上市難于上青天

1、<p><b>　　上市難于上青天</b></p><p>　　經(jīng)濟(jì)泡沫爆裂后，清潔技術(shù)創(chuàng)投企業(yè)想要做出些業(yè)績(jī)，需要投入更多時(shí)間和資金。正因?yàn)槿绱耍髽I(yè)的短期狀況不盡如人意。展望未來(lái)幾年，這個(gè)新興領(lǐng)域腳下拓開(kāi)的將是一條崎嶇不平的荊棘路。 </p><p>　　馬斯科馬（Mascoma）是美國(guó)一家纖維素乙醇生產(chǎn)領(lǐng)域的新秀。幾周前，馬斯科馬在申請(qǐng)上市后，悄然偃旗

2、息鼓，放棄公開(kāi)募股。2011年，多家主要的生物燃料公司如Solazyme、 Gevo和Kior在首次公開(kāi)募股后，盈利慘淡不堪。有前兩年的頹勢(shì)在前，馬斯科馬在公開(kāi)募股上馬失前蹄，也是意料之中。在這幾家旗開(kāi)不利的公司中，Gevo和Kior敗得最慘，各損失了超過(guò)80%和近乎70%的總資產(chǎn)值。 </p><p>　　針對(duì)這類技術(shù)公司，Katie Fehrenbacher（GigaOM資深撰稿人及專欄編輯）分析了各種導(dǎo)致高

3、風(fēng)險(xiǎn)的因素。Katie以Kior為樣本，因?yàn)樗砹诉@類公司的典型：首次公開(kāi)募股沒(méi)有利潤(rùn)，加之短時(shí)間內(nèi)可期利潤(rùn)微薄，直到企業(yè)開(kāi)設(shè)資本密集型生產(chǎn)工廠，才可能有規(guī)模利潤(rùn)進(jìn)賬，而開(kāi)工廠需要花費(fèi)上千萬(wàn)美元。作為上市公司，Kior無(wú)疑帶有巨大風(fēng)險(xiǎn)。 </p><p>　　自2011年起，生物燃料企業(yè)開(kāi)始發(fā)行新股。兩年后，清潔技術(shù)投資者終于想要首次公開(kāi)募股時(shí)，卻發(fā)現(xiàn)步履維艱。這不僅加大了生物燃料領(lǐng)域的投資風(fēng)險(xiǎn)，也迫使這些企業(yè)

4、轉(zhuǎn)向市場(chǎng)尋求資本。另外，倘若沒(méi)有這些清潔技術(shù)投資者打開(kāi)風(fēng)險(xiǎn)敞口，帶動(dòng)資本流動(dòng)，促進(jìn)回報(bào)，處于中后期發(fā)展階段的企業(yè)想要吸納資本，加快商業(yè)化進(jìn)程，無(wú)疑會(huì)雪上加霜。 </p><p>　　2012年，上市市場(chǎng)的清潔技術(shù)創(chuàng)投總數(shù)減少三分之一，僅剩三個(gè)有關(guān)清潔技術(shù)的首次公開(kāi)募股。對(duì)風(fēng)險(xiǎn)投資者來(lái)說(shuō)，發(fā)掘流動(dòng)資產(chǎn)以贏得利潤(rùn)是安身之本，首次募股便是立命之基，同企業(yè)并購(gòu)一樣不可或缺。但是，首次公開(kāi)募股若跑輸大盤(pán)，業(yè)內(nèi)其他企業(yè)就很難

5、吸引風(fēng)險(xiǎn)資本，更別提上市了。 </p><p>　　目前，該領(lǐng)域最大的癥結(jié)是，清潔技術(shù)企業(yè)資金短缺，募資艱難。業(yè)界新秀為找不到早期資本發(fā)愁，而已開(kāi)入商業(yè)化車(chē)道的企業(yè)，也為難覓的規(guī)模資本一籌莫展。在這類資金問(wèn)題中，多數(shù)是清潔技術(shù)領(lǐng)域獨(dú)有的。 </p><p>　　問(wèn)題擺在眼前，出路在哪里？Equidity是一家剛起步的平臺(tái)公司，聯(lián)絡(luò)后期創(chuàng)業(yè)新秀和買(mǎi)方投資者。以往，這類買(mǎi)方投資者通常會(huì)收購(gòu)首次

6、公開(kāi)募股。但現(xiàn)在，因?yàn)橛星勒莆蘸笃趧?chuàng)業(yè)公司的數(shù)據(jù)，他們會(huì)考慮在這些公司上市前幾年就先下手，既能以劃算的估值成交，又能留出部分變現(xiàn)資金做私下買(mǎi)賣(mài)，增加投資多樣性。 </p><p>　　獲取足夠的資金支持，一直以來(lái)是清潔技術(shù)企業(yè)最頭疼的難題。覓得后期資金更是蜀道之難。如果借助Equidity，資金不再是壁壘，技術(shù)公司有望磨礪內(nèi)功，將投資者對(duì)上市企業(yè)的熱衷和興趣轉(zhuǎn)移到自己身上。如此，上游風(fēng)險(xiǎn)資本或?qū)[脫間或干涸的困

7、境，為下一代清潔技術(shù)創(chuàng)業(yè)者的崛起，夯實(shí)根基。 </p><p>　　Cleantech VC Wriggles To IPO </p><p>　　Adam Lesser </p><p>　　Cleantech VC is receding because of poor short-term performance ? no surprise in a post

8、-bubble field with outsized time and money requirements. The category is about to go on a walk in the woods， where innovators will blaze a new trail. </p><p>　　A couple weeks back cellulosic ethanol hopeful

9、Mascoma quietly pulled its IPO after it had filed to go public. It’s safe to say that the abysmal performance of the 2011 crop of biofuels IPOs， that included Solazyme， Gevo and Kior， did not help Mascoma’s chances of fi

10、nding public money. Gevo’s been a particular stinker， losing over 80 percent of its value， though Kior is down almost 70 percent from its IPO pricing. </p><p>　　Katie Fehrenbacher has analyzed the various is

11、sues related to high levels of risk and companies like Kior. With no revenue at IPO and no significant revenue on the horizon until the company built a capital intensive production facility costing tens of millions， Kior

12、 has carried a significant level of risk for a publicly traded company. </p><p>　　I mention the high risk world of biofuel investing and the fact that these companies went to public markets seeking capital b

13、ecause two years after the 2011 class of biofuels IPOs， cleantech investors find themselves in challenges situations where it’s difficult get IPOs done. And without those investors having access to liquidity and returns，

14、 late stage companies are having harder times finding capital to push through the commercialization phase of growth. 　　The IPO market all but dried up wit</p><p>　　Of greatest concern is that as financing f

15、or cleantech gets tight， the brightest startups will struggle to find early stage capital and those companies nearing the path to commercialization will find it hard to find scaling capital. Many of these financing issue

16、s are cleantech specific. </p><p>　　So what to do about the problem？ I spoke recently with Mona Defrawi， the founder of Equidity， a startup that has built a platform to connect promising later stage startups

17、 with buy side investors. These are the investors who would typically buy IPOs， but who now are getting access to data on later stage startups so they can consider investing in growth companies a couple years pre-IPO at

18、attractive valuations while giving up some liquidity by doing private deals. </p><p>　　And if Equidity is one small step toward making it easier for cleantech companies to get later stage capital and attract