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?
只要首次公開發行(IPO)市場不煽風點火,股市泡沫就很難吹起來。幸運的是,目前有跡象顯示,新上市公司都在儘自己的力量吹大泡沫——兩家在各自業內領先的公司,IPO均廣受追捧。嘉能可(Glencore)在倫敦獲得了4倍超額認購,融得110億美元,而LinkedIn在紐約交易首日股價便從45美元飆升至120美元。這兩家領頭羊的成功會感染其它等候上市的集團嗎?