美国信用评级下调，新股上市纪录流产

    这一周本应是创纪录的一周。本周原本有多达12支IPO股计划上市，有望刷新华尔街单周IPO数量纪录，自金融危机以来这样的机会也只是第二次出现而已。然而，随着标准普尔（Standard & Poor）下调美国债务评级，股市暴跌，一切都化作了泡影。这个夏天，原本是声势浩大的IPO市场可能最终只剩一声叹息。

    一些公司铁了心要在本周上市，但是这些少数派勇者所付出的代价便是抑价发行。IPO专业机构复兴资本（Renaissance Capital）的报告显示，上周和本周本应有望成为近几年IPO市场来最为热闹的两周。然而，上周的债务危机让这一希望胎死腹中。而上周五标普的降级举措又将本周的希望打入冷宫。总部位于上海的凯赛生物产业公司（Cathay Industrial Biotech）是一家二酸和生物燃料生产商。该公司的靠山HBM生物基金（HBM BioVentures Ltd.）称，凯赛已经打消了上市的计划，转而通过其他渠道来进行融资。这也就意味着华尔街要等到秋天才能再次发力。

    本周其他11支IPO股的前景也是喜忧参半；有一些仍可能上市。凯备公司（Carbonite），这家在技术界响当当的在线备份服务商正处于进退两难的境地。如果公司推迟上市，推迟的原因不在于公司自身的问题，而在于市场的急剧波动。复兴资本负责全球IPO基金的委托人琳达•克里安说，凯备上市的可能性非常大。

    在目前这种混乱局势下上市需要付出一定的代价。克里安认为公司上市时不得不抑价发行，因此实际融资量要比预计的少很多。除此之外，公司还面临认购额不足的风险，因为一旦公司按原定价发行，那么公司将不得不削减发行股票总数。美国资金抵押公司（American Capital Mortgage， MTGE）是上周唯一上市的IPO股。该公司原计划发行1,750万股，融资3.5亿美元，但最终只发行了800万股，融资1.6亿美元。

    本周最大的两支可能上市的IPO股都来自于能源领域。其中，SandRidge Permian Trust独占鳌头，预期融资超过6亿美元。Enduro Royalty Trust预期融资3亿美元。克里安认为这两家IPO股的收益预期尚能维持其融资态势。

    有一些原计划上市的IPO股已经决定推迟上市，而且可能将再次跳票。会员制医疗保健服务公司WhiteGlove Health已经推迟至周三上市，但不要抱太大的希望。致力于员工福利的WageWorks公司压缩了价格范围，使其本周上市的希望更加渺茫。因此，临阵脱逃的IPO股可能会越来越多。

    在经过8月的磨难之后，团购网站Groupon公司，游戏公司Zynga以及其他社会媒体公司仍可能将在今后陆续上市。克里安说目前的市场局势还不足以阻挡他们上市的步伐——就算他们在7月上市可能也无法达到预期的市场影响。此次降级举措让IPO狠狠地吃了回闭门羹。唉，Dunkin' Donuts (美国连锁餐饮店DNKN)，你真是赶上了个好时候。

    It was supposed to be a milestone week. For only the second time since the recession began, Wall Street was hoping to crack an IPO record with as many as 12 new possible listings. Now, with Standard & Poor's downgrade of U.S. debt pummeling the market, that hope is long gone. This summer's IPO market is likely to go out with a whimper -- just as it was supposed to be roaring.

    Some companies will forge ahead and list this week, but those brave few will have to do so knowing they are leaving money on the table. According to reports by IPO experts Renaissance Capital, each of the last two weeks had the potential to be the busiest in years. Last week's default crisis helped kill that prospect then. S&P's Friday-night action has now claimed this week as a casualty too. Cathay Industrial Biotech, a Shanghai-based diacid and bio-fuel producer, has pulled the plug on its scheduled opening to pursue alternative methods of financing, according to a release yesterday by its backer HBM BioVentures Ltd. That means Wall Street will have to wait until the fall for another shot.

    The outlook for the other planned 11 IPOs of the week is mixed; some may still go through. Carbonite, known to techies as a name-brand online backup provider, illustrates the dilemma. If it does postpone, it won't be because of weakness inside the company, but because the markets are simply too volatile. It is still the likeliest to go ahead according to Linda Killian, a Principal at Renaissance Capital who manages its global IPO fund.

    Listing despite the turmoil has its downsides, though. Killian notes that companies will have to live with less than they could have raised otherwise, listing at a lower price to get the deal done. Moreover, companies run the risk of undersubscribing when they do set a listing price, forcing some to slash the number of shares they offer. American Capital Mortgage (MTGE), the only IPO to go through last week, had originally filed to raise $350 million on 17.5 million shares, but ultimately offered only 8 million shares to raise $160 million.

    The two biggest scheduled IPOs for the week might both be able to make it to the market in the energy sector. SandRidge Permian Trust leads the pack with a potential to raise over $600 million. Enduro Royalty Trust, meanwhile, could raise over $300 million. Killian considers both IPOs yield plays that might continue simply to raise capital while they can.

    Some scheduled IPOs have already been delayed and may be put off yet again. WhiteGlove Health, a membership-based health care services company, has delayed to Wednesday, but don't hold your breath. WageWorks, an employee-benefits provider, had to slash its price range to make an initial offering this week even remotely plausible. More defections are likely to come.

    After the misery of August, banner days may still be ahead for Groupon, Zynga and other social media companies coming down the pipeline. Killian says that the market would have to get much worse to slow them down -- even though they might not make the impact they would have if they'd listed in July. The downgrade looks to have slammed shut the IPO window. Exhale, Dunkin' Donuts (DNKN). You made it just in time.