Cos'è una vendita secondaria? Rischi e sfide

A secondary sale is the process of selling shares by existing shareholders in a private business organization before the company’s IPO or acquisition. Investors and employees of a start-up can sell their shares to convert them into cash; in a company buyback, employees are typically limited to about 10% of vested shares. Unlike in a primary sale, the money goes to the seller, and no new shares are issued.

Un' IPO is when a company issues shares for the first time to the public, while a secondary offering is the sale of shares by current shareholders. It should be noted that in an IPO, the company offers newly issued equity stock, while in a secondary offering, the funds go directly to the existing selling shareholders.

Gli azionisti esistenti vendono le loro azioni tramite un intermediario che li assiste nella definizione del prezzo delle azioni e dell'offerta pubblica. Questo metodo è abbastanza simile a un'IPO, ma si concentra sulle azioni esistenti piuttosto che su quelle nuove.

In VC, a secondary sale refers to the active selling of shares in a portfolio company by investors or employees to another investor. A secondary sale in VC is an strategia di uscita per gli stakeholder e i dipendenti per consentire a nuovi investitori di partecipare allo sviluppo del business. When many employees sell at once, the company may run a tender offer to outside investors; in a buyback, it typically caps each employee at about 10% of vested shares (a16z, 2021).

Points requiring attention in secondary sales include:

• Valutazione: Stabilire un valore obiettivo per un'azione in una società privata richiede molto lavoro.
• Liquidità: Trovare un acquirente per le azioni di una società privata è impegnativo.
• Normativa: These activities may also be subject to the parameters set by Disposizioni legali e normative SaaS for subsequent sales. Most private companies also require board approval, and the company or existing investors often hold a right of first refusal (ROFR) to buy first at the same price (Rampa).
• Segnalazione: A founder’s sale of shares, particularly at a discount, can be interpreted by buyers as a relevant data point (a16z).