inkampani ikhupha izabelo ezitsha ukunyusa inkunzi ngokuthe ngqo. Ingeniso idla ngokusetyenziselwa ukuxhasa imali kumalinge okukhula, ukuhlawula amatyala, okanye ukwandisa imisebenzi.
• Umnikelo wesibini: Kwi-IPO yesibini, abaninizabelo abakhoyo bathengisa izabelo zabo kuluntu. Olu hlobo lomnikelo aluphumeleli ekubeni inkampani iphakamise inkunzi entsha kodwa ivumela abatyali-mali bangaphambili okanye abangaphakathi benkampani ukuba baphelise ukubamba kwabo.
• Landela Unikezelo: Oku kwenzeka xa inkampani esele iphumile esidlangalaleni ithatha isigqibo sokukhupha izabelo ezongezelelweyo. Ukulandela iminikelo kunokunciphisa ubunini babaninizabelo abakhoyo kodwa ihlala isetyenziswa xa inkampani ifuna imali eninzi emva kwe-IPO yokuqala.

2.3. Isigama se-IPO

Utyalo-mali kwii-IPO lubandakanya ukuqonda amagama aphambili aliqela avela rhoqo kwiingxoxo zeenkqubo ze-IPO kunye nohlalutyo:

• Umgcini-magama: Umntu obhala phantsi ngokuqhelekileyo yibhanki yotyalo-mali enceda inkampani ngenkqubo ye-IPO. Ababhali abangaphantsi bamisela ixabiso lonikezelo, bathenge izabelo kwinkampani, kwaye bazithengise kubatyali-mali. Bakwanceda ukulawula imingcipheko enxulumene nomnikelo.
• Ixesha lokutshixa: Ixesha lokuvala liyisithintelo esithintela abangaphakathi benkampani, kubandakanywa abaphathi kunye nabatyalo-mali bokuqala, ukuba bathengise izabelo zabo kwixesha elithile (ngokuqhelekileyo i-90 kwiintsuku ze-180) emva kwe-IPO. Esi sithintelo senzelwe ukuthintela ukukhukula kwezabelo ezingena kwimarike ngokukhawuleza emva kwe-IPO, enokuthi iqhube phantsi ixabiso le-stock.
• Imarike eGrey: Imarike engwevu yimarike engekho semthethweni apho izabelo ze-IPO zikhona traded phambi kokuba zidweliswe ngokusemthethweni kutshintshiselwano. Ihlala ixela kwangaphambili ukuba i-IPO iya kwenza njani ngosuku lwayo lokuqala lokurhweba, kodwa iyaqikelelwa kwaye ayilawulwa.
• Ixabiso leBhendi: Ibhendi yexabiso ibhekiselele kuluhlu apho abatyali-mali banokubiza izabelo ngexesha le-IPO. Olu luhlu lusekwe ngababhali phantsi ngokusekelwe kwizinto ezahlukeneyo, kubandakanywa neemeko zemarike kunye nemfuno yabatyalo-mali ngexesha lemiboniso yendlela.

3. Uhlalutyo lwe-IPO kunye noPhando

Ukutyala imali kwii-IPO kunokuba lithuba elinengeniso, kodwa kubalulekile ukujongana nale nkqubo ngophando olucokisekileyo kunye nohlalutyo. Ukuqonda impilo yezemali, indawo yemarike, kunye namandla onke enkampani ngundoqo ekwenzeni izigqibo zotyalo-mali ezinolwazi. Ukuhlalutya i-IPO kubandakanya ukuvavanya iziseko zenkampani, izalathisi zemarike yobugcisa, kunye neendlela ezibanzi zeshishini, ngelixa kuqhutywa inkuthalo efanelekileyo yokuvavanya umngcipheko kunye nokuqinisekisa ulwazi.

3.1. Uhlalutyo olusisiseko: IiNkcazo zeMali, iModeli yoShishino, iQela loLawulo

Uhlalutyo oluphambili lilitye lembombo lophando lwe-IPO, lugxile kwixabiso lenkampani elingaphakathi. Ibandakanya ukuhlalutya impilo yemali yenkampani, imodeli yeshishini, kunye nobunkokeli ukumisela amandla ayo exesha elide.

1. Isiteyithimenti sezemali: Abatyali-zimali bafanele bahlolisise ingxelo yemali yenkampani, kuquka iingxelo zengeniso, amaphepha omncono, neengxelo zokungena kwemali, ezidla ngokuchazwa kwiprospectus ye-IPO (S-1 filing). Iimetriki eziphambili zokuvavanya ziquka:
   • Ukukhula kwengeniso: Ukunyuka okungaguqukiyo kwingeniso luphawu oluhle lokukwazi kwenkampani ukukala.
   • Inzala yeNzuzo: Imida yengeniso esempilweni icebisa ukusebenza kakuhle.
   • Amanqanaba eTyala: Imilinganiselo ephantsi yetyala-to-equity ibonisa uzinzo lwemali, ngelixa ityala eliphezulu linokuba yiflegi ebomvu, ngakumbi kwiinkampani ezikhuphisana kakhulu okanye kumashishini aguqukayo.
   • Ukuhamba KWEMALI: Ukungena kakuhle kwemali kuqinisekisa ukuba inkampani inemali eyaneleyo yokuxhasa imisebenzi yayo ngaphandle kokuxhomekeka kakhulu kwinkxaso-mali yangaphandle.
2. Umzekelo woShishino: Ukuqonda imodeli yeshishini lenkampani kubalulekile ekuvavanyeni uzinzo kunye namandla okukhula. Imodeli yeshishini ecacileyo, entsha, kunye neyokunyuka, exhaswa yimfuno eyomeleleyo yentengiso, inokubeka inkampani ngaphandle kwabakhuphisana nabo. Abatyali mali kufuneka bavavanye imveliso yenkampani okanye unikezelo lwenkonzo, imithombo yengeniso, kunye neemarike ekujoliswe kuzo. Ngaba inkampani inaso intengiso yokhuphiswanovantage? Ngaba iimveliso okanye iinkonzo zayo ziphazamisa ishishini layo? Le yimibuzo ephambili enceda ukulinganisa amandla emodeli yeshishini.
3. Team Management: Amava kunye nerekhodi yobunkokeli benkampani inokuchaphazela kakhulu impumelelo yayo emva kwe-IPO. Iqela elinamandla lolawulo elinembali yeenkampani ezikhokelayo ngexesha lokukhula okanye ukuhla koqoqosho luphawu oluhle. Abatyali-mali abaninzi babeka iprimiyamu kubunkokeli, ngakumbi ukuba abaphathi banamava ngaphambili esidlangalaleni traded iinkampani.

3.2. Uhlalutyo lobuGcisa: Iitshati, iipateni, izalathisi

Ngelixa uhlalutyo olusisiseko lugxile kwixabiso lenkampani elingaphakathi, uhlalutyo yobugcisa inikeza ulwazi malunga nendlela isitokhwe esinokuthi sisebenze ngayo kwimarike emva kwe-IPO yayo. Uhlalutyo lobuchwephesha luluncedo kubatyali-mali bexesha elifutshane abajonge ukwenza imali kwiintshukumo zemarike.

1. Iitshathi neepateni: Uhlalutyo lobuchwephesha luxhomekeke kakhulu kwiipateni zetshathi ukuqikelela ukunyakaza kwexabiso lesitokhwe. Nangona ii-IPOs zingenayo idatha yembali efana nesekwe ngakumbi esitokisini, traders inokuhlalutya iintshukumo zamaxabiso kwangoko kunye neepateni. Ngokomzekelo, amanani amakhulu okurhweba okanye ukunyuka ngokukhawuleza kwexabiso lesitokhwe emva kokuba i-IPO ingabonisa umdla wotyalo-mali onamandla kunye ngesantya, kodwa isenokuba luphawu lorhwebo oluqikelelwayo.
2. Izalathisi: Iimpawu eziphambili zobugcisa, ezifana ukuhamba kwemida (umzekelo, iintsuku ezingama-50 okanye i-avareji yeentsuku ezingama-200), isalathiso samandla esihlobo (RSI), Kunye inkxaso nenkxaso amanqanaba, nceda abatyali-mali babone ukuba isitokhwe sithengiswe kakhulu okanye sithengisiwe. Kwi-IPOs, izikhombisi zenqanaba lokuqala zinokubonelela ngeembono kwiintengiso zokuqala kunye nokuguquguquka, nangona zingabonakali kakhulu kwixesha elifutshane xa kuthelekiswa nezitokhwe ezisekiweyo.

3.3. Uhlahlelo lweShishini: IiNdlela zeMarike, iMeko yoKhuphiswano

Ngaphandle kohlalutyo oluthile lwenkampani, ukuqonda ishishini elibanzi kunye neendlela zentengiso kubalulekile xa uvavanya i-IPO. Kwanenkampani elawulwa kakuhle enemali eyomeleleyo isenokusokola ukuba isebenza kwishishini elihlayo okanye elikhuphisana kakhulu.

1. Iindlela zeNtengiso: Abatyali mali kufuneka bahlole impilo yeshishini apho inkampani isebenza khona. Umzekelo, iinkampani kumacandelo asakhasayo afana namandla acocekileyo okanye i-fintech zinokufumana ukukhula okukhawulezayo ngenxa yeendlela ezifanelekileyo zentengiso, ukuqhubela phambili kwetekhnoloji, okanye imigaqo-nkqubo karhulumente. Ngakolunye uhlangothi, amashishini ajongene nemiqobo yokulawula okanye ukuhla kwemfuno kunokubeka ingozi enkulu kubatyali-mali, kungakhathaliseki ukuba inkampani nganye ibonakala yomelele kangakanani.
2. Umhlaba okhuphisanayo: Inqanaba lokhuphiswano inkampani ejongene nayo likwadlala indima ebalulekileyo kwimpumelelo enokubakho. Abatyali-mali kufuneka bachonge abona bakhuphisana nabaphambili benkampani kwaye bavavanye indlela ezahlula ngayo. Ngaba inkampani inaso intengiso ezinzileyo yokhuphiswanovantage, njengobuxhakaxhaka bobunini, ubukrelekrele, okanye uphawu olomeleleyo? Ingaba sikhulu kangakanani isabelo sayo semarike, kwaye ngaba kukho ulwando olungakumbi? Ukuphendula le mibuzo kunceda abatyali-mali ukuba balinganise ukuba inkampani inokugcina okanye ikhulise isikhundla sayo emva kwe-IPO.

3.4. Inkqubo yokuNcophelela okufunekayo: Ukuqinisekisa ulwazi, ukuHlola iiNgozi

Ukucophelela linyathelo elibalulekileyo ekufuneka abatyali-mali balithabathe ukuze baqinisekise ukuchaneka kolwazi olunikezelwe yinkampani kunye nokuvavanya nayiphi na ingozi enokuthi ingabonakali ngokukhawuleza. Ngelixa iprospectus ye-IPO iqulethe ubutyebi bolwazi, ihlala ibhalwa ngendlela eqaqambisa amandla enkampani kwaye ijonge phantsi ubuthathaka bayo. Uphando oluzimeleyo luyimfuneko ukuze ufumane imbono elungeleleneyo.

1. Ukuqinisekisa Ulwazi: Abatyali-mali kufuneka badlulise ukuwela amabango enkampani kunye nemithombo yomntu wesithathu. Ngokomzekelo, iingxelo zeendaba, amagqabantshintshi ahlalutyi, kunye neengxelo zeshishini zinokubonelela ngomongo owongezelelweyo kunye novavanyo olunenjongo ngakumbi lwamathemba enkampani. Kukwabalulekile ukuvavanya nayiphi na imiba enokubakho yezomthetho okanye yolawulo enokuthi ijamelane nenkampani.
2. Ukuvavanywa koMngcipheko: Yonke i-IPO ibandakanya umngcipheko, kwaye ukuqhuba ngokucokisekileyo kuvumela abatyali-mali ukuba bachonge iiflegi ezibomvu ezinokubakho. Le mingcipheko inokubandakanya imiceli mngeni yolawulo, kusalindelwe ukumangalelwa, okungazinzi kweemalike, okanye imiba yoqoqosho olukhulu njenge ukunyuka kwamaxabiso okanye ukunyuka kwenzala. Ngokulinganisa le mingcipheko ngokuchasene nesakhono senkampani, abatyali-zimali banokwenza izigqibo ezinolwazi malunga nokuba i-IPO iyahambelana nokunyamezela kwabo umngcipheko.

4. IPO Investment Strategies

Utyalo-mali kwii-IPO lufuna indlela yobuchule yokwandisa imbuyekezo kunye nokunciphisa imingcipheko. Ekubeni ii-IPOs zinokuguquguquka kwaye zingalindelekanga, abatyali-mali kufuneka baqwalasele ulwabiwo olwahlukeneyo, ixesha, kunye ulwahlulo izicwangciso zokwakha ipotifoliyo elungeleleneyo. Ukongeza, ukuqonda i-horizon yotyalo-mali-nokuba yeyexesha elifutshane okanye ixesha elide-kunokuchaphazela kakhulu imbuyekezo kunye neengozi ezinxulumene notyalo-mali lwe-IPO.

4.1. Ulwabiwo lwezicwangciso: Ukuqonda iiNkqubo zeLotho ye-IPO, uBudlelwane boKwakha

Xa inkampani isiya esidlangalaleni, izabelo zayo zisoloko zabiwa ngeendlela ezithile, kwaye ukufikelela kwezi zabelo ngamanye amaxesha kunokuba ngumngeni kubatyali-zimali abathengisayo. Uninzi lwezabelo ze-IPO ekuqaleni zabelwa abatyali-zimali bamaziko, okushiya kuphela iqula elilinganiselweyo labatyali-mali abathengisayo, rhoqo ngenkqubo yelotho ye-IPO okanye inkqubo yolwabiwo.

1. IiNkqubo zeLotho ye-IPO: Ezinye iimarike, ngakumbi kumazwe afana ne-Indiya, zisebenzisa inkqubo yelotho ye-IPO apho abatyali-zimali abathengisayo banokufaka izicelo zezabelo. Nangona kunjalo, inani labafaki-zicelo lidla ngokugqitha kwizabelo ezikhoyo, kwaye ayingabo bonke abafake izicelo abanezabelo eziqinisekisiweyo. Abatyali-mali kufuneka balungele ukufumana isabelo esincinci kuphela okanye bangabikho konke konke. Ukuqonda indlela inkqubo yolwabiwo esebenza ngayo kwiimarike ezahlukeneyo kunokunceda abatyali-mali balawule izinto abazilindeleyo kwaye benze isicwangciso sokuthatha inxaxheba.
2. Ukwakha uBudlelwane kunye neeBroker kunye nabangaphantsi: Kwiimeko ezininzi, ukufumana ufikelelo kwii-IPO ezifunwa kakhulu kufuna ubudlelwane obuqinileyo kunye brokers okanye amaziko emali. Abatyali-zimali bamaziko kunye nabantu abanexabiso eliphezulu basoloko bebekwa phambili xa kwabiwa izabelo. Abatyali-zimali abathengisayo abanobudlelwane obuqinileyo kunye nabo brokers banokuba nethuba elingcono lokwabelwa izabelo ze-IPO. Ukongeza, abatyali-mali banokufuna ukuthathela ingqalelo ukuthatha inxaxheba kwii-IPO ezingaziwayo ezinokuba namandla okukhula kwexesha elide kodwa imfuno engaphantsi ngokukhawuleza.

4.2. Ubuchule bexesha: Ukuchonga abanokuthi baphumelele, Ukunqanda ii-IPO eziBalulekileyo

Ixesha libalulekile xa utyala imali kwii-IPO. Abatyalomali kufuneka bathathe isigqibo sokuba bangene kwimarike ye-IPO kwinqanaba lokuqala lokunikezelwa koluntu okanye balinde isitokhwe ukuba sizinze emva kokuqala kwayo. Kuba ii-IPOs zihlala ziguquguquka kwiintsuku zabo zokuqala zokurhweba, ukwamkela indlela yobuchule kunokunceda ukunciphisa umngcipheko kunye nokuphucula imbuyekezo.

1. Ukuchonga Abanokuthi Baphumelele: Abatyali-mali abafuna ukwandisa imbuyekezo yabo kufuneka bagxininise ekuchongeni ii-IPO ezinamandla okukhula. Oku kudla ngokubandakanya ukutyalomali kwiinkampani ezinemodeli yeshishini eqinisekisiweyo, imali eqinileyo, kunye nendlela ecacileyo yokwenza inzuzo. Inkampani ephazamisa ishishini layo okanye ukungena kwiimarike ezikhulayo kunokwenzeka ukuba inike ixabiso lexesha elide. Abatyali-mali banokusebenzisa imiqondiso efana nemfuno ephezulu ngexesha lomboniso wendlela, imvakalelo elungileyo evela kubabhali abangaphantsi, kunye namaxabiso aqinileyo kwangoko ukuchonga ii-IPO ezinokukhula okuphezulu.
2. Ukunqanda ii-IPO eziBalulekileyo: Ngelixa ezinye ii-IPOs zivelisa i-hype, zinokuthi zixatyiswe kakhulu, ngakumbi ukuba inkampani inyuselwe kakhulu okanye ukuba umbono wentengiso unethemba eligqithisileyo. Ii-IPO ezixabisa ngaphezulu zikholisa ukuhla ngokuqatha nje ukuba uchulumanco lokuqala luphelile kwaye imarike iphinda iphonononge ixabiso lokwenyani lenkampani. Abatyali-zimali banokuyinqanda le migibe ngokujolisa kwiinkampani ezinoqikelelo lokwenyani olusekwe kwimivuzo yabo, amathuba okukhula, kunye nesikhundla soshishino.

4.3. UbuChule beNtsebenziswano: Ukusasaza uMngcipheko kuzo zonke ii-IPO ezininzi, kumacandelo

Ukwahluka ngumgaqo owaziwayo kutyalo-mali, kwaye usebenza ngokulinganayo kwii-IPOs. Kunokuba kujongwe utyalo-mali kwi-IPO enye, ukusasaza utyalo-mali kuzo zonke ii-IPO ezininzi kunye namacandelo kunganceda ukunciphisa umngcipheko onxulunyaniswa nokusebenza kakubi kwesitokhwe esinye.

1. Ii-IPO ezininzi: Utyalo-mali kuluhlu lwee-IPO luvumela abatyali-mali ukuba baxhamle kwizinto ezinokubakho ngelixa bekhusela umngcipheko we-downside yaso nasiphi na isitokhwe esingasebenzi kakuhle. Kuba ezinye ii-IPO zinokunyuka ngelixa ezinye zityhafile, ukwahluka kwiinkampani ezininzi kunokulinganisa ukusebenza ngokubanzi kwepotfoliyo.
2. Ukwahluka kweCandelo: Ukwahluka kwamacandelo sesinye isicwangciso esingundoqo. Amacandelo ahlukeneyo aneeprofayili zomngcipheko ezahlukeneyo, kwaye iimeko zoqoqosho zinokuchaphazela amashishini ngeendlela ezahlukeneyo. Umzekelo, ii-IPOs zetekhnoloji zithande ukuguquguquka kodwa zinokukhula okuphezulu, ngelixa ukhathalelo lwempilo okanye iinkampani eziluncedo zinokunika uzinzo ngakumbi kodwa ukukhula okuncinci. Ukusasaza utyalo-mali kuwo wonke amacandelo kunceda kwinqaba ngokuchasene nokuhla okuthe ngqo kwecandelo ngexa ibonelela ngokutyhileka kuhlumo kuwo wonke amashishini ahlukeneyo.

4.4. Ixesha elide vs. IiHorizons zoTyalo-mali zeXesha elifutshane

Abatyali-mali be-IPO kufuneka baqikelele i-horizon yabo yotyalo-mali-nokuba batyala imali yenzuzo yexesha elifutshane okanye ukukhula kwexesha elide. Indlela nganye ineseti yayo yezicwangciso, imingcipheko, kunye nemivuzo.

1. I-Horizons yoTyalo-mali yexesha elifutshane: Abanye abatyali-mali bajonge ukwenza imali kwixabiso lokuqala lokunyuka okuhlala kwenzeka xa i-IPO iqala ukurhweba esidlangalaleni. Ezi zexesha elifutshane traders bakhangela ingeniso ekhawulezileyo ngokuthengisa izabelo kamsinya nje emva kokuba zifumaneka, ngokuqhelekileyo kusuku lokuqala okanye iveki. Nangona kunjalo, le ndlela ibandakanya umngcipheko omkhulu ngenxa yokuguquguquka okungokwemvelo kwee-IPO stocks, kwaye kunokukhokelela kwilahleko ukuba ixabiso lesitokhwe liyehla ngokukhawuleza emva kokuba i-hype yokuqala iphelile.
2. IiHorizons zoTyalo-mali zeXesha elide: Abatyali-mali bexesha elide bagxile kakhulu ekukhuleni kwenkampani kwiminyaka emininzi. Ngokubamba isitokhwe ixesha elide, abatyali-mali banokuzuza ekwandiseni kwenkampani kunye nokwandisa inzuzo. Iinkampani ezifana ne-Amazon kunye ne-Apple ziyimizekelo yakudala yesitokhwe eqhube kakuhle kakhulu kwixesha elide, isenza abatyali-mali be-IPO bokuqala babe zizityebi. Utyalo-mali lwexesha elide lunokunciphisa impembelelo yokuguquguquka kwexesha elifutshane, ukuvumela ixabiso le-stock elingaphakathi ukuba lidlale ngokuhamba kwexesha.

5. Ukwandisa i-IPO Returns

Ukwandisa imbuyekezo evela kutyalo-mali lwe-IPO kufuna ukuqonda okunzulu koqingqo-maxabiso, ukuziphatha kwemarike, kunye nolawulo lomngcipheko. Abatyali-mali kufuneka basebenzise iindlela ezahlukeneyo zobuchule, ukusuka ekuhlalutyeni amaxabiso e-IPO ukuya ekuphumezeni amaqhinga kwintengiso yasemva. Ukulawula imingcipheko ngokwahlukana kunye neendlela eziqeqeshekileyo kunokunceda ukuphucula amathuba okuphumelela kwexesha elide ngelixa uphepha iimpazamo eziqhelekileyo zotyalo-mali.

5.1. Iindlela zoVavanyo lwe-IPO: Ukuthelekisa ixabiso le-IPO kwixabiso elingaphakathi

Umceli mngeni ophambili kutyalo-mali lwe-IPO kukuqinisekisa ukuba ixabiso lonikezelo libonisa ngokuchanekileyo ixabiso elingaphakathi lenkampani. Iinkampani kunye nababhali babo baphantsi bahlala bebeka ixabiso le-IPO ngokusekelwe kwimfuno elindelekileyo kunye neemeko zemarike, kodwa eli xabiso linokunyuswa okanye lingaxatyiswa ngokuxhomekeke kwizinto ezininzi. Ukwandisa imbuyekezo, abatyali-zimali kufuneka baqonde indlela yokuvavanya ixabiso le-IPO kwaye lithelekise ixabiso lokwenyani lenkampani.

1. Ixabiso lokuya kuMvuzo (P/E) Umlinganiselo: Enye yeendlela eziqhelekileyo zokuxabisa i-IPO yi-P / E ratio, ethelekisa ixabiso lentengo yenkampani kwingeniso yayo ngesabelo ngasinye. Umlinganiselo ophantsi we-P / E unokubonisa isitokhwe esingabalulekanga, ngelixa i-P / E ephezulu ibonisa ukuba isitokhwe sinokugqithiswa. Nangona kunjalo, ezinye iinkampani, ngakumbi kumashishini okukhula afana netekhnoloji, zisenokungabi nangeniso, zenza uhlalutyo lwe-P/E lungasebenzi.
2. Uhlahlelo lokuHamba kweMali enesaphulelo (DCF).: Kwiinkampani ezinokuqukuqela kwemali okulungileyo, abatyali-zimali banokusebenzisa uhlalutyo lwe-DCF ukufumanisa ixabiso langoku lokuqukuqela kwemali eqikelelwayo yenkampani. Le ndlela ivumela abatyali-mali ukuba baqikelele ixabiso elingaphakathi lenkampani ngokuqikelela indlela esebenza ngayo yemali yexesha elizayo kunye nokunciphisa ezo mali zihambayo kwixesha elizayo ukuza kuthi ga ngoku.
3. Uhlalutyo lothelekiso (Comps): Abatyali-mali bahlala bethelekisa ixabiso le-IPO kunye nolo lweenkampani ezifanayo kwishishini elifanayo. Ngokujonga i-metrics eziphambili ezifana ne-multiples yengeniso, i-profit margins, okanye i-value value-to-EBITDA ratios, abatyali-mali banokulinganisa ukuba i-IPO ixabisa ngokufanelekileyo ngokumalunga noontanga bayo.
4. Uvakalelo lweMarike kunye neZinto ezingabonakaliyo: Kwezinye iimeko, uvakalelo lwemarike, amandla ebhrendi, okanye ukuphazamiseka okunokwenzeka kwixesha elizayo kunokuthethelela ixabiso eliphezulu le-IPO. Umzekelo, iinkampani ezifana noTesla kunye no-Airbnb batsale amaxabiso aphezulu nangona bengenayo imivuzo eqinileyo ngexesha le-IPOs zabo. Ezi zinto zingabonakaliyo zinokuchaphazela ixabiso kodwa zithwala umngcipheko ophezulu kubatyali-mali.

5.2. Amaqhinga okuRhweba emva kwe-Aftermarket: Ukuqonda ukuguquguquka kwexabiso, ukuSeta iMiyalelo yokuLahlwa kweLahleko

Nje ukuba i-IPO iqalise ukurhweba esidlangalaleni, isitokhwe sihlala sifumana ukuguquguquka okukhulu kwexabiso, njengoko abathathi-nxaxheba bemarike baphinda bavavanya ixabiso lenkampani ngexesha lokwenyani. Ukuba ne-aftermarket ecacileyo cwangciso lo shishino inokunceda abatyali-mali balawule oku kuguquguquka ngelixa bekhusela utyalo-mali lwabo.

1. Ukuqonda Ukuguquguquka kwexabiso: Izitokhwe ze-IPO ziyaziwa ngokuguquguqukayo kwiintsuku zabo zokuqala zokurhweba. Ngosuku lokuqala, ixabiso lesitokhwe linokunyuka, njengoko kungqinwe kwii-IPO ezifana ne-Snowflake okanye i-Beyond Meat, kodwa unokufumana ukutsalwa okubukhali njengoko uvuyo lokuqala luphela. Izinto ezinjengendawo yentengiso iyonke, ukusebenza kwenkampani, kunye neemvakalelo zomtyali zimali zinegalelo koku kuguquguquka. Abatyali-mali kufuneka balungele ukuguquka kwamaxabiso okunokwenzeka kwaye baxhathise ukuphendula ngokungxamayo kwiinguqu zexesha elifutshane.
2. Icwangcisa I-Stop-Loss Orders: Enye indlela yokulawula umngcipheko kwindawo eguquguqukayo ye-IPO kukusebenzisa imiyalelo yokuyeka ukulahleka. Umyalelo wokuyeka ilahleko lixabiso elimiselwe kwangaphambili apho umtyali-mali athengisa ngokuzenzekelayo izabelo zakhe ukuze anciphise ilahleko enokwenzeka. Ngokomzekelo, ukuba umtyalo-mali uthengela isitokhwe se-IPO kwi-100 yeedola kwaye usethe ilahleko yokuyeka kwi-90 yeedola, izabelo zabo ziya kuthengiswa ngokuzenzekelayo ukuba ixabiso lehla kwi-90 yeedola, lizikhusela ukusuka kwelinye icala. Nangona kunjalo, kubalulekile ukulungelelanisa ii-odolo zelahleko yokuyeka kunye nokukwazi ukuba isitokhwe sibuyele ngokukhawuleza emva kokudipha kwexesha elifutshane.
3. Ukubamba vs. Ukuthengisa: Abatyali-mali kufuneka bathathe isigqibo sokuba bathengise nini izabelo zabo ze-IPO. Abanye banokuthengisa ngokukhawuleza emva kosuku lokuqala lokutshixa kwingeniso ekhawulezayo, ngelixa abanye banokubamba isitokhwe ukuze benze imali ekukhuleni kwexesha elide. Isigqibo sokubamba okanye ukuthengisa kufuneka sixhomekeke kwixesha lomtyali-mali, ukusebenza kwesitokhwe, kunye neemeko ezibanzi zeemarike. Abatyali-mali bexesha elide baxhamla ngokubamba izabelo ngokuguquguquka, becinga ukuba iziseko zenkampani zihlala zomelele.

5.3. Ubuchwephesha bokuLawulwa koMngcipheko: Ukwahluka, ukuHedging, ukuSeta izinto eziLindelekileyo

Ukulawula umngcipheko kubalulekile kutyalo-mali lwe-IPO, apho ukuguquguquka nokungaqiniseki kuqhelekileyo. Ngokuphumeza iindlela ezivakalayo zokulawula umngcipheko, abatyali-mali banokukhusela iipotfoliyo zabo kwaye banciphise impembelelo yelahleko enokubakho.

1. Ukwahluka koTyalo-mali lwe-IPO: Njengoko bekutshiwo kumacandelo angaphambili, ukwahlukana kubalulekile ekusasazeni umngcipheko kuzo zonke ii-IPO kunye namacandelo. Abatyali-mali abagxininisa kwiipotfoliyo zabo kwi-IPO enye okanye kwishishini basengozini enkulu yokuhla okanye ukungasebenzi kakuhle kwelo candelo. Ukwahlukahlukana kunokunceda ukunciphisa ifuthe layo nayiphi na inkampani enye yokusebenza kakubi kwipotfoliyo iyonke.
2. Iindlela zokuHamba: Abatyali-mali banokusebenzisa iindlela zokubiyela ukukhusela kumngcipheko ophantsi. Olunye ubuchule obuqhelekileyo kukuthenga iinketho, ezifana nokubeka iinketho, ezinika umtyalo-mali ilungelo lokuthengisa isitokhwe ngexabiso elithile, nokuba ixabiso lemarike liwela ngaphantsi kwelo nqanaba. Ngelixa amacebo okukhusela anokubonelela ngokhuseleko olusezantsi, bahlala beza kwiindleko zokunciphisa amandla angaphezulu okanye ubunzima obongezelelweyo.
3. Ukubeka Ulindelo Olusengqiqweni: Ii-IPO zihlala zixutywa njengethuba elikhulu elilandelayo, kodwa abatyali-zimali kufuneka bahlale benyanisekile malunga nembuyekezo yabo enokubakho. Ayiyiyo yonke i-IPO eya kuba yiGoogle elandelayo okanye iAmazon. Ngokumisela ulindelo olusengqiqweni nokunikela ingqalelo kwizinto ezisisiseko endaweni ye-hype, abatyali-mali banokuyiphepha imigibe yovuyo olugqithiseleyo. Ukulindela imbuyekezo ephakathi, ezinzileyo ekuhambeni kwexesha kudla ngokuba yindlela ezinzileyo kunokusukela iinzuzo zangoko, ezingaphezulu.

5.4. Ukunqanda iimpazamo zoTyalomali eziqhelekileyo ze-IPO

Abatyali-mali abaninzi, ngakumbi abo batsha kwii-IPOs, banokuwela kwimigibe eqhelekileyo ekhokelela kwiziphumo ezisezantsi. Ukunqanda ezi mpazamo kunokwandisa kakhulu ukubakho kotyalo-mali oluyimpumelelo lwe-IPO.

1. Ukuwa ngenxa yeHype: Kulula ukukhukuliseka kwi-media frenzy ejikeleze i-IPO ephezulu, kodwa oku kunokukhokelela ekutyaleni imali kwi-stock overhyped exabisa kakhulu. Ukunqanda oku, abatyali-zimali kufuneka baqhube uphando oluzimeleyo kwaye bagxininise kwikhono lenkampani ixesha elide kunokuba nemincili yexesha elifutshane.
2. Ukukutyeshela Ukukhuthala Okufanelekileyo: Abatyali-zimali abaninzi bathenga kwii-IPO ngaphandle kokuhlalutya ngokupheleleyo imali yenkampani okanye imeko yoshishino. Ukutsiba eli nyathelo libalulekileyo kunokukhokelela kwizigqibo zotyalo-mali ezilambathayo. Abatyali-zimali kufuneka benze inkuthalo efanelekileyo kuyo yonke i-IPO, nokuba inkampani iyaziwa okanye ixhaswa ngababhali abaphantsi abadumileyo.
3. Ukuxinana ngokugqithisileyo kwiSitokhwe esinye: Ukubeka inxalenye enkulu yepotfoliyo yomntu kwisitokhwe esinye se-IPO kunokuba yingozi. Neenkampani eziphumeleleyo zinokufumana ukuhla kwexabiso okubalulekileyo kwakamsinya nje emva kokuya esidlangalaleni. Abatyali-mali kufuneka bakuphephe ukubeka imali eninzi kakhulu kuyo nayiphi na i-IPO enye kwaye endaweni yoko bakhe ipotifoliyo elinganayo.
4. Ukungahoywa kwamaxesha okuTshixa: Abatyali-zimali abathengisayo kufuneka banikele ingqalelo kumaxesha okuvalwa, apho abangaphakathi bathintelwe ukuba bathengise izabelo. Emva kokuba ixesha lokuvala liphelile (ngokuqhelekileyo emva kweentsuku ze-90-180), kunokubakho ukungena okukhulu kwezabelo ezibetha imarike, okunokuthi kuqhube ixabiso lesitokhwe phantsi. Ukuqonda eli xesha kunokunceda abatyali-mali bathathe isigqibo sokuba bathenge nini okanye bathengise izabelo ze-IPO.

6. Ii-Case Studies: Ii-IPO eziphumeleleyo nezingaphumeleliyo

nokufunda ukusuka kwimizekelo yangempela yehlabathi yee-IPOs inokubonelela ngeembono ezixabisekileyo kwizinto ezinegalelo kwimpumelelo okanye ekungaphumelelini. Eli candelo liza kuhlalutya iimeko zophononongo ezithile zee-IPO eziphawulekayo eziqhube kakuhle kakhulu kunye nezo ziye zasilela. Ngokufunda le mizekelo, abatyali-mali banokuqonda ngcono amandla asisiseko aphembelela ukusebenza kwe-IPO.

6.1. Hlalutya iMizekelo yeHlabathi yokwenyani yee-IPOs

Ukufumana ulwazi olusebenzayo lotyalo-mali lwe-IPO, kuyanceda ukuphonononga abaphumeleleyo kunye nabalahlekileyo. Ii-IPO eziphumeleleyo zihlala zibonakalisa iinkampani ezinesiseko esiluqilima, imfuno eyomeleleyo yemarike, kunye nolawulo olusebenzayo, ngelixa ii-IPO ezingaphumeleliyo zinokuchaphazeleka kukuxabisa kakhulu, ixesha elibi, okanye umdla obuthathaka wentengiso.

6.1.1. Ii-IPO eziphumeleleyo: uGoogle, iAmazon, kunye neNgaphaya kwenyama

• Google (2004 IPO): IPO kaGoogle ngomnye wemizekelo edumileyo yonikezelo loluntu oluyimpumelelo. Inkampani yahamba esidlangalaleni ngo-Agasti 2004, ixabisa i-$ 85 ngesabelo ngasinye, inyusa i-1.9 yeebhiliyoni zeedola. Imodeli yeshishini likaGoogle, eligxile kwi-injini yokukhangela ephambili kunye neshishini elikhulayo lentengiso, yayisele inenzuzo ephezulu, iyibeka ekukhuleni kwexesha elide. Ukusukela kwi-IPO yayo, iGoogle (ngoku eyiAlfabhethi) iqhube kakuhle, ngexabiso lesitokhwe sayo esixabisa kakhulu ngenxa yokwanda kwenkampani kumacandelo amaninzi etekhnoloji. Isitshixo kwimpumelelo kaGoogle yayiyimodeli yeshishini ecacileyo, ukukhula kwengeniso enkulu, kunye nokukwazi kwayo ukwenza izinto ezintsha ngaphaya kokukhangela.
• IAmazon (1997 IPO): I-Amazon yaphuma esidlangalaleni ngoMeyi 1997, ixabisa i-$ 18 ngesabelo ngasinye, kunye nexabiso le-$ 438 yezigidi. Nangona ingeniso ye-Amazon yayikude ukuba ifikeleleke ngexesha le-IPO yayo, umseki wayo uJeff Bezos unxibelelane nombono onyanzelisayo wexesha elide ogxile ekubeni liqonga le-e-commerce lehlabathi. Abatyali-mali abakholelwa kwi-Amazon enokubakho babone ixabiso lesitokhwe likhula ngokukhawuleza njengoko inkampani yayinyusa imisebenzi yayo kwaye yangena kwimimandla emitsha efana ne-cloud computing (AWS). Impumelelo ye-IPO ye-Amazon ibonisa indlela imodeli eyomeleleyo yeshishini edityaniswe nenkokeli enombono inokukhokelela kwimbuyekezo enkulu yexesha elide.
• Ngaphaya kweNyama (2019 IPO): Beyond Meat, umvelisi wenyama esekelwe kwisityalo, uqalise i-IPO ngoMeyi 2019 ngexabiso lokuqala le-$ 25 ngesabelo ngasinye. Isitokhwe sinyuke ngaphezulu kwe-160% ngosuku lwayo lokuqala lokurhweba, sibonisa imfuno eyomeleleyo yomtyali-mali. I-Beyond Meat's IPO ibe yimpumelelo ngenxa yokuma kwayo kwimakethi ekhulayo yeeprotheyini, ethe yatsala abatyali-zimali bamaziko. Ingqwalasela yenkampani ekuzinzeni kunye nabathengi abakhathalela impilo nabo badlale indima kwi-hype ejikeleze i-IPO yayo, kwaye ngelixa ifumene ukungazinzi, i-Beyond Meat ihlala iyimpumelelo ephawulekayo malunga neenzuzo zexesha elifutshane.

6.1.2. Ii-IPO ezingaphumelelanga: Uber, WeWork, kunye nePets.com

• Uber (2019 IPO): I-IPO ka-Uber ngoMeyi ka-2019 ibilindelwe kakhulu, kodwa ayizange ifikelele kwi-hype. Ixabiso le-$ 45 ngesabelo ngasinye, inkampani ikhulise i-8.1 yeebhiliyoni zeedola, kodwa isitokhwe sika-Uber sehla ngaphezu kwe-7% ngosuku lokuqala lokurhweba kwaye saqhubeka nomzabalazo kwiinyanga ezilandelayo. Izizathu eziphambili zokungaqhubi kakuhle kwe-IPO kuka-Uber ziquka iinkxalabo malunga nokwenza ingeniso, imingeni yolawulo, kunye nokunyuka kokhuphiswano. Ngelixa u-Uber wayenengeniso enkulu, abatyali-mali babeyilumkele ilahleko yayo enkulu, ekhokelela ekusebenzeni kakubi kwimarike yemasheya. I-IPO ka-Uber isebenza njengesikhumbuzo sokuba ixabiso elikhulu kunye nokukhula okuphezulu akusoloko kuguqulela kwimpumelelo yemarike yemasheya ngaphandle kwengeniso ecacileyo.
• WeWork (Ayiphumelelanga IPO 2019): I-IPO debacle ye-WeWork yenye yezona ntsilelo eziphezulu kakhulu kwiminyaka yamuva. Ibicetywe ekuqaleni ngo-2019, inkampani yayijonge ukuqingqwa kweebhiliyoni ezingama-47 zeedola kodwa yanyanzeleka ukuba itsale i-IPO ngenxa yeenkxalabo malunga nemodeli yeshishini, imiba yolawulo, kunye nelahleko yemali. Ukuxhomekeka kakhulu kwe-WeWork kwingqeshiso yexesha elifutshane kunye nesicwangciso esiqatha sokwandisa ngaphandle kwendlela ecacileyo yokwenza inzuzo kukhokelele ekuphulukaneni nokuzithemba komtyali-zimali. Imiba yolawulo ejikeleze i-CEO u-Adam Neumann uye wangcolisa isidima senkampani. Eli tyala liqaqambisa ukubaluleka kweziseko zeshishini elivakalayo kunye nokungafihlisi kulawulo lweshishini xa kuzanywa i-IPO.
• Pets.com (2000 IPO): I-Pets.com yenye yeyona mizekelo idume kakubi ye-dot-com bubble burst. Yaziswa ngoFebruwari 2000, ixabisa i-$ 11 ngesabelo ngasinye, isitokhwe sakhawuleza sahla, kwaye inkampani yabhengeza i-bankruptcy ekupheleni konyaka. I-Pets.com izabalaza nemodeli yeshishini engazinzanga, itshisa imali ngokukhawuleza ngelixa isilela ukwakha isiseko esiqinileyo sabathengi. Ukuthembela kwayo kakhulu ekuthengiseni ngaphandle kwengeniso eyaneleyo kukhokelele ekuweni kwayo. Oku kusilela kwe-IPO kufundisa abatyali-mali ukuba baphephe iinkampani ezineendlela ezingacacanga eziya kwingeniso, ngakumbi ezo zisebenza kumacandelo aqikelelwa kakhulu.

6.2. Xoxa ngemiba efak' isandla kwiMpumelelo okanye kwiSilelo

Ziliqela izinto ezahlula ii-IPO eziphumeleleyo kwezo zingaphumelelanga. Ngokuhlalutya ezi zinto zilandelayo zibalulekileyo, abatyali-zimali banokuqonda ngcono ukuba kutheni ezinye ii-IPO ziphumelela ngelixa ezinye zisilela:

1. Imodeli yoShishino kunye neNzuzo: Iinkampani ezinemodeli yeshishini elicacileyo kunye ne-scalable, nokuba ayinanzuzo ngokukhawuleza (umzekelo, i-Amazon), idla ukuphumelela kwixesha elide. Ngapha koko, iinkampani ezinemodeli yeshishini elingangqinwanga okanye elineziphene (umzekelo, i-Pets.com) zinokusokola ukugcina ukuzithemba komtyali-mali, okukhokelela ekusileleni.
2. Ixesha lokuthengisa: Ii-IPO eziphumelelayo zihlala zingqamana neemeko zemarike ezivumayo, ezivumela inkampani ukuba itsale umdla womtyali-mali kwaye ifezekise amaxabiso aphezulu. Iinkampani eziphehlelela ii-IPO ngexesha lokudodobala koqoqosho okanye amaxesha okungaqiniseki kweemarike zisenokusokola, njengoko kubonwa ku-Uber, ethe yaya eluntwini phakathi kweenkxalabo ezibanzi zemarike malunga nokuxatyiswa kwetekhnoloji kunye nenzuzo.
3. Ulawulo lokuzimele: Ulawulo olululo luphawu lweenkampani eziphumeleleyo. Imiba efana nokungabikho elubala, ubunkokeli obugwenxa, okanye izenzo ezingekho mthethweni (njengeWeWork) zinokukhokelela ekuphulukaneni nentembeko yabatyali-zimali, ekugqibeleni itshone i-IPO.
4. Uluvo lwabatyali-zimali: Uvakalelo ludlala indima ebalulekileyo ekusebenzeni kwe-IPO. Iinkampani ezifana ne-Beyond Meat zenze imali kwiindlela ezivelayo ezinjengozinzo, eziye zadibana nabatyali-zimali beevenkile kunye namaziko. Kwelinye icala, iinkampani ezibonwa njengezixatyiswe kakhulu okanye zisemngciphekweni kakhulu zihlala zisokola ukugcina uluvo oluhle, olunokukhokelela ekusebenzeni kakubi kwe-IPO.
5. Ukukhula okunokubakho: Iinkampani ezinendlela ecacileyo yokukhula kunye nokutsha zivame ukwenza ngcono emva kwe-IPO. I-Google kunye ne-Amazon babonise amathuba okukhula okuphezulu ekukhuliseni amashishini (ukukhangela kunye ne-e-commerce, ngokulandelanayo), eyanceda ukugcina umdla wotyalo-mali ixesha elide. Ngokwahlukileyo koko, iinkampani ezifana ne-WeWork, ezinezicwangciso zokukhula ezithandabuzekayo, zajongana nokuthandabuza okonzakalisa izicwangciso zabo ze-IPO.

6.3. Funda Kumava Adlulileyo

Iimpumelelo kunye nokungaphumeleli kwee-IPO zangaphambili zinika izifundo ezibalulekileyo kubatyali-mali bexesha elizayo. Ii-IPO ezinempumelelo zikholisa ukudibanisa umbono onyanzelisayo, imali eyomeleleyo, kunye nolawulo olusebenzayo lweshishini. Abatyali-mali kufuneka bagxile kwezi zinto zilandelayo:

• Jonga Ngaphaya kweHype: Ingqwalasela yemidiya inokunyusa ixabiso elibonwayo le-IPO, kodwa abatyali-mali kufuneka bajonge izinto ezisisiseko zenkampani, kungekhona nje i-buzz. Ukuwa kwe-WeWork kubonisa indlela i-hype yodwa engenakho ukugcina inkampani enemodeli yeshishini eneziphene.
• Gxininisa kwixesha elide lokuSebenza: Iinkampani ezifana ne-Amazon kunye ne-Google zibonisa ukuba indalo yexabiso lexesha elide ibaluleke ngaphezu kwenzuzo yangoku. Abatyali-mali kufuneka bavavanye ukukwazi kwenkampani ukwenza izinto ezintsha kunye nokukhula ngokuhamba kwexesha.
• Ukuvavanya uLawulo noLawulo: Ubunkokeli obuqinileyo kunye nolawulo olululo zibalulekile kwi-IPO eyimpumelelo. Ubunkokeli obungalunganga, njengoko bubonwa ngeWeWork, bunokukhokelela kwiziphumo ezibi.
• Vavanya uvakalelo lweMarike kunye neeMpawu: Ii-IPO ezilungelelaniswe neendlela ezincomekayo zemarike, ezifana nokugxila kwe-Beyond Meat kuzinzo, kunokwenzeka ukuba ziphumelele kwixesha elifutshane kunye nexesha elide. Ukuqonda ukuguquguquka kwemarike ngokubanzi kunokunceda abatyali-mali ukuba baxhamle kumathuba asakhulayo.

7. IPO Investment Risks

Ukutyala imali kwii-IPO kunokuba nomvuzo omkhulu, kodwa akukho mngcipheko. Ukungaqiniseki okungqonge inkampani entsha kawonke-wonke, kudityaniswa neenguqu kwimarike, kunokukhokelela ekuguquguqukeni okukhulu kwamaxabiso kunye nelahleko yemali. Kweli candelo, siza kuphonononga imingcipheko eyahlukeneyo eyayanyaniswa notyalo-mali lwe-IPO, njengokuguquguquka kweemarike, ukungangqinelani kwamaxabiso, imiqobo yokuhlawula amatyala ngenxa yamaxesha okuvala, kunye nemingeni yezomthetho okanye yolawulo.

7.1. I-Volatility Market: Ukuqonda ukuguquguquka kwexabiso

Omnye weyona mingcipheko ibalulekileyo eyayanyaniswa nee-IPO kukuguquguquka kweemarike, ngakumbi ngeentsuku zokuqala zokurhweba. Izitokhwe ezisanda kufakwa kuluhlu zihlala ziphantsi kokutshintsha kwamaxabiso okumangalisayo, okunokukhokelela kwiinzuzo kunye nelahleko ngokukhawuleza. Ziliqela izinto ezinegalelo koku kuguquguquka:

1. Ukunqongophala kweDatha yeMbali: Ngokungafaniyo neenkampani ezisekiweyo, ii-IPO zinembali yorhwebo elinganiselweyo, okwenza kube nzima kubatyali-mali ukuqikelela ukuba isitokhwe siza kwenza njani. Ukunqongophala kweendlela zexabiso zembali kudala ukungaqiniseki, okukhokelela kuqikelelo oluninzi kwaye, ngenxa yoko, ukuguquguquka okukhulu.
2. Uluvo lwabatyali-zimali: Ngeentsuku zokuqala zokurhweba, ixabiso lesitokhwe se-IPO lihlala liqhutywa ngakumbi yimvakalelo yomtyali-mali kunesiseko esisisiseko senkampani. Uluvo oluhle lwentengiso, oluphenjelelwa yi-media hype okanye imfuno enamandla, inokulinyusa ixabiso. Ngokuchaseneyo, iimvakalelo ezimbi okanye iimeko zemarike zinokubangela ukwehla okubukhali.
3. Uqikelelo Lwexesha elifutshane: Uninzi lwabatyali-mali bangaphambili, ngakumbi abathengisi traders, inokungena kwi-IPO ngenjongo yokwenza inzuzo ngokukhawuleza. Olu qikelelo lwexeshana elifutshane lunokubangela ukuba isitokhwe sikhule ngosuku lwayo lokuqala kwaye emva koko sibe nezilungiso ezibalulekileyo njengoko aba batyali-mali bekhupha imali.
4. Imiqathango yeMarike yangaphandle: Iinguqu ezibanzi zemarike, ezifana nokudodobala koqoqosho, ukonyuka kwenzala, okanye ukuxinezeleka ngokwelizwe, kusenokuchaphazela ukusebenza kwe-IPO. Nokuba inkampani eyomeleleyo inobunzima bokufumana amandla ukuba imarike iyonke ifumana ukuguquguquka.

7.2. UkuBekwa kwamaxabiso angaphantsi kunye nokuBeka ngaphezulu kwamaxabiso: ukuVavanya iZithuba zeXabiso

Umngcipheko oqhelekileyo kwi-IPO yotyalo-mali yinto enokwenzeka ukuba isitokhwe silahlekile ngexesha lokunikezelwa koluntu. Oku kunokubonakala njengokungamaxabiso aphantsi okanye ukugqithiswa kwamaxabiso, zombini ezi zinto zinemingeni kubatyali-zimali.

1. Ukunciphisa amaxabiso: Kwii-IPO ezininzi, ixabiso lomnikelo libekwe ngaphantsi kwexabiso lenkampani elingaphakathi. Ngelixa oku kusenokubonakala ngathi yi-disadvantage kwinkampani (enyusa imali encinci), inokuzuza abatyali-mali kwangoko. Ukunciphisa ixabiso lihlala likhokelela "kwi-pop" kwixabiso lesitokhwe ngosuku lokuqala lokuthengisa, ukuvumela abatyalo-mali bokuqala ukuba benze inzuzo ebalulekileyo yexesha elifutshane. Nangona kunjalo, oku kungabonakalisa ukuba ababhali bangaphantsi babengenalukuzithemba kwimfuno yemarike okanye ngabom bejolise ekudaleni ukunyuka komsebenzi wokurhweba. Kubatyali-mali bexesha elide, ukuncitshiswa kwamaxabiso kunokubonisa ithuba leenzuzo zexesha elizayo njengoko imarike ilungisa ixabiso.
2. Ukugqithiswa kwamaxabiso: Ngokwahlukileyo, ukuba i-IPO igqithise okanye imfuno iqikelelwe, ixabiso elinikezelayo linokuthi libekwe phezulu kakhulu, elikhokelela ekugqithiseni. Oku kudla ngokubangela ukuhla okubukhali kwixabiso lesitokhwe emva kokuba urhwebo luqala, njengoko imarike iphinda ihlola ixabiso lokwenyani lenkampani. Ukugqithiswa kwamaxabiso kunokwenzeka xa izinto ezisisiseko zenkampani zingakuthetheleli uqingqo-maxabiso oluphezulu okanye xa iimeko zemarike zitshintsha ngokukhawuleza phakathi kwexabiso kunye nomnikelo woluntu. Kubatyalo-mali abathenga kwi-IPO engaphezulu, umngcipheko wokulahlekelwa yimali mkhulu, ngakumbi ukuba isitokhwe asiphumelelanga ukubuyisela ixesha elide.

7.3. Amaxesha okuTshixa: Ukuthathela ingqalelo imithintelo yoLwando

Amaxesha okutshixa yenye into ebalulekileyo yomngcipheko kubatyali-mali be-IPO. Ezi zizihlandlo ezimisiweyo zamaxesha, zihlala zihlala iintsuku ezingama-90 ukuya kwezili-180 emva kwe-IPO, apho abantu bangaphakathi—njengabaphathi beenkampani, abaseki, kunye nabatyali-zimali bokuqala—bathintelwe ekuthengiseni izabelo zabo.

1. Impembelelo kwixabiso lesitokhwe: Ukuphela kwexesha lokuvala kungakhokelela kuxinzelelo lokuthengisa olwandisiweyo njengoko abangaphakathi befuna ukwenza imali kutyalo-mali lwabo. Oku kungena ngokukhawuleza kwezabelo kwiimarike kunokucinezela ixabiso lempahla, ngakumbi ukuba inani elibalulekileyo lezabelo zithengiswa. Abatyalomali abangaqapheliyo ixesha lokuvala kunye nokuphelelwa kwayo banokufumana ilahleko ngokukhawuleza njengoko ixabiso lesitokhwe lihla ngenxa yokunyuka kokunikezelwa.
2. Umngcipheko woTywala: Ngexesha lokutshixa, imali yokuhlawula amatyala ilinganiselwe kuba inxalenye enkulu yezabelo ibanjwe ngabantu bangaphakathi kwaye ayifumaneki ukurhweba. Oku kunokukhokelela kwiintshukumo zamaxabiso ezibaxiweyo, njengoko isixa esincinci sezabelo ezikhoyo sixhomekeke kurhwebo oluqikelelwayo. Kubatyali-zimali abathengisayo, ukunqongophala kwemali kunokwenza kube nzima ukuphuma kwisikhundla ngaphandle kwempembelelo enkulu yexabiso, ngakumbi ngexesha lokuguquguquka okuphezulu.
3. Imvakalelo yentengiso: Ukuphelelwa kwexesha lokutshixa kunokuchaphazela noluvo lomtyali-mali. Ukuba abangaphakathi bakhetha ukuthengisa inani elikhulu lezabelo, kunokubonisa kwimarike ukuba abo banolwazi oluninzi lwenkampani balahlekelwa yintembelo kwikamva labo elizayo, baqhubela phambili intengo yesitokhwe phantsi.

7.4. Imingcipheko yoMthetho noLawulo: Ukuhlala unolwazi malunga neMiba yokuThobela

Abatyali-mali be-IPO kufuneka baqaphele imingcipheko yomthetho kunye nolawulo. Njengoko iinkampani ezitsha zikawonke-wonke zingena kwimeko-bume ephicothiweyo ngakumbi, kufuneka zithobele uluhlu lweemfuno zomthetho ezilawula ukubhengezwa koluntu, ulawulo lweshishini, kunye neengxelo zemali. Nakuphi na ukusilela ekuthotyelweni okanye kwiingxabano zomthetho kunokuba neziphumo ezibi kwinkampani kunye nabatyali-mali bayo.

1. Ukuthotyelwa koMthetho: Nje ukuba inkampani ihambe esidlangalaleni, ixhomekeke kwiimfuno zolawulo ezingqongqo ezibekwe ngamaqumrhu karhulumente afana neKhomishini yoKhuseleko kunye noTshintsho (SEC). Le mimiselo ilawula indlela iinkampani ezibika ngayo ingeniso, zichaza iziganeko eziphathekayo, kwaye zikhusele abaninizabelo. Ukungaphumeleli ukuthobela le migaqo kunokukhokelela kwizohlwayo ezisemthethweni, izimangalo, okanye ukucinywa kurhwebo lwesitokhwe, nto leyo enokubangela ilahleko enkulu kubatyali-mali.
2. Amatyala kunye nemingeni yoMthetho: Iinkampani ezitsha zoluntu zisenokujongana nomngcipheko owongeziweyo wokumangala, kuqukwa nezimangalo zodidi olusuka kubaninizabelo okanye imingeni yezomthetho enxulumene nepropathi enomgangatho ophezulu wokuqonda, izivumelwano, okanye ukuthotyelwa kwemithetho. Umzekelo, ukuba iingxelo zemali zenkampani zifunyaniswa zingachanekanga okanye zilahlekisa, abanini-zabelo banokumangalela ngomonakalo. Iingxabano ezinjalo zomthetho zingonakalisa kakhulu igama lenkampani kunye nexabiso lesitokhwe, ukongeza kwiingozi zotyalo-mali lwe-IPO.
3. Ukutshintsha iMithetho: Utshintsho lolawulo lwangaphandle lunokuba nefuthe kwii-IPOs. Umzekelo, oorhulumente banokuzisa imimiselo emitsha ejolise kumashishini athile, afana nemithetho eyongeziweyo yobumfihlo bedatha okanye imigaqo yokusingqongileyo, enokuchaphazela kakubi iinkampani ezithembele kakhulu kwezi ndawo. Abatyali-mali kufuneka bahlale benolwazi malunga nophuhliso lolawulo, ngakumbi kumashishini afana netekhnoloji, ukhathalelo lwempilo, okanye ezemali, apho imithetho inokutshintsha ngokukhawuleza.

isiphelo

Utyalo-mali kwii-IPO lubonisa amathuba awodwa kunye nemingeni ebalulekileyo. Kubatyali-mali abaninzi, isibongozo sokungena kwangethuba kwiinkampani ezinokukhula okunamandla sisikhuthazi esinamandla. Iinkampani ezifana neGoogle kunye neAmazon zibonisa amandla okwakha ubutyebi botyalo-mali lwe-IPO, njengoko abaxhasi bangaphambili bakwazile ukuxhamla ngokunyuka kwabo kwexabiso. Nangona kunjalo, ayizizo zonke ii-IPO ezingamabali empumelelo. Ngaphandle kophando olucokisekileyo kunye nokuqonda ngokucacileyo imingcipheko ebandakanyekayo, abatyali-mali banokujongana nelahleko enkulu, njengoko kungqinwa ngamatyala afana ne-WeWork okanye i-Uber. Ke ngoko, ngelixa ii-IPO zinokuba nengeniso, zifuna indlela eqeqeshekileyo, nenolwazi.

Uphando olucokisekileyo kunye nokukhuthala kubalulekile xa usondela kutyalo-mali lwe-IPO. Abatyali mali kufuneka bangene nzulu kwiingxelo zemali zenkampani, bavavanye imodeli yeshishini labo, kwaye bavavanye amandla eqela labo lolawulo. Ngaphandle kokusebenza kwangaphakathi kwenkampani, ukuqonda iintsingiselo zeshishini kunye nomhlaba okhuphisanayo kunokubonelela ngomxholo obalulekileyo wethemba lokukhula kwenkampani. Uhlalutyo lobuchwephesha lunokuthi lubonelele ngeemvakalelo zentengiso kunye neentshukumo zamaxabiso kwangoko, nangona akufanele kuthathe indawo yohlalutyo olusisiseko, ngakumbi kwiimarike eziguquguqukayo.

Ulawulo lomngcipheko ludlala indima ebalulekileyo ekujongeni ngempumelelo ukungaqiniseki kotyalo-mali lwe-IPO. Ukwahluka kwii-IPO ezahlukeneyo kunye namacandelo kunganceda ukunciphisa umngcipheko wokungaqhubi kakuhle kulo naluphi na utyalo-mali olunye. Abatyali-mali nabo kufuneka balumkele ukuguquguquka kweemarike kwiintsuku zokuqala ze-IPO, besebenzisa izixhobo ezifana nemiyalelo yelahleko yokuyeka ukukhusela ekuncipheni okubukhali. Ngaphezu koko, ukuqonda izinto eziphambili ezifana nokuphelelwa kwamaxesha okuvala kunye nefuthe lemiba yomthetho okanye yolawulo kunokuncedisa abatyali-mali baphephe imigibe eqhelekileyo eye yaphazamisa ezinye ii-IPO.

Ekugqibeleni, ii-IPOs zinokuba lulongezo olunomvuzo kwipotfoliyo yotyalo-mali ukuba isondele ngononophelo kunye nokucinga kwexesha elide. Kunokuba batshayelwe kwi-hype yentengiso, abatyali-zimali be-IPO abaphumeleleyo ngabo bagxile kwixabiso elisisiseko lenkampani kunye nokukhula okunokwenzeka. Ngokulungelelanisa uchulumanco lotyalo-mali lwakwangoko kunye nokucwangcisa ngononophelo kunye nolawulo lomngcipheko, abatyali-zimali banokuthatha intengisovantage yamathuba anikezelwayo zii-IPO ngelixa zinciphisa ukuchanabeka kwazo kwimingcipheko engeyomfuneko.