Valsts uz\u0146\u0113mumam LAU Infra grupa virzoties uz akciju kot\u0113\u0161anu bir\u017e\u0101, svar\u012bgi ir izv\u0113rt\u0113t, cik izdev\u012bga ir dal\u012bba mazumieguld\u012bt\u0101jiem uz\u0146\u0113mumu s\u0101kotn\u0113jos publiskajos pied\u0101v\u0101jumos (initial public offering jeb IPO). Turkl\u0101t tagad ar\u012b beidzas pieteik\u0161an\u0101s uz Igaunijas nekustamo \u012bpa\u0161umu att\u012bst\u012bt\u0101ja Liven akcij\u0101m pirms to kot\u0101cijas bir\u017e\u0101. \u00abKlasiska situ\u0101cija finan\u0161u tirgos ir t\u0101da, ka uzreiz p\u0113c IPO uz\u0146\u0113muma akcijas cena \u012bslaic\u012bgi pieaug, bet ilg\u0101k\u0101 termi\u0146\u0101 m\u0113dz kristies,\u00bb st\u0101sta ieguld\u012bjumu uz\u0146\u0113muma Alphinox partnere J\u016blija Bistrova un skaidro: \u00abTam ir vair\u0101ki iemesli. IPO bie\u017ei tiek organiz\u0113ts laik\u0101, kad uz\u0146\u0113mumam bijis \u012bpa\u0161i veiksm\u012bgs gads ar virsnormas pe\u013c\u0146as r\u0101d\u012bt\u0101jiem, k\u0101 ar\u012b br\u012bd\u012b, kad tirgus apst\u0101k\u013ci \u013cauj pan\u0101kt augst\u0101ku nov\u0113rt\u0113jumu. Turkl\u0101t vad\u012bba nereti sniedz p\u0101r\u0101k optimistiskas att\u012bst\u012bbas prognozes. IPO proces\u0101 ir ar\u012b iev\u0113rojams m\u0101rketinga elements, kas ir saprotami. Papildus tam IPO laik\u0101 piesaist\u012btie l\u012bdzek\u013ci bie\u017ei tiek novirz\u012bti apjom\u012bgiem ieguld\u012bjumiem \u2014 uz\u0146\u0113mumu ieg\u0101dei vai straujai darb\u012bbas papla\u0161in\u0101\u0161anai, kas parasti \u012bstermi\u0146\u0101 samazina pe\u013c\u0146u.\u00bb<\/p>\n
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Kan\u0101das komp\u0101nijas PWL Capital invest\u012bciju portfe\u013cu p\u0101rvaldnieks Bens F\u012blikss nor\u0101da (Youtube \u2013 SpaceX and OpenAI: The Mega IPO Grift), ka ieguld\u012bjumi IPO v\u0113sturiski ir biju\u0161i viena no slikt\u0101kaj\u0101m invest\u012bciju strat\u0113\u0123ij\u0101m, un pamato to ar p\u0113t\u012bjumiem. Uz\u0146\u0113mumi, kas s\u0101k kot\u0113t akcijas bir\u017e\u0101, sniedz zem\u0101ku atdevi nek\u0101 l\u012bdz\u012bgi jau bir\u017e\u0101 eso\u0161i uz\u0146\u0113mumi.<\/p>\n
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Baltij\u0101 l\u012bdz\u012bgi <\/p>\n
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Run\u0101jot par Baltijas uz\u0146\u0113mumiem, J. Bistrova atz\u012bst, ka v\u0113sturisk\u0101 pieredze kopum\u0101 nav visai laba, \u012bpa\u0161i attiec\u012bb\u0101 uz Igaunijas uz\u0146\u0113mumiem, kur alternat\u012bv\u0101 bir\u017e\u0101 First North tika kot\u0113tas jaunuz\u0146\u0113muma tipa komp\u0101nijas ar augstu nenoteikt\u012bbu un sal\u012bdzino\u0161i v\u0101jiem finan\u0161u r\u0101d\u012bt\u0101jiem. Latvij\u0101 un Baltij\u0101 vair\u0101kiem uz\u0146\u0113mumiem pa\u0161reiz\u0113j\u0101 tirgus cena ir zem IPO cenas. Iemesli ir da\u017e\u0101di: p\u0101rv\u0113rt\u0113ta akciju emisija, negat\u012bva ietekme no straujas darb\u012bbas papla\u0161in\u0101\u0161anas, k\u0101 ar\u012b nelabv\u0113l\u012bgi \u0101r\u0113jie apst\u0101k\u013ci.<\/p>\n
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Tom\u0113r ir ar\u012b pozit\u012bvi piem\u0113ri starp uz\u0146\u0113mumiem, kas sal\u012bdzino\u0161i nesen veiku\u0161i IPO. Piem\u0113ram, Igaunijas infrastrukt\u016bras grupai Infortar akciju cena kop\u0161 IPO pieaugusi par aptuveni 88%, to da\u013c\u0113ji sekm\u0113jusi d\u0101sn\u0101 dividen\u017eu politika. Ar\u012b Kalve Coffee uzr\u0101d\u012bjusi labus rezult\u0101tus. Tas noz\u012bm\u0113, ka veiksmes st\u0101sti ir iesp\u0113jami. Tom\u0113r parasti Alphinox politika paredz neieguld\u012bt uz\u0146\u0113mumos divus gadus p\u0113c IPO (ar retiem iz\u0146\u0113mumiem).<\/p>\n
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Uz\u0146\u0113muma INVL Family Office vad\u012bt\u0101ja Andreja Martinova pieredze dal\u012bb\u0101 IPO ir ar at\u0161\u0137ir\u012bgiem rezult\u0101tiem \u2013 ir biju\u0161i gan veiksm\u012bgi, gan maz\u0101k veiksm\u012bgi gad\u012bjumi. Run\u0101jot par Latvijas tirgu, situ\u0101cija ir l\u012bdz\u012bga. Liel\u0101 m\u0113r\u0101 viss ir atkar\u012bgs no IPO cenas. Bie\u017ei vien emitenti cen\u0161as ieg\u016bt maksim\u0101lo v\u0113rt\u012bbu par akcij\u0101m, praktiski neatst\u0101jot investoriem \u012bstermi\u0146a pe\u013c\u0146as potenci\u0101lu p\u0113c IPO.<\/p>\n
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Konsultantu loma <\/p>\n
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B\u016btiska loma ir konsultantiem, kas organiz\u0113 IPO procesu. \u00abJa vi\u0146i sp\u0113j p\u0101rliecin\u0101t emitentu atst\u0101t zin\u0101mu p\u0113cIPO pr\u0113miju investoriem, efekt\u012bvos kapit\u0101la tirgos \u0161\u012b starp\u012bba parasti tiek \u0101tri atsp\u0113l\u0113ta, akcijas cenai pieaugot. Svar\u012bgs ir ar\u012b pareizs akciju sadal\u012bjums starp investoriem, \u012bpa\u0161i gad\u012bjumos, kad piepras\u012bjums p\u0101rsniedz pied\u0101v\u0101jumu. Ir ar\u012b citi meh\u0101nismi un taktikas, kas var nodro\u0161in\u0101t pozit\u012bvu \u012bstermi\u0146a cenu dinamiku p\u0113c IPO, uz ko daudzi investori ar\u012b cer,\u00bb skaidro A. Martinovs.<\/p>\n
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T\u0101p\u0113c vi\u0146\u0161 vienm\u0113r v\u0113rt\u0113 ar\u012b konsultantus, kas organiz\u0113 IPO, un vi\u0146u iepriek\u0161\u0113jo pieredzi. Ir konsultanti, kuru organiz\u0113tie IPO p\u0101rsvar\u0101 ir veiksm\u012bg\u0101ki investoriem, un ir t\u0101di, kuru dar\u012bjumi vair\u0101k kalpo emitentu interes\u0113m. Tom\u0113r ilgtermi\u0146\u0101 iz\u0161\u0137iro\u0161a noz\u012bme ir uz\u0146\u0113muma darb\u012bbas rezult\u0101tiem \u2013 piesaist\u012bto l\u012bdzek\u013cu efekt\u012bvai izmanto\u0161anai, sol\u012bjumu (progno\u017eu) izpildei, izaugsmes tempam un citiem fundament\u0101liem faktoriem.<\/p>\n
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Papildus A. Martinovs izce\u013c ar\u012b emitentu atpaz\u012bstam\u012bbu \u2013 gan uz\u0146\u0113muma, gan t\u0101 produktu un z\u012bmola, gan vad\u012bbas vai akcion\u0101ru k\u0101 person\u012bbu l\u012bmen\u012b. P\u0113d\u0113jos gados arvien bie\u017e\u0101k redzams, ka mazumieguld\u012bt\u0101ji p\u0113rk akcijas, vair\u0101k balstoties uz popularit\u0101ti, nevis finan\u0161u rezult\u0101tiem. Taj\u0101 pa\u0161\u0101 laik\u0101 tiek ignor\u0113ti uz\u0146\u0113mumi ar sp\u0113c\u012bgiem r\u0101d\u012bt\u0101jiem, ja pla\u0161\u0101kai publikai to bizness \u0161\u0137iet garlaic\u012bgs. Ar\u012b Latvijas tirg\u016b \u0161\u0101di piem\u0113ri ir nov\u0113rojami.<\/p>\n
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Nov\u0113rt\u0113 s\u0101kotn\u0113ji <\/p>\n
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Run\u0101jot par LAU Infra grupu, A. Martinovs v\u0113rt\u0113, ka uz\u0146\u0113mumam ir stabila tirgus poz\u012bcija, izaugsmes potenci\u0101ls blakussegmentos (civil\u0101 un milit\u0101r\u0101 infrastrukt\u016bra, b\u016bvniec\u012bba), k\u0101 ar\u012b vair\u0101kas konkurences priek\u0161roc\u012bbas \u2013 pla\u0161s darb\u012bbas b\u0101zu t\u012bkls vis\u0101 Latvij\u0101, savi resursi (piem\u0113ram, karjeri), sp\u0113c\u012bga tehnisk\u0101 b\u0101ze un pieredz\u0113jis person\u0101ls. Pozit\u012bvi v\u0113rt\u0113jama ar\u012b skaidri defin\u0113ta dividen\u017eu politika (l\u012bdz apm\u0113ram 64% no t\u012br\u0101s pe\u013c\u0146as). Ar\u012b J. Bistrova teic, ka uz\u0146\u0113mums ir labi sagatavojies IPO procesam. Tam ir sak\u0101rtota korporat\u012bv\u0101 p\u0101rvald\u012bba, k\u0101 ar\u012b kvalitat\u012bvi finan\u0161u p\u0101rskati. Ar\u012b finansi\u0101li uz\u0146\u0113mums izskat\u0101s diezgan stabils.<\/p>\n
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J\u0101atz\u012bm\u0113, ka LAU Infra grupas valdes locekle Ilze Bukulde bija spiesta pamest amatu krimin\u0101lproces\u0101 aiztur\u0113t\u0101 v\u012bra d\u0113\u013c. Vi\u0146as laul\u0101tais ir Aigars Ceruss \u2013 IT iepirkumu skand\u0101l\u0101 ierauto Corporate Solutions grupas uz\u0146\u0113mumu \u012bpa\u0161nieks. I. Bukulde uz\u0146\u0113mum\u0101 atbild\u0113ja par finan\u0161u p\u0101rvald\u012bbu, nekustamajiem \u012bpa\u0161umiem un IT att\u012bst\u012bbu, v\u0113sta TV3 raid\u012bjums Nek\u0101 person\u012bga.<\/p>\n
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\u00abKopum\u0101 LAU Infra grupa ir interesants uz\u0146\u0113mums, kas darbojas perspekt\u012bv\u0101 nozar\u0113 ar att\u012bst\u012bbas potenci\u0101lu \u2013 gan no savas kapacit\u0101tes un tirgus da\u013cas viedok\u013ca, gan no \u0161\u012bbr\u012b\u017ea \u0123eopolitiskajiem apst\u0101k\u013ciem. P\u0113d\u0113jos gados infrastrukt\u016bras uz\u0146\u0113mumi m\u016bsu re\u0123ion\u0101 ir ieguvu\u0161i liel\u0101ku investoru interesi, un, ja kontekst\u0101 par\u0101d\u0101s ar\u012b milit\u0101r\u0101s infrastrukt\u016bras aspekts, pievilc\u012bba v\u0113l vair\u0101k aug,\u00bb v\u0113rt\u0113 A. Martinovs.<\/p>\n
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Tom\u0113r galvenais faktors, kas noteiks LAU Infra grupas IPO veiksmi, b\u016bs uz\u0146\u0113muma nov\u0113rt\u0113jums un akciju cena IPO br\u012bd\u012b. \u00abJa valsts m\u0113\u0123in\u0101s maksimiz\u0113t \u012bstermi\u0146a ie\u0146\u0113mumus un neatst\u0101s investoriem pietiekamu potenci\u0101lu nopeln\u012bt p\u0113c IPO, tas var k\u013c\u016bt par v\u0113l vienu neveiksm\u012bgu piem\u0113ru. Savuk\u0101rt, ja tiks \u0146emti v\u0113r\u0101 pieredz\u0113ju\u0161u konsultantu un kapit\u0101la tirgus ekspertu ieteikumi un m\u0113r\u0137is b\u016bs ne tikai maksim\u0101la cena, bet ar\u012b veiksm\u012bga IPO st\u0101sta izveide, tas var k\u013c\u016bt par pozit\u012bvu precedentu viet\u0113j\u0101 kapit\u0101la tirgus att\u012bst\u012bbai,\u00bb uzskata A. Martinovs.<\/p>\n
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LAU Infra grupas IPO veiksme liel\u0101 m\u0113r\u0101 sl\u0113pjas cen\u0101. To, protams, var ietekm\u0113t ar\u012b sp\u0113c\u012bgs PR, m\u0101rketings, komunik\u0101cija un investoru emocijas, ta\u010du fundament\u0101lais faktors paliek nemain\u012bgs.<\/p>\n
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