IPO的两种类型

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An initial public offering, or IPO, is a common way that a firm goes public and sells shares to raise financing. There are two common types of IPOs: a fixed price and a book building offering. A company can use either type separately or combined. By participating in an IPO, an investor can buy shares before they are available to the general public in the stock market.
首次公开募股（IPO）是公司上市并出售股票以筹集资金的常见方式。IPO有两种常见类型：固定价格和询价圈购。公司可以单独使用一种发行方式，也可以组合使用。通过参与IPO，投资者可以在股票上市前购买股票。

Fixed Price Offering
固定价格发行

Under fixed price, the company going public determines a fixed price at which its shares are offered to investors. The investors know the share price before the company goes public. Demand from the markets is only known once the issue is closed. To partake in this IPO, the investor must pay the full share price when making the application.
固定价格发行，上市公司确定向投资者提供其股票的固定价格。投资者在公司上市前知道其股价，但只有在发行结束后，才知道市场需求。要参与此次IPO，投资者必须在提出申请时全额支付股票价格。

Book Building Offering

询价圈购发行

Under book building, the company going public offers a 20% price band on shares to investors. Investors then bid on the shares before the final price is settled once the bidding has closed. Investors must specify the number of shares they want to buy and how much they are willing to pay. Unlike a fixed price offering, there is no fixed price per share. The lowest share price is known as the floor price, while the highest share price is known as the cap price. The final share price is determined using investor bids.
询价圈购发行，该公司将向投资者提供20%的股票价格区间。竞价结束后，投资者就会在最终价格敲定前对股票进行竞价。投资者必须明确他们想购买的股票数量和愿意支付的金额。与固定价格发行不同，每股股票没有固定价格。最低的股价被称为底价，而最高的股价被称为上限价。最终股价由投资者出价厘定。

Participating in an IPO
参与IPO

When participating in an IPO, there are several details an investor should know, such as the issue name, issue type, category, and price band, to name a few. The issue name is the firm going public. The issue type is the type of IPO: fixed-price or book building. There are three IPO categories: retail investors, non-institutional investors, and qualified institutional buyers. The price band is the price range determined for book building issues. Not all retail brokers offer IPOs to their clients, and so IPOs are usually allotted to qualified or institutional investors first. IPOs also can tend to be riskier than established stocks since they do not yet have a track record of performance or a history of publicly available financial statements that can be analyzed.
在参与IPO时，投资者应该知道几个细节，比如发行名称、发行类型、类别和价格区间。发行名称是即将上市的公司名称。发行类型为IPO类型：固定价格或询价圈购。IPO分为三类：散户投资者、非机构投资者和合格的机构投资者。价格区间是为询价确定的价格范围。并非所有的零售经纪人都会向客户提供IPO服务，因此IPO通常首先分配给合格的机构投资者。IPO的风险往往也比成长股高，因为它们还没有业绩记录或可供分析的公开财务报表。

When a firm decides to go public, it must hire an investment bank to take care of the IPO. Although a company could go public on its own, it rarely happens. A firm can hire one or more investment banks to handle its IPO. By hiring more than one bank, the risk is spread between the banks, which place their bids for the IPO with the amount of money they anticipate earning. This process is referred to as underwriting.
当一家公司决定上市时，它必须雇佣一家投资银行来处理IPO事宜。尽管一家公司可以自行上市，但这种情况很少发生。一家公司可以雇佣一家或多家投资银行来处理其IPO。通过雇佣一家以上的银行，分散风险，银行会根据预期的收入来竞购IPO。这个过程被称为承销。

When the firm going public and the investment banks come to an agreement on the underwriting, the banks prepare a registration statement that must be filed with the U.S. Securities and Exchange Commission, or SEC. The statement contains important financial information on the IPO, including financial statements, names of the board of directors, legal issues and how the financing is to be used. Once the SEC reviews the paperwork, it determines the date of the IPO.
当公司上市和投资银行就承销达成协议时，银行会编制一份注册声明，该声明须提交给美国证券交易委员会（SEC）。该声明包含有关IPO的重要财务信息，包括财务报表、董事会名称、法律问题以及融资方式。SEC审核文件后，就定下了IPO的日期。