IPO : les jeans Levi‘s ouvrent le bal en grande pompe
Le fabricant des célèbres jeans a été valorisé en haut de fourchette à 6,6 milliards de dollars, ce qui ne l’a pas empêché de bondir de 32 % pour son premier jour de cotation. L’enthousiasme pour cette première IPO d’envergure aux US est de bon augure pour Lyft et Uber, même si les modèles sont très différents.
IPO pièces
C’était l‘opération scrutée de près par tous les opérateurs de marché à Wall Street. Et elle n’a pas déçu : jeudi, le fabricant des jeans devenus cultes Levi Strauss a fait son entrée en Bourse, à un prix fixé en haut de fourchette à 17 dollars, soit une augmentation de capital de 623 millions de dollars et une valorisation de 6,6 milliards de dollars. Un beau succès pour les 12 banques mandatées pour l’opération, emmenées par Goldman Sachs. Et pourtant, l’euphorie ne s’est pas démentie pour son premier jour de Bourse, car le titre a clôturé en hausse de près de 32 %, à 22,41 dollars par action. Ce qui représente la troisième plus forte hausse pour une grosse IPO non technologique depuis 2015, selon Dealogic.
Tout cela fait les affaires des descendants du fondateur de la marque iconique, qui ont cédé 462 millions de dollars de titres à cette occasion, soit plus de la moitié des actions mises en vente. Ces derniers n’ont pourtant pas eu à céder d’un iota le contrôle de leur société, car grâce à un système de double classe d’actions, ils ont gardé 99 % des droits de vote. Si ce procédé est rare pour une société classique comme Levi Strauss, il a été utilisé à de nombreuses reprises par les licornes tech de la Silicon Valley, comme un moyen pour les jeunes fondateurs de garder la maîtrise de la destinée de leurs start up. Et il est rassurant pour les Uber et Lyft de savoir que cette clause ne déclenche pas l’aversion des investisseurs.
L’accueil réservé à Levi Strauss est donc de bon augure pour les pépites tech qui se préparent à entrer en Bourse, dont Lyft. Mais les modèles sont certes très différents : alors que Levi Strauss affiche une belle croissance et un profit annuel de 285 millions de dollars pour des revenus à 5,6 milliards l’an passé, Lyft a perdu plus de 900 millions de dollars l’an passé et ne prévoit pas de dégager un cash flow positif dans un avenir proche. Le premier pariait donc sur un point d’entrée attractif en termes de valeur pour une marque emblématique de la mode américaine, tandis que le second mise sur un profil de croissance record et une course à la taille dans son marché.
D’où l’importance de doubler Uber pour son IPO, afin de bénéficier de l’effet premier entrant. Lyft est en plein roadshow jusqu’à la fin de la semaine prochaine pour une IPO allant jusqu’à 23 milliards de dollars, mais les rumeurs indiquent que l’opération serait déjà sursouscrite. Un outil de comm’ qu’il convient de prendre avec prudence, mais il arrive dans un environnement de marché très favorable depuis le début de l’année, même si les esprits critiques jugent qu’on se situe plutôt en haut de cycle, après le récent rallye. Le sort réservé à Lyft sera en tout cas déterminant pour son concurrent de toujours, qui viserait quant à lui la valorisation faramineuse de 120 milliards de dollars.
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[WARNING] imagecopyresampled() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 587)
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[WARNING] imagepng() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 589)
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[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 591)
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[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 592)
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