On the evening of April 17, wechat, an IPO enterprise on the science and innovation board, disclosed the issuance results. The number of shares issued this time was 25266000, and online investors gave up the subscription of 3381500 shares. The number of shares abandoned accounted for 13.38% of the total issuance, and the amount of shares abandoned was 778 million yuan. Offline investors did not abandon their purchase.
Nano chip micro focuses on the R & D and sales of high-performance and high reliability analog integrated circuits. Its products cover analog and mixed signal chips in the technical field, mainly including signal sensing chips, isolation and interface chips, driving and sampling chips, which are widely used in the fields of information communication, industrial control, automotive electronics and consumer electronics.
The IPO of nano core micro has attracted the attention of the market. Its issuance price reached 230 yuan / share, and the corresponding financing scale was 5.811 billion yuan. Compared with the proposed fund-raising amount of 750 million yuan, it raised 5.061 billion yuan, which also made nano core micro the highest new share raised since 2022.
Senior people believe that the increase in the overall market environment is mainly related to the increase in the proportion of micro purchase market
“The continuous decline in the secondary market is the main reason. Since this year, the Shanghai stock index has fallen by 11.77% and the gem index has fallen by 25.95%. Individual stocks have generally performed poorly, resulting in lower income expectations and ‘breaking’ after the listing of new shares. Some retail investors choose to abandon their purchases out of risk aversion.” The source said.
secondly, from the perspective of individual stocks, the issuance price of 230 yuan / share of NSW may deter many investors “from the perspective of individual stocks, the overall valuation of NSM is reasonable, but the absolute price of the share price is high. Due to the lack of professional judgment on the valuation of small and medium-sized retail investors, the proportion of abandonment is high.” The aforementioned market participants said.
However, it should be noted that “high absolute price” is not equivalent to “high issuance pricing and valuation”.
The offering price of NSW is 230 yuan / share, corresponding to the estimated P / E ratio of 107.48 times in 2021, which is lower than 3Peak Incorporated(688536) (116 times) and Sg Micro Corp(300661) (113 times) of comparable companies.
As a leader in China’s isolation chip segment industry, nano chip micro has developed rapidly in recent years. According to the data, the profit of the company has been growing rapidly in the past three years. During the reporting period, the net profit attributable to the parent company after deducting non profits from 2019 to 2021 was 07 million yuan, 40 million yuan and 216 million yuan respectively. The number of shares publicly issued by the company this time is 25 million, and the earnings per share in 2021 is 2.18 yuan / share.
Experts believe that retail investors should get rid of the wrong thinking of equating “high absolute price” with “high issuance pricing and valuation”. For example, in the early stage, Kemai shares were priced at 557.8 yuan / share. However, due to the close P / E ratio of its issuance to that of comparable companies and the relatively reasonable valuation, it closed up 29.9% on the first day of listing, and so far there has been no break.
From a deeper point of view, the increase in the proportion of nano core micro abandonment is also the result of the increase of market-oriented game
In fact, since the implementation of the new rules on inquiry and pricing in September last year, buyers and sellers have deepened the game, and some new shares have begun to “break”, and the number and amount of shares abandoned by online investors have also increased. The market generally believes that the phenomena of “making new and stable profits” and “unbeaten new shares” have been broken step by step.
It is reported that the 3.3815 million shares and 778 million yuan abandoned by NSW this time will be fully underwritten by the lead underwriter. Experts believe that under the condition of continuous decline in the market, the increased underwriting risk will also promote the subsequent issuers and lead underwriters to be more cautious in pricing.
interestingly, the 21st Century Business Herald reporter found that the recent high proportion of abandoned purchases only occurred online, while offline purchase was basically in full. What is the reason for this
\u3000\u3000 “Because if offline investors abandon the purchase once, it will be regarded as a violation. In fact, online abandonment is also a breach of contract. At present, the credit purchase mode of applying for the purchase according to the market value and paying after winning the lot is adopted in the sections of science and innovation board and gem. Compared with the purchase mode that investors need to pay in advance in full before the purchase, it can effectively avoid freezing a large amount of funds and improve the efficiency of the use of investors’ funds, but it does not mean that investors can make a profit after the purchase Give up payment at will. According to relevant regulations, if online investors win the lottery three times in total within 12 months but fail to pay in full, they will no longer be able to participate in the subscription of new shares within 6 months. ” An investment banker told reporters.
Experts suggest that online investors need to adjust their new ideas in a timely manner, strengthen the study of the rules related to the subscription of new shares, and have a full understanding and cognition of listed enterprises before the subscription of new shares, so as to rationally participate in the subscription of new shares for new shares that are not optimistic about, you can choose not to participate. You can’t “close your eyes” and then “abandon the purchase in violation of regulations”, which will not only affect your new qualification, but also have a negative impact on the order of new share issuance
