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近年最大的科技股IPO：Snap會是下一個GoPro還是Facebook？ Snap上周終於向SEC遞交了招股說明書，一下子點燃了沈寂了已久的科技股IPO市場。而這家近幾年在年輕人中非常受歡迎的智能手機APP Snapchat的母公司的招股書中最讓人吃驚的是，他們認為自己是一家“相機公司”。
根據上周四公布的招股書，Snap將會最高募集到30億美元，上市後公司市值可能達到250億美元。而CNBC的一篇文章中指出，作者感覺他們這次大型的上市過程中，這家公司犯了運動相機品牌Go Pro(GPRO )前幾年的讓人困惑的錯誤，當時這家相機硬件公司非要把自己打造成一家媒體公司。但是Snap又有很多Go Pro沒有的很重要的東西。在社交媒體服務領域，有一個贏者通吃的傳統，因此Snapchat也是贏家之一。他們的增長可以用爆炸式來形容，2016年當年的營收達到了4億美元，幾乎比2015年擴張了7倍。這樣的數據對於大型科技板塊公司的估值來說是有力的。每個用戶的營收增長仍然有很大空間，前提是Snap要做對的事。目前，目前他們單季度單個用戶營收為1美元，這和Facebook(FB )在2012年剛上市的時候差不多，而紮克伯格的市值3850億美元的科技股巨頭已經讓這一數字在上季度達到了5美元，翻了五倍。雖然如此，但是Snap的日活用戶增長在減緩，去年第三到第四季度的增長僅有3個百分點，全球達到了1.58億人次。不像2014年Go Pro上市時那樣的高盈利能力但是緩慢增長的情況，Snap的現金比他們的信息（Snapchat的信息和照片特點是閱後即焚）小時的還要快。過去兩年已經燒掉了10億美元。投資者對此最擔心的的一點是，Snap堅持把自己當相機公司的缺點會被放大。一群20多歲的高層以及聯合創始人Evan Spiegel和Robert Murphy可能都不這樣認為，但是仍然這樣表態。他們同樣也想在嘗試做一些之前沒有做過的事情——賣給投資者沒有投票權的股票。即使Facebook和Go Pro最初都至少給每10股內部股票就有1股流通的股票有投票權。更不用說可能這家公司的高層都活在一個照片泡沫的投資風險中。讓高層控制自己不成比例的經濟興趣可能在Facebook好用，但是Go Pro就沒有做到，現在後者的股價只有IPO時候的一半不到。聰明的投資者可能會相信Snap對自己的定位，用一家真正的相機公司來給這家公司定價，而不是其他公司。评论
去华人超市，用中国vendor，中国人要帮助中国人，团结互助才能赢得尊重 赏 2017-02-06#2
8,167 $0.00 Snapchat Likely the Most Expensive Big Tech IPO EverLucinda ShenFeb 03, 2017as revealed by its IPO filing. But if the messaging service does hit that goal, it will be more expensive than Facebook, Alibaba, and even Google at the time of their IPOs.Fortune previously noted that Snapchat's owner Snap is far more expensive than its competitors who have been exposed to the public markets. But even when looking at public tech companies when their own IPOs were highly anticipated events, Snap still comes up on top as the priciest stock.Since Snapchat lost roughly $515 million in 2016 and has yet to turn a profit, the more conventional stock valuation metric, the price-to-earnings ratio, won't hold up. So we'll be measuring how much the companies thought investors would be willing to pay for each dollar of revenue, or the price-to-sales ratio.For Snap, it's a lot. Fortune took a look at some other notable IPOs of tech companies and couldn't find a single one that offered shares at a higher valuation than Snap. The closest: Twitter (twtr, +0.80%). When Twitter went public in 2013, the social media company sought a $14.2 billion valuation. At the time, its sales in the year preceding the offering came in at $316.9 million, meaning that its owners were looking for a valuation of nearly 45 times sales. But even that is about 40% lower than where Snap looks to be pricing its shares. At the rumored $25 billion valuation, Snap's owners and its bankers are looking to sell shares at a sky high 62 times sales. What's more, while Twitter, like Snap, was not profitable at the time of its IPO, the social media company had lost just $79 million in the year before it went public, or less than 20% of Snap's red ink in 2016.Facebook (fb, +0.39%) on the other hand, had revenue of $3.7 billion and a profit of $1 billion in the year before its IPO. Yet, the P/S on its shares at the time of Facebook's IPO was a relatively cheap 28. Facebook's shares, nonetheless, struggled for nearly a year after its offering. Twitter's shares rose after their IPO, but have stumbled in the past year or so, and recently have fallen to just under $18, from $50 two years ago.Investors often rush to IPOs so Snap's offering is likely to find buyers, particularly given the company's recent growth. But the shares' shy high valuation could vanish quickly.
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