It is hard to inflate an equity bubble if the market for initial public offerings is not generating hot air. Happily, there are signs that new listings are doing their share of the pumping – in the form of two wildly popular IPOs by leading companies in their fields. Glencore was four times oversubscribed and raised $11bn in London, while LinkedIn went from $45 to more than $120 on its first day of trading in New York. Will the success of these two bellwethers transmit to the other groups waiting to debut?
只要首次公开发行(IPO)市场不煽风点火,股市泡沫就很难吹起来。幸运的是,目前有迹象显示,新上市公司都在尽自己的力量吹大泡沫——两家在各自业内领先的公司,IPO均广受追捧。嘉能可(Glencore)在伦敦获得了4倍超额认购,融得110亿美元,而LinkedIn在纽约交易首日股价便从45美元飙升至120美元。这两家领头羊的成功会感染其它等候上市的集团吗?