While some large and successful companies are still privately-owned, many firms aspire to become publicly-owned. They intend to gain access to another source of funds for operations. An initial public offering (IPO) represents a private company's first offering of its equity to public investors. This process is generally considered to be very intensive, and it includes many regulatory hurdles to jump over. The formal process to produce the IPO is well-documented and structured. However, the transformational process through which a company changes from a private to a public firm is more complicated.

虽然一些大而成功的公司仍然是私人公司，但许多公司渴望成为公众持股的公司，并打算获得另一个运营资金来源。首次公开募股（IPO）是私人公司首次向公众投资者发行股票，其过程集中，包括许多需要跨越的监管障碍。IPO的正式流程有良好的文件记录和结构。然而，一家公司从私人公司转变为上市公司的转型过程更为复杂。

KEY TAKEAWAYS

要点

·The first stage, the pre-IPO transformation, is a restructuring phase when a private company sets the groundwork for becoming publicly-traded.

·第一阶段，即pre-IPO转型阶段，是私人公司为上市奠定基础的重组阶段。

·The second stage, the IPO transaction, usually takes place right before the shares are sold.

·第二阶段，即IPO交易阶段，通常发生在股票出售之前。

·The third stage, the post-IPO period, involves the execution of the promises and business strategies the company committed to in the preceding steps.

·第三阶段，即post-IPO交易阶段，涉及公司在上述步骤中承诺和商业战略的执行。

A company goes through a three-part IPO transformation process: a pre-IPO transformation phase, an IPO transaction phase, and a post-IPO transaction phase.

一家公司经历了一个由三部分组成的IPO转型过程：pre-IPO转型阶段、IPO交易阶段和post-IPO交易阶段。

1. Pre-IPO Transformation Stage

Pre-IPO转型阶段

The pre-IPO transformation stage is a restructuring phase when a private company sets the groundwork for becoming publicly-traded. Since the main focus of public companies is to maximize shareholder value, the company should acquire management that has experience doing that. Furthermore, companies should reexamine their organizational processes and policies. They must make the necessary changes to enhance the company's corporate governance and transparency. Most importantly, the company needs to develop and articulate an effective growth and business strategy. Such a strategy can persuade potential investors that the company is likely to become more profitable in the future. On average, this phase usually takes around two years to complete.

Pre-IPO转型阶段是私人公司为上市奠定基础的重组阶段。由于上市公司的主要目标是实现股东价值最大化，因此公司应聘请有经验的管理层。此外，公司应该重新审视其组织流程和政策，必须做出必要的改变，以加强公司的公司治理和提高公司的透明度。最重要的是，公司需要制定并阐明有效的增长和业务战略，可以让潜在投资者相信，该公司未来可能会变得更有利可图。平均而言，这一阶段通常需要两年左右才能完成。

The pre-IPO transformation stage can be especially difficult for the founders of the company. In some cases, they have never been involved with a publicly-traded company before. As significant shareholders of a private company, the founders are used to running the business their own way. The founders may have dealt with venture capital funds on their way up. However, the ways that venture capital funds value startups are quite different from the stock market.

对于公司创始人来说，pre-IPO转型阶段可能尤为艰难。在某些情况下，他们以前从未涉足过上市公司。作为一家私人公司的重要股东，创始人习惯于以自己的方式经营业务。创始人可能在创业过程中与风险投资基金打过交道。然而，风险投资基金评估初创公司的方式与股票市场截然不同。

2. IPO Transaction Stage

IPO交易阶段

The IPO transaction stage usually takes place right before the shares are sold. This phase involves achieving goals that should enhance the initial valuation of the firm. The critical part of this step is maximizing investor confidence and credibility to ensure the issue will be successful. For example, companies can choose to have reputable accounting and law firms handle the formal paperwork associated with the filing. These actions are designed to prove to potential investors the company is willing to spend a little extra. That can help to ensure the IPO goes according to plan.

IPO交易阶段通常发生在股票出售之前。这一阶段涉及实现应该提高公司初始估值的目标。这一步骤的关键是最大限度地提高投资者的信心和可信度，以确保发行成功。例如，公司可以选择让信誉良好的会计师事务所和律师事务所处理与备案相关的正式文件。这些行动旨在向潜在投资者证明，公司愿意多花一点钱，以确保IPO按计划进行。

The IPO transaction stage is where expectations often collide with reality, and the IPO can even fail. Before going public, successful firms and their management often receive glowing press reviews and rising valuations from analysts. As the IPO approaches, it becomes necessary to find investors who are willing to pay what the company is supposedly worth. While some IPOs, such as Uber, face difficulties, others fail entirely. For example, WeWork's IPO was canceled shortly before the firm was supposed to go public. It was becoming clear that the market would not pay anywhere near what analysts had claimed WeWork was worth.

在IPO交易阶段，预期往往与现实发生冲突，IPO甚至可能失败。在上市之前，成功的公司及其管理层往往会受到媒体的热烈评论，以及分析师不断提高的估值。随着IPO的临近，有必要找到愿意支付公司价值的投资者。虽然Uber等一些IPO面临困难，但另一些则完全失败。例如，WeWork的IPO在该公司上市前不久被取消。越来越明显的是，市场不会支付任何接近分析师所称WeWork价值的费用。

3. Post-IPO Transaction Stage

Post-IPO交易阶段

The post-IPO transaction stage involves the execution of the promises and business strategies the company committed to in the preceding steps. The company should not strive to meet expectations, but rather, beat them. Companies that frequently beat earnings estimates or guidance are usually financially rewarded for their efforts. This stage is typically very long because this is the point in time when companies have to prove to the market that they are strong performers for the long-run.

Post-IPO交易阶段涉及公司在上述阶段中的承诺和商业战略的执行。公司不应该努力达到预期，而应该超越预期。经常超出盈利预期或指导的公司通常会因其努力而获得经济回报。这一阶段通常很长，因为这是公司必须向市场证明其长期业绩强劲的时间点。

Although less stressful than the IPO itself, the firm's management must learn to deal with stock price fluctuations in the post-IPO transaction stage. Private valuations arrived at by analysts often show steady progress. Every stock goes down as well as up at some point. When that happens, the company must learn to deal with a narrative that they do not control and relentless negative press.

尽管压力比IPO本身小，但公司管理层必须学会在post-IPO交易阶段应对股价波动。分析师得出的私人估值往往显示出稳步进展。每只股票都会在某个时间点上下波动。当这种情况发生时，公司必须学会应对他们无法控制的舆论和无情的负面新闻。

作者：MARY HALL

译者：王碌碌

英文来源：https://www.investopedia.com/ask/answers/06/ipoprocess.asp