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Author Topic: 105只新股弃购让券商捡到大便宜,这只独角兽包销收入占承销费37%  (Read 1302 times)

LeandraLin

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105只新股弃购让券商捡到大便宜,这只独角兽包销收入占承销费37%

2019.02.09
          
文 | 券商中国 云中鹰


券商中国记者根据2018年IPO发行情况统计发现,在去年已完成挂牌的105只IPO新股中,IPO余股包销为投行贡献净收入5.19亿元。其中,有10只新股余股包销净收入已占承销保荐收入的20%以上,药明康德占比更是高达37.77%。

这一包销,反倒“成就”了投行资本市场部,成为他们一个意外的收入进项。“谁也不曾想到,最后发年终奖时,钱竟然是资本市场部掏的。”华南地区一家小型投行部深圳分公司负责人说。

2018年IPO余股包销收入达5.19亿

“因为我们IPO较少,我们资本市场部此前几乎没啥创收,但去年因为余股包销突然贡献了500万营收,让整个投行对我们刮目相看了。” 日前,上述华南地区小型投行部深圳分公司负责人和券商中国记者打趣说。

这位负责人介绍,他们资本市场部此前所做的事,就是配合投行进行股票发行,创收项目就是帮其他投行分销一些项目,但2018年他们投行日子过得很拮据,全年才一个IPO项目,养活整个投行都很艰难。

“谁也不曾想到,最后发年终奖时,钱竟然是资本市场部掏的。”原来,这家投行去年唯一的一单IPO在申购结束后,出现了不少网上投资者弃购,这些弃购的股份按照约定,都需要投行包销起来。这一包销,反倒“成就”了资本市场部,成为他们一个意外的收入进项,而且规模不小。

券商中国对2018年发行上市的105只新股统计发现,每一只都出现了弃股,合计弃购数量多达2978.87万股。也就是说,作为主承销商的投行,都不同程度进行了包销。

按股份数量排序,工业富联、中国人保、江苏租赁、天风证券、郑州银行和长城证券最终因为弃购导致投行包销的股份数量最多,都超过了100万股,分别达到了333.31万股、213.55万股、164.43万股、151.95万股、137.38万股和109.80万股;弃股最少的三只新股依次为南京聚隆、百邦科技和迈为股份,因弃购而被包销的股份数量分别为3.13万股、3.32万股和3.47万股。

按照市场上通行的新股收益计算法,这些包销新股在涨停板打开当天都会盘中均价卖出,则2018年105只新股合计给投行贡献收益5.19亿元,占105只新股承销保荐收入的比例为9.40%。

按上述计算方法,去年余股包销营收规模最大的新股为中金公司独家保荐承销的工业富联,余股包销绝对收益达3729.70万元。单只新股余股包销绝对收益超过1000万的有7只,除工业富联外,还有药明康德、宁德时代、锐科激光、长飞光纤、迈瑞医疗和盈趣科技,余股包销的绝对收益分别达3476.09万元、1683.86万元、1493.2万元、1224.76万元、1199.89万元和1052.35万元。

余额包销绝对收益较少的三只新股分别是南京聚隆、中源家居和南都物业,按照上述新股收益计算方法,绝对收益分别达75.45万元、80.79万元和105.31万元。

余股包销成投行一大意外收入来源

“实话说,以前投行对IPO余股包销这事都不怎么重视,觉得这事要做也是公司投资部门的事,投行最多就是起到通道介绍作用。”一家上市券商投行深圳团队负责人介绍,随着余股包销收入规模的增加,投行部也开始重视起来了。

统计数据显示,2018年105只余额包销收入,占对应IPO项目承销保荐收费的比例平均已达9.40%,接近10%。

其中,余股包销收入占比承销保荐收费的比例超过10%的有39个项目;超过20%的有10个项目;超过30%的有2个项目,分别为药明康德(37.77%)和天风证券(32.95%)。保荐承销药明康德的为华泰联合和国泰君安,保荐承销天风证券的是兴业证券,也就是说,这3家投行,除了正常的承销保荐收入外,又都多了30%以上的余股包销收入进项。

据券商中国记者了解,按照证券公司内部规定,投行本来是不允许直接进行持股投资的,包销也不行,此前公开增发包销基本也都是自营部门接受。但随着这几年IPO包销稳赚不赔且盈利规模日益增大,不少投行已在内部开始争取相应权益。

据悉,一个同行的做法是,投行把承销保荐收入直接拿来作为IPO余股包销的费用,当然走的依然是公司自营通道,最终清盘时也基本都是由自营部门负责,如此最终收益就全部截留到了投行。

“现在几乎每家投行都非常重视这块的收入进项了,有些IPO项目少的投行,余股包销收入已然成为了投行部都盯着的一笔资金来源。”上述深圳分公司负责人介绍,在IPO项目减少、再融资日益维艰的“小年”,这笔费用基本成了投行人的奖金来源。
                  
       
       

Source: 105只新股弃购让券商捡到大便宜,这只独角兽包销收入占承销费37%



 

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