What are the pricing steps of stock issuance?

What are the pricing steps of stock issuance _ What are the pricing methods of stock issuance?

After the company goes public, it will issue shares, so there will be an issue price when it is issued, and this issue price will not come casually. So what are the specific steps of this pricing? The following is a small series of stock issuance pricing steps, hoping to help everyone.

What are the pricing steps of stock issuance?

1 Select reference enterprises: generally, three or more reference enterprises similar to the target enterprises are selected. Reference enterprises should be in the same industry as target enterprises, and the more similar the product type, production scale, technology and growth stage, the better.

2 Calculate the price-earnings ratio, EPS = α EPS 0+(1_ α) EPS1,and EPS 0 evaluates the net profit per share announced at the beginning of the year; EPS1-Evaluate the year-end forecast net profit per share; —weight (0≤≤ 1). Its value is mainly based on the efficiency of the securities market. If the securities market is weakly efficient, its value can be larger, about 0.7; Semi-strong type is effective, and d is about 0.5.

3. Compare and analyze the difference factors and determine the factor correction coefficient. Although the reference enterprise is as close as possible to the target enterprise, there are always some differences between the target enterprise and the reference enterprise in terms of growth, market competitiveness, brand, profitability and equity scale. When evaluating the value of the target enterprise, it is necessary to analyze and compare the above factors and determine the amount of variance adjustment.

Pricing method of initial public offering of shares;

1 p/e ratio method, the calculation formula for determining the stock issue price by p/e ratio method is: issue price = net income per share x p/e ratio.

2 Net assets ratio method. Issue price = net asset value per share x premium multiple.

3 cash flow discount method. By predicting the company's future profitability, calculating the company's net cash flow value, and converting the future cash flow at a certain discount rate, the stock issue price is determined.

The pricing steps of the stock issue price are described above. Because the current stock issue price is generally calculated according to the price-earnings ratio, what I want to tell you is the price-earnings ratio pricing step. After pricing, a corresponding announcement will be issued, and the winning bidder can subscribe at the issue price.

What are the pricing methods of stock issuance?

1, P/E ratio method. The formula for determining the issue price of stocks by P/E ratio method is: issue price = net income per share.

2. Net assets ratio method. Issue price = premium payment multiple of each enterprise's net asset value.

3. Cash flow discount method. Through the speculation of the company's future profitability, the net cash flow of the company is calculated, and the future cash flow is converted at a certain discount rate, so as to determine the stock issue price.

Stock issuance is a process in which a company sells new shares. Once the new shares are issued, they become shareholders after being subscribed and held by the intermediary or the buyer. Generally speaking, this process is centralized and there is no fixed place. More commonly, it is underwritten by investment banks, trust companies, securities companies and brokers. There are two ways to issue shares: one is to issue shares for the first time when a new company is established; The other is to raise funds to issue new shares when the company is established. The two are different in steps and methods. It takes a series of procedures to set up a new company and issue shares for the first time. That is, the articles of association of the company are drafted by the promoters, reviewed by lawyers and accountants, published in newspapers, and reported to the competent authorities for approval and registration after approval. After obtaining the registration certificate, the company can issue it to the outside world.

How to price the IPO?

The pricing methods of stock issuance mainly include the following:

(1) negotiated pricing method This method is that the issuer and the lead underwriter negotiate to determine the stock issue price and report it to the China Securities Regulatory Commission for approval.

(2) General inquiry method This method adopts a combination of online issuance to general investors and placement to institutional investors. The issuer and the lead underwriter determine the circulation and reserve price in advance, and determine the final issue price according to the subscription of institutional investors, and then place the shares with institutional investors at the same price and issue them online to ordinary investors.

(3) Cumulative Bidding Inquiry Method This method refers to a way to determine the issue price according to investors' subscription willingness at different prices during the issuance process.

Usually, the lead underwriter sets the issue price within a certain range, and investors declare the subscription quantity according to different issue prices within this range. The lead underwriter calculates the total subscription amount of all investors above the same price and gets a series of total subscriptions above different prices.

Finally, the lead underwriter determines the issue price according to the fact that the total acquisition exceeds a certain multiple of the circulation (that is, the oversubscription multiple).

(4) Online bidding means that the issuer and the lead underwriter use the trading system of the stock exchange, with the lead underwriter as the sole seller of new shares, and the reserve price announced by the issuer is the lowest price, and the actual issuance of new shares is the total sales. Investors bid for the subscription within the specified time, and the issuer and the lead underwriter determine the issue price and issue shares according to the principle of price priority.

Using any of the above four pricing methods, the issuer and the lead underwriter must negotiate a reserve price or price range in advance.

The reserve price or issue price range of this issue can be estimated by market discount method or price-earnings ratio pricing method.

Subtitle #e#( 1) Market Discount Method The market discount method refers to that when a listed company issues new shares, the lead underwriter and issuer take a certain discount of the secondary market price of the stock at a certain time or a certain period of time as the endpoint of the issue reserve price or issue price range.

(2) Price-earnings ratio pricing method Price-earnings ratio pricing method refers to calculating the issuer's earnings per share based on the issuer's earnings forecast audited by certified public accountants, and then drawing up the issue price-earnings ratio according to the average price-earnings ratio of the secondary market, the issuer's industry situation, the issuer's operating conditions and its growth, and finally determining the issue price according to the product of the issue price-earnings ratio and the issuer's earnings per share.

(3) Comparable company pricing method Comparable company pricing method means that the lead underwriter analyzes historical, comparable or representative companies and determines the issue price according to companies with similar business recently issued and other companies with similar initial public offerings in recent years.

(4) Cash flow discount pricing method This method is a method to determine the stock issue price by predicting the company's future profitability and calculating the company's net present value at a certain discount rate.