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欧洲金融科技企业IPO今年将再创新高

国际资讯投融资

欧洲金融科技企业IPO今年将再创新高

欧洲金融科技创业公司正在将对新兴行业的热情投入股市。PitchBook数据显示,这些金融公司中有7家今年宣布IPO或已完成IPO,创造了新的年度记录。市场呈现利好:荷兰支付公司Adyen股票在上市后飙升,Funding Circle近日也表示计划高调进行IPO。

金融科技领域欣欣向荣的另一个迹象是,德国支付软件初创公司Wirecard在德国蓝筹股DAX 30指数中击败了德国第二大银行德国商业银行。与此同时,德意志银行(Deutsche Bank)本月将从欧洲顶级股票指数中跌落。如今,这家总部位于法兰克福的银行市值为204亿欧元(237亿美元),并不比Adyen(187亿欧元)市值高出很多。

当然,并不是每个快速发展的金融科技公司都急于上市。今年四月,总部位于伦敦的独角兽公司Revolut的首席执行官表示,再过几年才会考虑IPO。成为一家上市公司,特别是在美国,对于企业家而言,代价十分昂贵,耗时也很长。 Spotify首席财务官表示,想要上市,银行要求公司提供的资金过多。欣欣向荣的市场氛围下,会有更多金融新兴企业准备上市。

上市有时候也不像高管说的那么悲观。当被问及投资银行家是否对Adyen的IPO错误定价时,首席执行官Pieter van der Does承认这家总部位于阿姆斯特丹的公司的股价跳涨幅度比预期高一些。不过,在一封电子邮件中,他指出此次IPO是"一个梦"。这笔交易为股东提供了需要的灵活性。

风险投资公司Beringea投资总监Eyal Malinger表示,金融科技公司上市对普通投资者来说也是一个机会,因为在其他方面他们无法获得这些最有前途的公司的股权。他说,初创公司可以通过股票发售获得额外资金以及用于并购的资金,这些都是"有价值的上行空间"。

但并非所有金融科技公司的上市需求都同样迫切。支付公司可以从电子交易的增长和手续费的稳定现金流中获益。Adyen首席执行官表示,该公司的潜在市场"十分巨大且潜力无限"。位于伦敦的Funding Circle这样的P2P贷款服务商的前景则更加不确定。商业模式类似的两家美国上市公司Lending Club和OnDeck的股票在IPO后跌跌撞撞。英国监管机构也提出,应当对这些类型贷款服务商进行严格监管。下一次经济衰退将成为Funding Circle以及其他新兴行业的重大考验。

不过,更多IPO可能正在进行中。Malinger表示,公开募股的窗口正在开放,他认为"还会有更多公司参与其中" 。

European fintech startups are parlaying enthusiasm for their budding sector into stock market listings. Seven of these financial firms have announced or completed initial public offerings (IPOs) this year, on pace to set an annual record, according to PitchBook data. The market is humming: Adyen’s stock skyrocketed after the payment processor’s listing, and this week Funding Circle said it’s planning a high-profile IPO.

In another sign of fintech’s rise, Wirecard, a German payment-software startup, dislodged Commerzbank, the country’s second-biggest bank, in the DAX 30 index of blue-chip German companies. Deutsche Bank, meanwhile, is getting dropped (paywall) from Europe’s leading index of top-tier stocks this month. These days, the Frankfurt-based lender’s €20.4 billion ($23.7 billion) market capitalization isn’t much more than Adyen’s €18.7 billion market value.

Not every fast-growing fintech is racing to go public, of course. In April, the CEO of Revolut, a London-based unicorn that touts itself as a bank alternative, said an IPO was still several years away. Becoming a listed company, particularly in the US, has been criticized as too expensive and time-consuming for entrepreneurs. Spotify’s CFO (paywall) said banks demand too much money from companies to manage these offerings. But given the euphoria, it makes sense that more financial upstarts will look to tap the market.

Going public isn’t as gloomy as execs sometimes make it sound. Asked whether investment bankers had mis-priced Adyen’s IPO, CEO Pieter van der Does admitted the Amsterdam-based company’s stock price jump was bigger than expected. Still, he said in an email that the offering was “a dream.” The deal gave shareholders the flexibility they were seeking.

Fintech listings are also an opportunity for ordinary investors who have otherwise been “deprived” of taking stakes in the most promising companies, according to Eyal Malinger, investment director at venture capital firm Beringea. And startups get access to additional funding through share offers, as well as currency for acquisitions, which are “valuable upsides,” he said.

But not all fintechs are in equally high demand. Payment companies are in line to benefit from the growth in electronic transactions and a steady cash flow from charging fees. Adyen’s CEO said the the company’s addressable market is “huge and nearly limitless.”

The prospects for peer-to-peer lenders like London-based Funding Circle are more uncertain. Shares in Lending Club and OnDeck, two US-listed companies with similar business models, stumbled after their IPOs. UK watchdogs have also proposed tightening regulations for these types of lenders. The next economic downturn will be a major test for Funding Circle, and the rest of the nascent sector.

Still, more IPOs are probably on the way. Beringea’s Malinger says the window for public offerings is opening, and he thinks “many more will flow and follow.”

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