上市難于上青天

1、<p><b>　　上市難于上青天</b></p><p>　　經(jīng)濟泡沫爆裂后，清潔技術創(chuàng)投企業(yè)想要做出些業(yè)績，需要投入更多時間和資金。正因為如此，企業(yè)的短期狀況不盡如人意。展望未來幾年，這個新興領域腳下拓開的將是一條崎嶇不平的荊棘路。 </p><p>　　馬斯科馬（Mascoma）是美國一家纖維素乙醇生產(chǎn)領域的新秀。幾周前，馬斯科馬在申請上市后，悄然偃旗

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

3、風險的因素。Katie以Kior為樣本，因為它代表了這類公司的典型：首次公開募股沒有利潤，加之短時間內可期利潤微薄，直到企業(yè)開設資本密集型生產(chǎn)工廠，才可能有規(guī)模利潤進賬，而開工廠需要花費上千萬美元。作為上市公司，Kior無疑帶有巨大風險。 </p><p>　　自2011年起，生物燃料企業(yè)開始發(fā)行新股。兩年后，清潔技術投資者終于想要首次公開募股時，卻發(fā)現(xiàn)步履維艱。這不僅加大了生物燃料領域的投資風險，也迫使這些企業(yè)

4、轉向市場尋求資本。另外，倘若沒有這些清潔技術投資者打開風險敞口，帶動資本流動，促進回報，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)化進程，無疑會雪上加霜。 </p><p>　　2012年，上市市場的清潔技術創(chuàng)投總數(shù)減少三分之一，僅剩三個有關清潔技術的首次公開募股。對風險投資者來說，發(fā)掘流動資產(chǎn)以贏得利潤是安身之本，首次募股便是立命之基，同企業(yè)并購一樣不可或缺。但是，首次公開募股若跑輸大盤，業(yè)內其他企業(yè)就很難

5、吸引風險資本，更別提上市了。 </p><p>　　目前，該領域最大的癥結是，清潔技術企業(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，而已開入商業(yè)化車道的企業(yè)，也為難覓的規(guī)模資本一籌莫展。在這類資金問題中，多數(shù)是清潔技術領域獨有的。 </p><p>　　問題擺在眼前，出路在哪里？Equidity是一家剛起步的平臺公司，聯(lián)絡后期創(chuàng)業(yè)新秀和買方投資者。以往，這類買方投資者通常會收購首次

6、公開募股。但現(xiàn)在，因為有渠道掌握后期創(chuàng)業(yè)公司的數(shù)據(jù)，他們會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)資金做私下買賣，增加投資多樣性。 </p><p>　　獲取足夠的資金支持，一直以來是清潔技術企業(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，技術公司有望磨礪內功，將投資者對上市企業(yè)的熱衷和興趣轉移到自己身上。如此，上游風險資本或將擺脫間或干涸的困

7、境，為下一代清潔技術創(chuàng)業(yè)者的崛起，夯實根基。 </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