I-National Stock Exchange yaseNdiya Isuse Izithiyo ze-IPO Zokufakwa Ohlwini

Okushintshile

Ngokusekelwe ekubikeni kwe-Financial Times, i-National Stock Exchange yaseNdiya isuse izithiyo ze-IPO futhi isilungele ukufakwa ohlwini. Umbiko awunikezi uhlelo lwesikhathi, inani layo, ubukhulu bomnikelo noma isakhiwo sawo.

Kungani Lokhu Kubalulekile

Lokhu kushintsha indaba yobunikazi bengxenye yengqalasizinda esekela imakethe. Ukufakwa kwe-NSE ohlwini kungaletha ukubusa kwayo nokusebenza kwayo obala kakhulu emphakathini, kuphinde kudale amasheya angadayiseka esikhungweni sokuhwebelana uqobo.

Umbono wethu (ukuqagela okunolwazi): uma ukugunyazwa kuholela enqubweni evamile yokufakwa ohlwini, imisebenzi yokuhweba ye-NSE ingase iqale ihlale ifana kakhulu, kuyilapho abatshalizimali bethola umbono ocacile wezomnotho oyisekelayo. Umbuzo obaluleke kakhulu ngowokuthi ubunikazi bomphakathi buzoyishintsha yini kamuva ibhalansi phakathi kwembuyiselo yabatshalizimali nezindleko zokufinyelela zamalungu ahwebayo. Lokho kungathinta izindleko zokusebenza eziphindaphindayo ezingaphezu kakhulu kwabathengi be-IPO.

Ukuqhathanisa nomlando

Ukuqhathanisa okuwusizo okusondelene kakhulu yi-Form 10-K ka-CBOE yango-2010. I-CBOE yasusa isakhiwo sobunikazi bamalungu futhi yaqedela i-IPO ngomhla ka-18 Juni 2010, yaguqula ababengabanikazi bezihlalo baba ngabanikazi bamasheya futhi yashintsha ukufinyelela okusekelwe ezihlalweni yakwenza izimvume zokuhweba.

Isakhiwo esifanayo sicacile: zombili ziyizikhungo zokuhwebelana ezisunguliwe eziya ebunikazini bomphakathi, zakha amasheya engqalasizinda yemakethe kunawenkampani evamile esebenzayo. Umehluko nawo ubaluleke ngokufanayo. I-IPO ye-CBOE yeza nohlelo oluthile lokususa ubunikazi bamalungu nolwezimvume; ukugunyazwa kwezithiyo okubikiwe kwe-NSE akuvezi imigomo efanayo.

I-CBOE yaqala izimali zanyanga zonke zezimvume ngomhla ka-1 Julayi 2010. Imali yayo engena ngezimali zokufinyelela yekota yesithathu yenyuka ngo-$13.5mn uma iqhathaniswa nonyaka odlule, kuyilapho imali engena ngezimali zokuthengiselana yehla ngo-4% njengoba umthamo wokuhweba wehla ngo-17%. Lokho kuphakamisa ukuthi isifundo esiwusizo akusona esokuthi “ukufakwa ohlwini kukhuphula imali engenayo.” Kunalokho, izinguquko zobunikazi zingayiguqula indlela yezomnotho yokufinyelela, kuyilapho imali eyinhloko engena esikhungweni sokuhwebelana isancike emsebenzini wokuhweba nasekuhlanganisweni kwemikhiqizo.

Indlela imiphumela engasabalala ngayo

Uma imibhalo yokugcina ye-NSE ishintsha ukufinyelela, izimvume noma izimali, amalungu ahwebayo angase abhekane nezindleko ezihlukile eziphindaphindayo phakathi kwezinyanga eziyisithupha kuya kweziyi-12. Lokho kungadluliselwa kwabanye kuphela uma imigomo emisha yethulwa futhi amalungu enesikhala esincane sokuyigwema. Imithetho ezinzile, ukuncintisana noma imingcele yokulawula kunganqamula lolu chungechunge.

Izimpawu zokuqala ziyasebenza: imibhalo ye-IPO echaza ubunikazi namalungiselelo ezimali, ilandelwe yinoma yisiphi isaziso se-NSE esishintsha izimvume zamalungu noma izindleko zokufinyelela.

Ukuhlolwa komthelela

• NSE: Ukususa isithiyo kuthuthukisa ubunikazi bomphakathi, okungase kwandise ukufinyelela enhlokodolobha yamasheya kuyilapho kwandisa ukuhlolwa kokubusa nokusebenza kwayo emasontweni azayo.

• Amalungu ahwebayo: Abhekene nanoma yikuphi ukubuyekezwa okulandelayo kokufinyelela noma kwezimali ezinyangeni eziyisithupha kuya kweziyi-12 ezizayo. Azikho izinguquko ezinjalo ezibikiwe.

• Abatshalizimali be-IPO ekugcineni: Ikhono labo lokuhlola umnikelo lizoncika enanini elidaluliwe, ekubuseni, ezintweni eziqhuba imali engenayo nasemigomweni. Leyo mininingwane ayikadalulwa.

Izimo ezingaba khona

Okungenzeka kakhulu: Uma izinyathelo ezisele zokufakwa ohlwini ziqhubeka ngaphandle kwezithiyo ezintsha futhi i-NSE ingamemezeli zinguquko zokufinyelela, isikhungo sokuhwebelana singena enqubweni yomnikelo ehlelwe ngokusemthethweni phakathi kwamasonto kuya ezinyangeni eziyi-12. Ukudalulwa komphakathi kwenza ubunikazi, ukubusa nezilinganiso zokusebenza kubonakale kakhulu, kuyilapho ukufinyelela ekuhwebeni kuhlala kungashintshile kakhulu. Uhlelo lwesikhathi nokudalulwa kokubusa kungasekela le ndlela; ukubambezeleka noma izinguquko ezibalulekile emithethweni yamalungu kungayenza ibe buthaka.

Okuhle kakhulu: Uma umnikelo unikeza i-NSE inhlokodolobha engasetshenziswa noma ukuguquguquka okukhulu kobunikazi, futhi amalungiselelo okubusa esekela ukwenziwa, ingaqondisa izinsiza engqalasizindeni, kubuchwepheshe noma ezinsizeni phakathi kwezinyanga eziyisithupha kuya kweziyi-12. Lokho kungaqinisa isikhundla sayo kubatshalizimali nakwabanye ababambiqhaza ngaphandle kokuphazamisa ukufinyelela emakethe. Izinhlelo zotshalomali ezishiwo kanye nokuthuthukiswa okulandelayo kwamandla noma kwezinsiza kungasekela lesi simo.

Okubi kakhulu: Uma izimo ezisele ziveza izinkinga zokubusa, zenani noma zemodeli yokusebenza, ukuthengiselana kungase kubambezeleke futhi amalungu angabhekana nokungaqiniseki ngezindleko zokufinyelela zesikhathi esizayo. Uma izinguquko zezimali zifika ngesikhathi izinto eziqhuba izimali zokuthengiselana ziba buthaka, ingcindezi kumodeli yokusebenza ingathinta indlela isikhungo sokuhwebelana esabela ngayo izinsiza nesibeka ngayo imigomo. Uhlelo oluchibiyelwe lokufakwa ohlwini, ukubambezeleka, noma izinguquko ezihlongozwayo ezimalini zamalungu kungakhomba kule ndlela.

Okufanele kubhekwe ngokulandelayo

• Imibhalo ye-IPO ye-NSE: isikhathi, isakhiwo somnikelo, uhla lwamanani nokusetshenziswa kwemali etholakalayo.
• Noma yisiphi isitatimende se-NSE mayelana nokufinyelela kwamalungu ahwebayo, izimvume noma izimali.
• Ukudalulwa okulandelayo okubonisa ukuthi ukusebenza kwezimali zokuthengiselana kuqhutshwa umthamo wokuhweba, amazinga ezimali noma ukuhlanganiswa kwemikhiqizo.