Ngaphandle kwentlekele ixesha elide, ishishini lasekhaya lifuna ukuya kwi-IPO. I-Alexey Bujanov, UMlawuli weNkampani yoTyalo-mali yeBengala, kwizinto ze-moscow yemihla ngemihla iyakuxelela ukuba ithini na i-IPO, kwaye iya kucacisa ukuba kutheni iinkampani ezinkulu zinomdla ekusebenziseni izabelo zazo.
Yintoni i-ipo.
I-IPO (AI-PI-o) - Umnikelo wokuqala kawonke-wonke, "unikezo lwasentla". Kwi-IPO yaseRussia ingabizwa ngokuba yi-PPP (i-pu e cuba), kodwa eli gama lifudukele kuthi ngesifinyezo sokuqala.Eyona nto iphambili kwi-IPO ihla iye kwinyani yokuba inkampani iqala iZabelo zayo kwimakethi yezezimali yoluhlu olubanzi lwabathengi. Ke, inkampani ithetha into enje:
"Molo, siyayazi indlela yokwenza ishishini elilungileyo, sinike imali (umzekelo, kwi-storling) - kwaye siya kwabelana ngeenzuzo"
Kuphela ngabatyali-mali abafanelekileyo abafumene isatifikethi esifanelekileyo koku kungaxhomekeka kwi-IPO (abarhwebi abahlukeneyo bahlukile ukufumana imeko). Ngenxa yoko, baba ngabanini beqela lenkampani, elinokuthembela kwisabelo senzuzo, esifanelekileyo kubukhulu bezabelo ezifunyenwe.
Iinkampani zijonge i-IPO xa zinjalo ngeyona ndlela inokwenzeka: Kule nqaku, izabelo zinokuthengiswa ngaphezulu, ngaloo ndlela zitsalela utyalomali ngakumbi. Nangona kunjalo, kwintlekele ka-2020, iifemu ezinkulu zaseRussia zazikwi-IPO: i-sovforlot, "inqwelomoya" kunye ne-ozon. Xa kuthelekiswa: kwi-Trem ye-2019 yenkampani enkulu yaseRussia, intloko kuphela eposwa esidlangalaleni.
I-paradox efanayo ayisiyonto iphambili, kodwa notyekelo. Ngo-2021, iinkampani zaseRussia zinomnqweno wokuya kwi-IPO kwaye ziya kuyenza, nangona ingxaki ingayi ndawo. Ukuqonda ingcinga, kuya kufuneka uqikelele ukuba ubuye weziganeko.
Imbali i-IPO yaseRussia
ENtshona, inkampani yaba luluntu nakwiminyaka edlulileyo. Inkampani yokuqala yasekhaya, eyafikelela kwimakethi yezezimali yehlabathi, yaba yi-vimpelcom ngo-1996.
Ingxaki yowe-1998 inqunyanyisiwe ukuhamba kweshishini laseRussia kolu lwalathiso, kodwa nge-zero le fashosi igubungele zonke iinkampani ezinkulu. Ukusukela ngo-2000 ukuya kwi-Grais ka-2008, iinkampani zasekhaya ziye zenzeka ngenzondelelo kwi-IPO ikakhulu kwiindawo eLondon naseNew York.
Yayingeyiyo ifashoni kuphela
Okokuqala, inkampani ifuna imali kwimali yokuphumelela kunye neeprojekthi ezintsha. Ezi mali zinzima kwaye zibiza kakhulu ukutsala ityala, kwaye imali kwikomkhulu le-Russia yayiqwalaselwe "simahla", ngaphandle kwento yokuba isabelo sabanini sabelo saqatha. Nangona kunjalo, abanini zabelo badla ngokuxhasa i-IPO: Izitokhwe zifumene ixabiso lokwenyani lokuvavanya iqonga elizimeleyo lamazwe aphesheya - kwaye ke ukuba kungenzeka ukuba ukusetyenziswa kwazo okulungele ukwanda.
Okwesibini, bekukho imemori entsha malunga namaxesha okutshintshwa xa inkampani oyithandayo inokukhetha iziseko ezahlukeneyo. Kwimeko yokubekwa okokuqala, uphicotho-zincwadi olunzulu kunye nokuqinisekiswa kwezomthetho kuvaliwe umba wamabango onokubakho ngengcali eyiNtloko yaseNtshona.
Uluntu lwenkampani luye lunokuzithandela ngokuzithandela kwizixhobo zolawulo, amagosa, abantu abakhuphisana nabo kunye nabalawuli. Kwakholelwa ukuba inkampani enjalo iwela phantsi kolawulo lwehlabathi kwaye alikwazanga ukuba nexhala malunga nophuhliso olungaphezulu.
Ke yaqhubeka ngaphambi kwentlekele ka-2008. I-IPO ikwazile ukufumana i-MTS, i-Wimm-Bill-Dan, Pymaterochka, Sistema, iRambler, "Sts" kunye "ne-rosneft"
Emva kokuqala kwentlekele, kunokwenzeka kwaye-kunye noqikelelo lweendleko eziphantsi-umnqweno wokudinwa esidlangalaleni. Kodwa xa ichukumisa idlula-ukusuka ngo-2010 ukuya ku-2014, - iinkampani zasentshona zaphinda zaya kwi-IPO, kwaye abantu baseRussia bazitsalela emva kwabo.
Ngomhla we-14 (emva kwemicimbi yolwaphulo-mthetho), isihloko sokuzinikela kunye nentetho yolawulo lwamazwe aphesheya, obanzi wasweleka. Ngenxa yesohlwayo seenkampani zaseRussia, imakethi yoluntu yehlabathi ivaliwe.
Kutheni iinkampani ziya kwi-IPO ngoku
Imihla yethu ayijongi ukuba ifikelele i-IPO-Isohlwayo asiyi ndawo kwaye igweba ngokwemicimbi yamva, kuya kubakho nangaphezulu, i-frien, i-ribnec ilayishile uqoqosho lweplanethi iphantse ibe phantse unyaka kwaye ayihambi ukunyamalala.Izotyelo ezikhulu eRussia ziya kuba yiminyaka eyi-7, kwaye i-ambulensi yazo incinci kunokuba incinci kunoko inyamalala
Iinkampani ezinokukhula ezinokubakho ngoncedo ngokufanelekileyo ukuya kwi-IPO kungekuphela nje xa intengiso izinzile, kodwa nokuba ikhula. Abatyalomali kuqala bazo zonke kuvavanya ukukhula kwenkampani, kwaye xa kukho ukukhula koqoqosho ngokubanzi, emva koko kwathatyathwa inkampani eyahlukileyo yokuphuhlisa ngaphandle kwexesha lokwenza.
Ungalibali ukuba ukukhula okukhulu kwenzeke kwingxaki. Umzekelo, iinkampani zeefama ziyabelana, uninzi lwazo luhlaziye imbali yembali ngo-2020.
Nangona kungekuphela nje malunga neenkampani, ngohlobo lomsebenzi, yayikukwibhulene kwimfuno. Ugxininiso kuqoqosho lwehlabathi lwathabatha ngo-Matshi 2020: Akukho mntu wayelungele ubhubhane.
Ngoku kuyacaca ukuba ingxaki nathi ixesha elide, kwaye ngandlel 'ithile ifanelekile ukuba iphile. Abanini mali kunye nabanini bamashishini bahlengahlengiswa kule meko, kwaye imakethi, iboyika ukoyikwa imicimbi engalindelekanga, yafika kwakhona
Isizathu esibalulekileyo sokuthandwa kwe-IPO kukuba i-coronacrisis inciphise ukuphuculwa kweenkampani kunye neemarike. Ukuba ngaphambi kombuzo wokukhululwa kwi-IPO yayingekuko ukucinezela, ngoku - nokuba uphume ngoku ngomngcipheko othile wokuba ungajongwanga, okanye kwi-twist entsha yentlekele. Kwaye ngubani owaziyo ukuba uya kusinda xa ungafumani inaliti engacacanga imali.
Ngethamsanqa, iinkampani ezininzi zaseRussia zinethuba elihle lendlela ephumelelayo kwimakethi yezemali, kuba ngenxa yentlekele kunye nezohlwayo azinakuphantsi. Iintandokazi kuqala kubo bonke, amashishini oqoqosho olubizwa ngokuba yiinkampani ze-IT-uqoqosho kunye nezakhiwo ezinxulumene noko: Ukuhanjiswa, i-coworks.
Kwisicwangciso sokusebenza, iinkampani ezinjalo zide zinciphise ubunzima-esi asisosithintelo sokufaka i-IPO. Kuba, ngokungafaniyo noqoqosho lwemveli (ukuvelisa, oomatshini, izindlu nomhlaba), iinkampani zinethemba elingakumbi: Ihlabathi lifuna izigqibo zabo. Utyalomali aluyi kuzisa kuphela imali kuphuhliso lwenkampani, kodwa luya kunika uvavanyo olufanelekileyo kwifom:
"Ewe, aba bantu basaluncedo, kodwa batyale izigidi ngezigidi zeedola - kuthetha ukuba kukho amandla"
Umzekelo wokulinganiswa yindawo yentengiso yaseRussia "i-ozone". Inkampani epapashwe kwi-ipo kunyaka ophelileyo. Intengiso yathatha le ndawo intle kakhulu. Emva kokubekwa kokuqala kwe "ozone" yongezwa i-50% yexabiso (kwaye iqhubeke ukhula), nangona yayisebenzi-nkonzo ayisebenzi. Oku kuphefumlelwe zezinye iinkampani: Baqonda ukuba banokubala malunga noqikelelo lwamathuba abo anokubakho ngemali, kwaye kungekuphela ngokuphindaphindwayo kweziphumo zemali.
Apho uya kwi-ipo
Ukongeza kumaziko asentshona, iRussia ide ibekho kwindawo yokuhlala yokuqala. Kutheni beyimfuneko ukuba kukho i-tional?
Okokuqala, iinkampani ziyingenelo ukuba zingakhetheli amanye amaqonga, kunye neelwimi zazo zonke izinto ezinokwenzeka-zonyusa ukungabinamali, i-capital, etsala abatyali.
Okwesibini, kumaqonga asekhaya, kuhlala kulula kakhulu ukuhlalisa, kuba kwi-Western Stockmers Iinkampani ezingafezekanga zinqunyelwe kwimisitho yaseRussia eyaziimfuneko ezifunwayo zinokukwazi ukwenza.
Yeyiphi ingozi inkampani eya kwi-ipo
Njengomthetho, yonke imingcipheko yeshishini elithile, ngaphandle komntu, imingcipheko enemodeli yemali kunye nemveliso ngokwayo. Umzekelo, inkampani ebonelela ngeendlela zokusebenza ziya kuphulukana nabathengi ngenxa ye-pandemic (njengazo zonke iinkampani ezidlulayo, kodwa kukho ukholo oluya kuvumela ishishini ukuba lifumane ngokukhawuleza.Umahluko ophambili kukuba naziphi na iingxaki zenkampani yoluntu kunye nazo naziphi na iimpazamo zolawulo zenzakalise igama elingaphezulu kwenkampani yabucala
Abatyalomali balandela ngononophelo imali yabo, kwaye balahlekise- imeko entle: Inkampani yoluntu ithatha indawo elubala kwaye ichaze zonke iinkcukacha zemisebenzi yayo.
I-ozone ingenise ngempumelelo i-IPO, kubandakanya, kwaye ngenxa yokuba ifike kwimodeli yenkampani ethembisayo, enabathengi abaninzi abangeyiyo imali eninzi, kodwa yonke into inokutshintsha. " Ishishini likarhulumente ngale meko injalo ingozi ingakwazi ukwenza imali-kwaye iphulukane notyalo-mali.
Ngaba kunokwenzeka ukuba uye kwi-ipo ngosuku olunye
Ngokufutshane: Hayi.
Inkampani yaseRussia inokuya kwi-IPO ngo-2021, ukuba iyahlangabezana nezi mfuno zilandelayo:
- Inkampani kufuneka ibe inkulu ngokwaneleyo kwaye kwizibonelelo zeasethi-ubukhulu becala impumelelo yecandelo - banokuthi bafumane abatyali mali;
- Kuya kubakho isicwangciso sophuhliso, abalilungelo abatyali mali babekulungele ukukholelwa ukuba yi-1) iphunyeziwe, 2) ayiziphathi ngeengozi;
- Inkampani ilungele ukuphicothwa kwemali kunye nokuqinisekiswa kwemigaqo esemthethweni.
Ngenxa yoko, ukuba inkampani inkulu ngokwaneleyo kwaye ithembisa, ukuba ithathe isigqibo sokuya kwi-IPO, ayiyi kuba nakho ukuba sidlangalaleni, isicwangciso sophuhliso asiqinisekanga ukuba abatyali mali, abayi kulawulwa uphicotho lweNkampani Inyanga ingekokulungiselela.
Namhlanje, imincili ye-IPO eRussia inxulunyaniswa nento yokuba kuqoqosho kwakukho ithuba, imali eqokelelweyo. Nje ukuba imarike ihambe, i-cafathy yentlekele yatshintshwa ngumsebenzi onika ithuba lokuhlala ngokufanelekileyo
Kwakukho imali efuna ukusetyenziswa kwezicelo. Kodwa ukuba awuzukulungela ukuya kwi-IPO ngoku, kububulumko ukuba ucwangcise ngenyameko inkqubo, lungisa kwaye ulinde iyure yakho. Iziphumo zentlekele ziya kushiya ngokuthe ngcembe kwaye xa ekugqibeleni le pilene iya kuqala, oko kukuthi, emva kweminyaka embalwa, ukuba akukho mntu isidlo sakusasa kwakhona kwimouse eguqulweyo.
Alexey Bujanov,
UMlawuli weNkampani yoTyalo-mali yeBengala
Ifoto: Getty.