Jun 14th, 2010, 14:49
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告别2011
   
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本年度最热门的IPO明日上市
June 14, 2010 12:23 PM EDT Investors are gearing up for tomorrow's hot IPO for leading options exchange CBOE Holdings, Inc. (Nasdaq: CBOE). The company and investors are looking to sell 11,700,000 shares at an expected price range of $27 - $29. A pricing at the top end of the range would make the deal size about $340 million, or $390 million if the over-allotment is exercised by the underwriters. Following the offering there will be 102,565,517 total shares outstanding, including all classes. This would imply a market valuation of nearly $3 billion, assuming the IPO goes off at or near the high end of the expected range. Goldman Sachs is leading the deal and will get help from BofA Merrill Lynch, Barclays Capital, Citadel Securities, Citi, J.P. Morgan, and UBS among a host of others. There are eighteen underwriters in total listed on the prospectus. CBOE has seen solid growth. In the latest quarter ending March 31, 2010, the company posted operating revenues of $101.1 million and diluted earnings of $0.22 per shares. Revenues were up from $98.1 million while profits were down slightly from $0.24 per share. In 2009, CBOE reported operating revenues of $426 million and diluted EPS of $1.04. This was versus $416.8 million and $1.12 in 2008 and $344.27 million and $0.81 in 2007. Following the pricing, CBOE will be trading at a P/E ratio of about 28. This compares to a P/E of 24 for CME Group Inc. (NYSE: CME) and 27 for IntercontinentalExchange, Inc. (NYSE: ICE). While the valuation metrics could keep pure valuation buyers away, certain investors may place a takeover premium on the stock. CBOE appears to be a prime takeover target for other exchanges. In fact, larger rival CME already made a run at CBOE before the IPO, according to reports. Given the possible takeover premium, don't be surprised for shares to trade at a P/E north of 30 which could get the stock to $31 or above. |
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Jun 15th, 2010, 07:55
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只看该作者 #5 |
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告别2011
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Is CBOE’s Price Too High? June 15, 2010, 6:29 am CBOE Holdings said Monday that it had priced its initial public offering at $29 per share, in what is the the most anticipated U.S. I.P.O. so far this year. The I.P.O. of 11.7 million shares could potentially raise $339.3 million for the company. But worries about its high price compared to other exchanges could weigh on its shares when it begins trading on the Nasdaq Stock Market on Tuesday, The Associated Press writes. CBOE is selling approximately 9.6 million shares of the stock, while about 2.1 million are being sold by certain existing shareholders. CBOE will not receive proceeds from the sale by selling shareholders. The Chicago Board Options Exchange is the country’s largest options exchange and the last major U.S. exchange to go public. The initial public offerings, earlier this decade, of other exchanges logged impressive returns and CBOE has a well-known brand, said Scott Sweet, head I.P.O. researcher of IPO Boutique. But, Mr. Sweet continued, ”the I.P.O. market is horrid. Had this come out in a better time, it would probably be looking at a ‘moon shot’ premium,” — like the 23 percent gain during rival CME Group’s first day of trading in December 2002. Despite a big drop during the recession, CME’s shares are still about 800 percent above their I.P.O. price of $35. With a market that has grown increasingly wary of initial public offerings due to volatile stock markets and concerns about the global economic recovery, the success of past exchange I.P.O.’s may not be enough to tempt buyers without a cheap price. CBOE’s $29 per share price makes the exchange’s stock more expensive than those of CME and IntercontinentalExchange , according to an analysis by I.P.O. expert Francis Gaskins. Some investors, however, are betting that CBOE will become a takeover target shortly after it goes, potentially reaping them a tidy gain, Bloomberg News’s David Pauly writes in a commentary. “That’s what happened after the frenzy of IPOs by exchanges that started with CME Group’s offering in 2002,” Mr. Pauly notes. While there is big demand for shares of CBOE across the globe, not just in the U.S., the I.P.O.’s price, which Mr. Gaskins thinks is too high, may keep CBOE’s shares from soaring on its first day of trading. |
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Jun 15th, 2010, 10:30
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只看该作者 #12 | |
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Senior Member
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引用:
1.高开很多,要让开盘冲进来的人,高兴而来,扫兴而走,留下一地鸡毛.当年bidu就这么玩的. 2.平开略高收,小幅拉升几天,就开始猛烈打压,如果不走就套住,逼着散户交出筹码.当年goog就这么阴人的. |
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感谢 dlhy 此篇文章之用户： |
闲不着 (Jun 15th, 2010) |
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Jun 15th, 2010, 11:03
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只看该作者 #14 | |
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股市阿童木
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引用:
中石油，也是典型的”最热门“的IPO走势。 |
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为中华之崛起而炒股，为世界之和平而赚钱。 做人最重要的是不能让人骗了自己。 千万别碰垃圾股！千万别碰期权！ |
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感谢 闲不着 此篇文章之用户： |
dlhy (Jun 15th, 2010) |
