I-Grifols isithathe igxathu elisha esu layo ngokuqalisa amalungiselelo e- ukuthengisa isabelo esincane ebhizinisini layo le-Biopharma e-United StatesLe phrojekthi, esancike ezimweni zemakethe kanye nokuvunyelwa kwemithetho efanele, izoqaliswa nge-initial public offering (IPO) emakethe ye-plasma enkulu kunazo zonke emhlabeni.
I-Catalan international, egxile emithini etholakala ku-plasma, igcizelela ukuthi izogcina ubunikazi obukhulu kanye nokulawula ukusebenza kwesigabaNgenkathi inkampani engumzali izoqhubeka nokufakwa ohlwini lwe-stock exchange yaseSpain. Inhloso eyisisekelo icacile: ukuqinisa ibhalansi, ukunciphisa izinga eliphezulu lesikweletu, nokuvikela izinsiza zokuxhasa izinhlelo zokukhula ezimakethe zayo ezibalulekile.
Imininingwane yokusebenza kanye nesinqumo sebhodi
Ukunyakaza kube kuvunyelwe yiBhodi Yabaqondisi beGrifolsI-IPO, ephakanyiswe yiKomidi Lesu eliholwa ngu-Anne-Catherine Berne, imelela isinyathelo esibalulekile ohlelweni lwesikhathi eside lwenkampani. I-IPO isekelwe kuphela ku- isabelo esincane ebhizinisini le-Biopharma e-United StatesNgakho-ke, iqembu lizoqhubeka nokulawula lo msebenzi.
Le nkampani yezokwelapha itshele umlawuli waseSpain ukuthi Ukwenziwa kwale ntengiselwano kuzoncika esimweni semakethe kanye nezimfuneko zomthetho nezokulawula.nokuthi akunakuqinisekiswa ngokuphelele ukuthi i-IPO izokwenzeka njengoba kuhleliwe. Kunoma yisiphi isimo, iGrifols igcizelele ukuthi Inkampani engumzali izohlala ibhaliswe eSpain, ngaleyo ndlela kulondolozwa isisekelo semakethe yamasheya emakethe eqhubekayo.
Ngokwezibalo zakamuva ezitholakalayo, I-Biopharma iyinjini yangempela yemali engenayo yeqembu.Ngo-2025, ithole cishe ama-€6.487 billion, okungaphezu kancane kwama-86% emali engenayo iyonke, efinyelele kuma-€7.524 billion. Kuleli nani, isifunda sase-United States nesaseCanada sinikele ngama-€4.253 billion, kanye nokukhula konyaka nonyaka okucishe kube ngu-7,5%.
Ngesikhathi kumenyezelwa lo msebenzi, I-Grifols yayinemali yemakethe ecishe ibe yizigidigidi ezingama-5.200 zama-eurokude kakhulu nenani eliphakeme kakhulu elingaphezu kwezigidigidi eziyi-15.000 elafinyelelwa ngo-2020. I-IPO yengxenye ye-Biopharma ihunyushwa ngaphakathi njengesivikelo sokukhulisa inani lale mpahla emakethe yase-US nokuthuthukisa umbono wenkampani phakathi kwabatshalizimali.
Inhloso: ukunciphisa izikweletu nokuqinisa ibhalansi
Umyalezo inkampani ewudlulisele ezimakethe ukuthi Imali eqoqwe nge-IPO izosetshenziswa kakhulu ukunciphisa izikweletu. Sele ixhasa amaphrojekthi okwandisa ezindaweni ezibhekwa njengezibalulekile. Leli qembu linesikweletu esiphezulu, esidlule ama-€7.700 billion ekupheleni kuka-2025, futhi ezinye izazi zisibeka cishe kuma-€8.800 billion, kanti izilinganiso ze-leverage zingaphezu kwe-EBITDA ephindwe kane.
Lokhu kucindezeleka kwezezimali kube yimbangela yokukhathazeka kwabatshalizimali, ikakhulukazi ngemuva inkinga yokuzethemba edalwe umbiko ovela enkampanini ye-bearish i-Gotham City Research, ekuqaleni kuka-2024 eyasola iGrifols ngokuphatha kabi ama-akhawunti ayo. Ngenxa yaleso sigameko, amasheya ancipha kakhulu, kwaba nokuqagela mayelana nokuthengwa okungenzeka yisikhwama saseCanada iBrookfield kanye nomndeni owasungula, futhi abaphathi baqinisa isu lokusheshisa ukukhiqizwa kwemali, ukubuyiselwa kwemali yesikweletu kanye nokunciphisa izikweletu.
Ngonyaka ka-2025, ngaphansi kobuholi be-CEO uNacho Abia, inkampani yafinyelela ukuqala kabusha indlela yokukhula nokuqala kabusha izinkokhelo zenzuzoNgoSuku Lwezimakethe Zemali olubanjwe ekupheleni kukaFebhuwari, leli qembu lethule uhlelo olusha olubeka umgomo wokuthola imali engenayo engama-euro ayizigidi eziyizinkulungwane eziyi-10.000 ngo-2029 kanye nama-euro ayizigidi eziyizinkulungwane eziyi-14.000 ngo-2034, okuqhutshwa, ngezinga elikhulu, yi-Biopharma.
Ukumenyezelwa kwe-IPO engaba khona kuyingxenye yalolu hlelo futhi kuhlose ukufaka isandla umoya-mpilo esakhiweni sezimali samaGrifolsLokhu kuqinisa nokubonakala kwebhizinisi layo eliyinhloko emakethe yayo enkulu kunazo zonke. Izinhloso ezicacile zifaka phakathi ukunciphisa izindleko ezimaphakathi zesikweletu nokwandisa ukuvuthwa, kugxilwe kakhulu ezikweletini eziphelelwa yisikhathi kusukela ngo-2027 kuqhubeke.
Ngesikhathi esifanayo, inkampani inethemba lokuthi lo msebenzi uzosebenza njenge ukukhushulwa kwentengo yesitoko sayoLe nkampani iphazamiseke eminyakeni yamuva ngenxa yokuguquguquka kwesimo, ingcindezi yokuthengisa isikhathi esifushane - lapho izimali ezifana neKintbury Capital zidlula u-1,6% wemali emfushane - kanye nokulahlekelwa ukuzethemba ukuthi iqembu lizama ukukuguqula ngokusobala okukhulu kanye nokunciphisa izibopho.
Isakhiwo esizimele senkampani engaphansi kwe-Biopharma e-US
Ngale kwenhloso yezezimali, lo msebenzi uhilela ushintsho olukhulu enhlanganweni yangaphakathi yebhizinisi laseMelikaNgemva kwe-IPO ekugcineni, isigaba sase-US se-Biopharma sizoba neBhodi Laso Labaqondisi, ithimba labaphathi elizimele, kanye nesakhiwo esithile sokuphatha izinkampani esifanelana nemakethe yaseNyakatho Melika.
I-Grifols ithi le modeli izohlinzeka inkampani engaphansi kwayo nge ukushesha okukhulu kokusebenza kanye nokugxila okucacile kwesuLokhu kuzokwenza kube lula ukwenza izinqumo kanye nokukhulisa imali eqondiswe ebhizinisini le-biopharmaceutical eligxile kuphela ku-plasma. Le nkampani igcizelela ukuthi lokhu kulungiselelwa kuphendula nentshisekelo yabatshalizimali ku izimoto ezikhethekile kakhulu, ezinezakhiwo ezinkulu ezilula futhi azibonakali kangako ebunzimeni benkampani enkulu yomhlaba wonke.
Njengoba iqembu liphinde lasho, inkampani entsha ebhaliswe e-US Izohlala ilawulwa yiGrifolsokuzogcina iningi lemali kanye namalungelo okuvota. Lokhu kuhlose ukuhlanganisa ukuguquguquka nokukhanga kwenkampani ebhalwe e-United States nokugcina ubumbano lweqhinga leqembu emhlabeni jikelele.
Abahlaziyi basikisela ukuthi imoto ehlukile ingasebenza ukuthuthukisa inani lebhizinisi le-Biopharmaisisindo saso esitatimendeni semali engenayo sikhulu kakhulu kunalokho okuboniswa njengamanje yimali yemakethe iyonke yenkampani. Kulokhu, ukubekwa okungaphelele kuzovumela imakethe yase-US ukuthi inikeze i-multiple ethile kuyunithi ye-plasma, okungenzeka ibe phezulu kunaleyo esetshenziswa eqenjini elihlanganisiwe.
Imodeli ehlanganisiwe nezimele emakethe ye-plasma eyinhloko
I-United States ibilokhu, iminyaka eminingi, inhliziyo yebhizinisi le-plasma lomhlaba wonkeI-Grifols isebenza lapho njengomqhubi ohamba phambili kulo mkhakha, enezikhungo zokunikela ezingaba ngu-300 ezisakazeke ezifundazweni ezingu-40, izimboni ezinkulu eCalifornia naseNyakatho Carolina, kanye nezisebenzi ezingaphezu kuka-14.000.
Inkampani ikugcina lokho Inkampani engaphansi kwe-Biopharma e-US izoba yinkampani yokuqala neyodwa ezimele ngokuphelele kulo mkhakha. ngaphakathi kwezwe, okusho ukuthi iyakwazi ukuthola nokukhiqiza ngaphandle kokuthembela ku-plasma, ekukhiqizeni, noma ezintweni ezivela kwezinye izimakethe. Imodeli yayo ihlanganisa lonke uchungechunge lwenani: ukuqoqwa kwe-plasma, ukuhlukaniswa, izinqubo zezimboni, ukuhlaziywa kwekhwalithi, ukuthuthwa kwempahla, kanye nokusatshalaliswa kwezindlela zokwelapha.
Lolu hlelo lokuhlanganisa oluqondile luvumela, ngokusho kweGrifols, ukuqinisekisa ukuqhubeka kokuhlinzekwa emkhakheni obonakala ngemijikelezo emide yokukhiqiza, imithetho eqinile, kanye nezithiyo eziphakeme zokungena. Eqinisweni, imakethe ye-plasma yase-US inikeza okungaphezu kuka-60% kokutholakala komhlaba wonke, futhi inkampani ilindele ukuthi iqhubeke nokukhula ngamazinga e- inombolo ephezulu eminyakeni ezayokusekelwa yisidingo esinamandla ngokwesakhiwo sezindlela zokwelapha ezisuselwa ku-plasma.
Ibhizinisi le-Biopharma lase-US lihlanganisa, ngokombono weqembu, isikali sezimboni, ukuvuthwa kokusebenza, kanye nokukhiqizwa kwemali engenayo okuphindaphindiwengesikhala sokukhula okuqhubekayo ngokusebenzisa ukusebenza kahle okuthuthukisiwe, ukwenziwa ngcono kwenethiwekhi yayo yezikhungo, kanye nokwandiswa kwephothifoliyo yayo yemikhiqizo. Konke lokhu kungaphakathi kwendawo yohlelo lokunakekelwa kwempilo oluthuthukisiwe kanye nohlaka lokulawula olunikeza ukubonakala kwesikhathi eside, yize ludinga usizo, lunikeza ukubonakala kwesikhathi eside.
Ukuma komkhakha ngokuncintisana kusiza ukuqinisa le ngqikithi: Inani elincane lezinkampani lilawula iningi lamandla e-plasma emhlabeniFuthi inhlanganisela yezimfuneko zomthetho, ukutshalwa kwezimali kwengqalasizinda, kanye nobuchwepheshe obuphezulu ihumusha ibe yizinga eliphezulu kakhulu lokungena kwabadlali abasha.
Ukusabela kwemakethe kanye nesithakazelo kubatshalizimali
Isimemezelo sokunikezwa kokuqala komphakathi okungenzeka silandelwe eduze yimakethe. Ama-ADR e-Grifols e-United States akhuphuke cishe ngo-13% ekuhwebeni ngemuva kwamahora okusebenza., ngemuva kokuba isitatimende senziwe obala, yize ngesikhathi seseshini evamile nge-Nasdaq amasheya ayevale ngokwehla okulinganiselwe.
Ku-Spanish Stock Exchange, amasheya eGrifols Bavale iseshini ngaphambi kwesimemezelo ngokunyuka okuncane cishe ngo-0,4%....ehla ngaphansi kwe-€9 ngesabelo ngasinye. Naphezu kwalokhu kubuyela emuva okuncane, amasheya aqongelele ukulahlekelwa okucishe kube ngu-20% ngenyanga edlule futhi asahweba kude kakhulu nokuphakama okuqoshwe ngemuva kokubuya kwenzuzo, lapho esondela ku-€13,70 ngo-2025.
Phakathi kwabanikazi bamasheya abakhulu, amanye amaqembu amancane aveze ukusekela kwawo ukunyakaza. Inhlangano Yabanikazi Bamasheya Abancane BaseGrifols (AMG) Ugcizelele ukuthi i-IPO ye-Biopharma inganikeza ukukhushulwa okukhulu ekudalweni kwenani, futhi waphinda waqinisekisa ukuzethemba kwakhe ekuphathweni nasekuqineni kwebhizinisi isikhathi eside.
Ngakolunye uhlangothi, izimali ezibolekiwe ziye zaqhubeka nokucindezela enhloko-dolobha yenkampani, yize ithemba lokuncishiswa kwengxenye yempahla eqondiwe kanye nokuthuthukiswa okulindelekile kwebhalansi kungenza kube nzima, esikhathini esimaphakathi, ukuqhubeka nokubheja okunamandla kangaka ngokumelene nesitoko.
Lo msebenzi, noma kunjalo, ubhekwa njengo ukuhlolwa okufanele kokuqiniseka okubekwa yimakethe yase-US ku-Biopharma kanye nekhono leGrifols lokusebenzisa umhlahlandlela wayo. Intengo lapho izabelo ezincane zithengiswa ngayo ekugcineni izosebenza njengesilinganiso sokulinganisa ibhizinisi lonke le-plasma ngokwemibandela yemakethe.
IGibhithe neCanada, amalabhorethri omodeli wokuzimela
Ngesikhathi kuphothulwa imininingwane ye-US IPO yayo, iGrifols iyaqhubeka nokuthuthukisa amaphrojekthi okuzinakekela kwezinye izimakethe zamasuokuyinto inkampani eyibheka njengesihluthulelo sokulondoloza ukukhula nokuthuthukisa amathuba eminyakeni ezayo.
En I-EgyptLe nkampani yezizwe eziningi ibambisene neziphathimandla zezempilo ukuze kusetshenziswe uhlelo lwe-plasma oluhlanganiswe ngokuphelele. Ngemva kokuqinisekiswa yi-European Medicines Agency (EMA) ngo-2025, izwe lathola Sekuyiyokuqala e-Afrika naseMpumalanga Ephakathi ukuba nenethiwekhi ye-plasma ehlangabezana nezindinganiso zomhlaba wonke ezifunwa kakhulu.Lokhu kuvula ithuba lokuthunyelwa kwemikhiqizo yegazi eYurophu nakwezinye izifunda.
Ngakolunye uhlangothi, ku CanadaI-Grifols igcina ubudlelwano ne-Canadian Blood Services (CBS) ngenhloso yokuthi Khulisa ukuzimela kwe-immunoglobulin kusuka ku-15% kuya ku-50%Ngenxa yalokhu, lo msebenzi uhlanganisa ukuthuthukiswa kwenethiwekhi yezikhungo zokunikela kanye nokuqaliswa kwesitshalo esisha sokuhlukanisa eMontreal, okuhlelwe ukuthi siqale ukusebenza ngo-2028.
Le nkampani iphawula ukuthi lezi zinhlelo ziseGibhithe naseCanada. Lokhu kufanele kuholele enzuzweni engconoLokhu kufezwa ngokwandisa ukusebenza kahle ekuqoqweni nasekucutshungulweni kwe-plasma kanye nokunciphisa ukuncika ekungenisweni kwe-plasma. Ngesikhathi esifanayo, kuqinisa ukuphepha kokutholakala kwale mikhiqizo emazweni anesidingo esikhulu kakhulu sokwelashwa kwe-plasma.
Lezi zivumelwano ziyingxenye yesu elibanzi iGrifols elizibophezele kulo amamodeli okubambisana komphakathi-nangasese kanye nezinhlelo zikazwelonke zokuzimela, ezivezwa yile nkampani njengempendulo ekucindezelweni okukhula kwezinhlelo zezempilo kanye nesidingo samaketanga okuhlinzeka aqinile kakhudlwana.
Amathemba okukhula nezinyathelo ezilandelayo
Uma sibheka phambili, iGrifols iyaqiniseka ukuthi inhlanganisela ipulatifomu eqinile e-United States, ukwanda kwamaphrojekthi ayo okuzinakekela, kanye nokwethulwa kwemikhiqizo emisha Lokhu kuzovumela ukukhula kwemali engenayo okuqhubekayo ngaphezu kwesilinganiso semboni. Ukugxila kuzohlala ku-Biopharma, ngaphandle kokunganaki ibhizinisi lokuxilonga kanye nezinye izindawo ezihambisanayo.
I-IPO engaba khona yenkampani engaphansi kwe-US isese-a isigaba sokuqalaAkukho sikhathi esibekiwe noma ububanzi bentengo obuqondile, futhi inkampani iphinda ithi ukwenziwa kuzoncika ekutheni izimo zemakethe zishintsha kanjani. Esimweni samanje, esibonakala ngokuguquguquka kanye nokuzwela kwabatshalizimali emazingeni esikweletu, ithuba lokuthengiselana kwalolu hlobo lingavuleka futhi livalwe ngokushesha.
Ngesikhathi esifanayo, abaphathi bazoqhubeka nokuqhubekela phambili ukuxhaswa kabusha kwezikweletu ezivuthwa kusukela ngo-2027 kuqhubeke kanye nokwenza ngcono isakhiwo sezindleko, ngenhloso yokuqinisa inzuzo yokusebenza kanye nokukhiqizwa kwemali yamahhala. Zonke lezi zinto zizobhekwa ngokucophelela ngabahlaziyi kanye nabanikazi bamabhondi, abazohlola izinga uhlelo oluhumushela ngalo kuphrofayili yengozi ephansi.
Njengoba ibheke eSpain naseYurophu, inkampani nayo ifuna ukuvuselela ukwethembana okonakele ngemva kwezehlakalo zeminyaka yamuvaImizamo yokuxhumana nemakethe, izibopho zomphakathi zokunciphisa izindleko, kanye nesinqumo sokuhlola ingxenye yempahla yayo ebaluleke kakhulu emakethe yamasheya konke kuyingxenye yalelo cebo lokuxhumanisa abatshalizimali bezikhungo kanye nabathengisi.
Kulesi simo, i-IPO engaba khona ye-Biopharma e-United States iyakheka njenge esinye sezinqumo zebhizinisi ezibaluleke kakhulu zeGrifols eminyakeni eyishumi edlule: isinyathelo esihlanganisa izinhloso zezimali, ukuhlelwa kabusha kwangaphakathi kanye nomyalezo wokuzibophezela okuqinile ebhizinisini le-plasma kanye nemodeli yokuzimela inkampani esivele iyiphinda kwezinye izimakethe ezifana neGibhithe neCanada.