Naphezu kwenhlekelele ende, ibhizinisi lasekhaya lifuna ukwenza i-IPO. U-Alexey Bujanov, umqondisi wenkampani ye-Bengala Investment Investment Company, e-Daily Moscow uzokutshela ukuthi i-IPO iyini, futhi izochaza ukuthi kungani izinkampani ezinkulu zinentshisekelo ekubekeni amasheya awo ekushintshanisweni kwesitoko.
Yini i-IPO.
IPO (AI-PI-O) - Ukunikezwa komphakathi kokuqala, "okunikezwa ngumphakathi okuyisisekelo". E-IPO yaseRussia kungabizwa nge-PPP (P eCuba), kepha leli gama lithuthele kithi isifinyezo sokuqala.Umongo we-IPO wehlela eqinisweni lokuthi inkampani iqala kabusha amasheya ayo emakethe yezimali ebangeni elihlukahlukene labathengi. Ngakho-ke, inkampani isho okuthile okufana:
"Sawubona, siyakwazi ukwenza ibhizinisi elihle, sinike imali (ngokwesibonelo, ekulinganiseni) - futhi sizokwabelana ngenzuzo"
Abatshalizimali abafanelekayo kuphela abathola isitifiketi esifanelekile salokhu singafakwa kwi-IPO (abathengisi abahlukene bahlukile ukuthola isimo). Ngakho-ke, baba ngabanikazi babanikezeli benkampani abanemibandela, engathembela kwinzuzo yenzuzo, efanele ngosayizi wamasheya atholakalayo.
Izinkampani zibheka i-IPO lapho zisendleleni engcono kakhulu: okwamanje, amasheya angathengiswa abiza kakhulu, ngaleyo ndlela eheha ukutshalwa kwezimali okuningi. Kodwa-ke, enkingeni 2020, amafemu amaningi amakhulu aseRussia ngokushesha ayese-IPO: i-sovcomflot, "indiza" ne-ozon. Ukuze uqhathanise: Emsebenzini wokuzola kwezinkampani ezinkulu zaseRussia, kuphela i-Headhunter eposwa obala.
Indidana efanayo akuyona into eyenzeka ngengozi, kepha ukuthambekela. Ngo-2021, izinkampani zaseRussia zinesifiso sokuya kwi-IPO futhi sizokwenza, yize le nkinga ingahambi ndawo. Ukuqonda okunengqondo, kufanele ulinganise ukuthola kabusha izehlakalo.
Umlando IPO eRussia
ENtshonalanga, le nkampani yaba ngumphakathi ngisho nakwiminyaka eyinkulungwane edlule. Inkampani yokuqala yasendlini, eyafika emakethe yezimali yomhlaba wonke, yaba yi-vimpelcom ngo-1996.
Inkinga ka-1998 isimise ukunyakaza kwebhizinisi laseRussia kule ndlela, kepha ku-zero le mfashini yamboza zonke izinkampani ezinkulu. Kusukela ngo-2000 kuya kunhlekelele ka-2008, izinkampani ezifuywayo zizobe zingena nge-IPO ikakhulukazi kumasayithi eLondon naseNew York.
Kwakungeyona kuphela imfashini
Okokuqala, le nkampani imane idinge imali esesimanjemanje namaphrojekthi amasha. Lezi zimali zazinzima futhi zibize kakhulu ukuheha isikweletu, nemali enhlokodolobha ekuqondeni kwamaRussia kwabhekwa "mahhala", yize inengxenye yokuthi isabelo sabaninimasheya sasifiphala. Noma kunjalo, abaninimasheya ngokwabo bavame ukwesekela i-IPO: Amasheya athole inani langempela lokuhlola isiteji esizimele samazwe aphesheya - ngakho-ke amathuba okusetshenziswa kwawo okuhle akhuphukile.
Okwesibili, bekusekhona inkumbulo entsha mayelana nezikhathi zokuhlanza lapho inkampani oyithandayo ingakhetha izisekelo ezahlukahlukene. Uma kwenzeka ukubekwa okuyisisekelo, ukucwaningwa kwamabhuku okujulile nokuqinisekiswa kwezomthetho kuvale udaba lwezicelo ezingenzeka ngobuchwepheshe obuzimele baseNtshonalanga.
Umphakathi wenkampani bese ethwala ngokuzithandela ngokuzithandela kokuzithandela kokuphatha, izikhulu, izimbangi kanye nabalawuli. Kukholakala ukuthi inkampani enjalo iwela ngaphansi komthetho wezwe futhi ayikwazanga ukukhathazeka ngentuthuko eyengeziwe.
Ngakho-ke kwahlala ngaphambi kwenhlekelele ka-2008. I-IPO ikwazile ukuthola ama-MTS, iWimm-Bill-Dan, i-Pyaterochka, i-Siskema, i-Rambler, "STS" kanye ne- "Rosneft"
Ngemuva kokuqala kwenkinga, kungenzeka futhi - kanye nokulinganiselwa kwezindleko eziphansi - isifiso sokuba sobala esidlangalaleni. Kepha lapho le nhlekelele idlula - kusukela ngo-2010 kuya ku-2014, - izinkampani zaseNtshonalanga ziphinde zaya e-IPO, kwathia amaRussia bazidonsela ngemuva kwabo.
Ngomhlaka 14 (ngemuva kwemicimbi yaseCrimean), isihloko sokuzibophezela kanye nenkulumo yamazwe omhlaba, ukugula okubanzi kwafa. Ngenxa yokucekelwa phansi kwezinkampani zaseRussia, imakethe yomphakathi yomhlaba ivaliwe.
Kungani Izinkampani ziye kwi-IPO manje
Izinsuku zethu azibukeki ukufinyelela i-IPO - unswinyo akuzukuya noma kuphi futhi, ukwahlulela ngokwengeziwe, kuzobe kuningi kakhulu, ubhubhane luye lwangena enkingeni futhi luzohamba ngalo mnotho weplanethi cishe ukunyamalala.Ukucekelwa phansi okukhulu ngokumelene neRussia kungekudala kuzoba neminyaka eyi-7, futhi i-ambulensi yawo incane kakhulu kunokuba anyamalale ngenxa yobhubhane
Izinkampani ezinokukhula okungahle kube khona ngokunenzuzo ziye kwi-IPO hhayi kuphela lapho imakethe iqinile, kepha noma ikhula. Abatshalizimali kuqala bahlole amandla okukhula enkampanini, futhi lapho kunokukhula komnotho okujwayelekile okuzayo, khona-ke inkampani ethathwe ngokwehlukile inamathuba amaningi entuthuko kunasesikhathini se-fusion.
Ungakhohlwa ukuthi ukukhula okukhulu kwenzeka ebunzimeni. Isibonelo, izinkampani zasepulazini zihlanganyela, eziningi zazo zivuselele umlando maxima ngo-2020.
Yize kungagcini nje ngezinkampani ukuthi, ngohlobo lomsebenzi, lwalusesigabeni esidingekayo. Ukugxila komnotho wezwe kwathatha ngoMashi 2020: Akekho owayekulungele ukuthola ubhubhane.
Manje sekucace bha ukuthi inkinga nathi isikhathi eside, futhi ngandlela thile kudingekile ukuze siphile. Abatshalizimali nabaninimabhizinisi bazivumelanisa nesimo, kanye nemakethe, babhalwe ngokwesaba izehlakalo ezingalindeleki, baphinde bafika
Imbangela ebaluleke kakhulu yokuthandwa kwe-IPO ukuthi i-coronacrisis yanciphisa ukuthuthukiswa kwezinkampani nezimakethe. Uma ngaphambili umbuzo wokukhishwa kwi-IPO bekungacindezeli kangako, manje - noma ngabe uyaphuma manje ngengozi ethile ukuze ungabukelwa phansi, noma ukusonteka okusha kwenhlekelele. Futhi ngubani owaziyo ukuthi uzosinda uma ungatholi imijovo yezezimali engenakuphikwa.
Ngenhlanhla, izinkampani eziningi zaseRussia zinethuba elihle lendlela ephumelelayo ephuma emakethe yezezimali, ngoba ngenxa yenkinga kanye nezinkinga azinangqondo. Izintandokazi okokuqala, amabhizinisi okuthiwa umnotho omusha yizinkampani ezihle kakhulu ze-IT-Oriental nezinhlaka ezihlobene: ukulethwa, ama-coolerings.
Kuhlelo lokusebenza, izinkampani ezinjalo zingahle zinciphise isisindo - lokhu akusona isithiyo sokungena kwi-IPO. Ngoba, ngokungafani nomnotho wendabuko (ukukhiqizwa, imishini, indawo ethengiswayo), izinkampani ze-IT zinamathuba amaningi kakhulu: Umhlaba udinga izinqumo zabo. Ukutshalwa kwemali ngeke kulethe imali kuphela ekwakhiweni kwenkampani, kepha kuzonikeza ukuhlolwa okulungile kwifomu:
"Yebo, laba bantu abanakhono, kepha batshale imali ezigidini zamaRandi - kusho ukuthi kukhona amandla"
Isibonelo sesimo se-Russian Plampanian "Ozone". Inkampani eshicilelwe kwi-IPO ngonyaka owedlule. Imakethe yathatha lokhu kufakwa kahle kakhulu. Ngemuva kokubekwa kokuqala kwe- "Ozone" kungezwe u-50% wezindleko (futhi waqhubeka nokukhula), yize kwakuyinto esebenza kabi. Lokhu kuphefumulelwe ezinye izinkampani: zibona ukuthi zingathembela ekulinganiseni kwangempela kwamandla abo ngamagama ezimali, hhayi kuphela ekubuyiseleni kabusha komile kwemiphumela yezezimali.
LAPHI KU-IPO
Ngaphezu kwezingosi zaseNtshonalanga, isiRussia selikhona isikhathi eside endaweni yokuhlala yokuqala. Kungani bedingeka uma kunamazwe omhlaba?
Okokuqala, izinkampani zinenzuzo ukuthi ungakhethi amanye amapulatifomu, kanye nezilimi kuzo zonke - kukhulisa ukwenziwa kwemali, imali eningi, eheha abatshalizimali.
Okwesibili, emapulatifomu afuywayo, kuvame ukuba lula ukuthwala, ngoba esitokisini saseNtshonalanga ukushintshanisa izindlela eziqinile. Izinkampani ezingahlangane zikhawulelwe kumasayithi aseRussia anezidingo ezingaba nezidingo ezinokwenzeka ukuze akwazi ukwenza.
Okubiya engcupheni inkampani eya kwi-IPO
Njengomthetho, zonke izingozi zebhizinisi elithile, ngaphandle komuntu ngamunye, ziyizingozi ezinemodeli yezezimali kanye nomkhakha uqobo. Isibonelo, inkampani ehlinzeka ngama -workings izolahlekelwa amakhasimende ngenxa yobhubhane (njengazo zonke izinkampani ezidlula isikhala sehhovisi), kepha kukhona ukukholwa ukuthi imodeli yayo izovumela ibhizinisi ngokushesha.Umehluko omkhulu ukuthi noma yiziphi izinkinga zenkampani yomphakathi futhi noma yimaphi amaphutha wokuphatha alimaza idumela elingaphezu kwenkampani yangasese
Abatshalizimali balandela imali yabo ngokucophelela, futhi bazihlehlisi - isimo esimangalisayo: Inkampani yomphakathi ethembisa ukuba sobala futhi idalule yonke imininingwane yemisebenzi yayo.
U-Ozone wangena ngempumelelo i-IPO, kufaka phakathi, futhi ngoba weza imodeli yakudala yenkampani ethembisayo, enamakhasimende amaningi okungeyona imali eningi, kepha konke kungashintsha. " Ibhizinisi lomphakathi elinezimo ezinjalo lihlala lizibeka engcupheni ukungakwazi ukwenza imali yamakhasimende - futhi ulahlekelwe ukuheha kwezimali.
Kungenzeka yini ukuya kwi-IPO ngosuku olulodwa
Kafushane: Cha.
Inkampani yaseRussia ingaya nge-IPO ngo-2021, uma ihlangabezana nezidingo ezilandelayo:
- Le nkampani kumele ibe nkulu ngokwanele futhi ezinsizakalweni zempahla - izimpumelelo zomkhakha ikakhulukazi - Yibaphi abatshalizimali abazotholakala;
- Kufanele kube nohlelo lokuthuthuka, abatshalizimali abazolulungele ukukholelwa ukuthi kungu-1) okwenziwe, 2) abaphathi izingozi eziphikisayo;
- Inkampani isilungele ukucwaningwa kwezimali nokuqinisekiswa ngamagama asemthethweni.
Ngenxa yalokho, uma inkampani inkulu ngokwanele futhi iyathembisa, ukunquma ukuya kwi-IPO, ngeke kwenzeke ukuba ibe ngumphakathi ngephuzu elilodwa: Uhlelo lokuthuthuka alukholwa ngabatshalizimali, ngeke bakwazi ukufakwa ekucwaningweni kwenkampani inyanga yokungazilungiselele.
Namuhla, injabulo nge-IPO eRussia ihlotshaniswa neqiniso lokuthi kwezomnotho kwakukhona ikhefu, kuqongelelwa imali. Lapho nje imakethe iqala ukunyakaza, ukunganaki kwenhlekelele kwathathelwa indawo umsebenzi onikeza ithuba lokuhlala okuhle
Kwakunemali efuna izinhlelo zokusebenza. Kepha uma ungakulungele ukuya kwi-IPO njengamanje, kuwukuhlakanipha ukuhlela kahle inqubo, ulungiselele bese ulindela ihora lakho. Imiphumela yenhlekelele izohamba kancane bese lapho lolu bhubhane ekugcineni luzodlula, okungukuthi, ngemuva kweminyaka embalwa, uma kungekho muntu okudla kwasekuseni.
Alexey bujanov,
Umqondisi wenkampani yokutshala imali bengala investment
Photo: Getty.