04.08.07

BASICS: dilution 稀释

Posted in Finance 与VC谈判 at 5:29 pm

前一个post用百分比，%，显示了创业者股份的稀释。这次用更实际的股份数来表示。

第一个问题：总共应该要多少股？这是很多创业者在成立公司是碰到的第一个实际问题。

我建议founders开始公司时，给自己发10,000,000股。这样，以后几次发行新股给投资者和员工后，在上市时，总股份会在两千万到四千万之间。上市的股价一般是每一股$12-$18（大家看看，是不是所有的中国NASDAQ上市公司的起始股价）。这样，公司的市值在3亿到7亿美金之间，是一般上市公司的起始价值。

当然，股份数量及股价都不重要，重要的公司价值（市场决定）和各个股东的百分比。如果一开始的股份数量不理想，多了可以2并1，少了可以1拆2。对公司价值和股东的百分比没有任何影响。但是，在给员工期权的时候，同样是总股份的0.5%，一个总股份是20,000,000股的公司说是100,000股；总股份是100,000股的公司说是500股。你觉得哪个好听？

第二个问题：new issue和secondary share的区别是什么？New issue是公司融资，发行新的股票。“卖家”是公司，买家是新的投资者，卖家（公司）以股票换现金。现金进公司。secondary share是现有股东出让股票，“卖家”是现有股东，买家是新的投资者，卖家（现有股东）以股票换现金，现金进入现有股东的腰包。行业里很多时候用“投资”这个词代表这两间完全不同的事。

我们这里谈的是new issue。用上一篇同样的例子：

Angel round:
一般天使投资者不会要创业者设立option pool，所以计算很简单。
Pre-money valuation: $1,500,000
Founder shares: 10,000,000
Per share: $1,500,000 / 10,000,000 = $0.15
Raise (融资): $200,000
New issue (新发股) for investors: $200,000 / $0.15 = 1,333,000
Total Shares: 11,333,000
Founder %: 10,000,000 / 11,333,000 = 88%

Series A round:
Pre-money valuation: $6,000,000
Per share: $6,000,000 / 11,333,000 = $0.53 错了！ 没有考虑option pool。大多数VC都要创业者把option pool考虑在pre-money valuation里。怎么算？

Option pool一般是post-money valuation的10%到25%。算20%。
Raise: $3,000,000
Post-money valuation: $9,000,000
Option pool “value”: $9,000,000 * 20% = $1,800,000
“Real” pre-money valuation: $6,000,000 - $1,800,000 = $4,200,000
Per share: $4,200,000 / 11,333,000 = $0.37

New issue for investors: $3,000,000 / $0.37 = 8,095,000
Option pool: $1,800,000 / $0.37 = 4,857,000
Total Shares: 24,286,000
Founder %: 10,000,000 / 24,306,000 = 41%

细心的朋友，如果还记得我的上一篇的话，会发现我上一篇这里算出来的时39%。怎么回是？

我上一篇算错了！我已更新。看上去很简单的计算，因为有option pool，变得很容易搞错。我以后会专门写一篇option pool的大小和时间（Series A时小一点，Series B时在增加，会不会对创业者有好处？）对valuation的影响。

Series B round:
Pre-money valuation: $40,000,000
Per Share: $40,000,000 / 24,306,000 = $1.65
Raise: $10,000,000
New issue for investors: $10,000,000 / $1.65 = 6,052,000
Total shares: 24,306,000 + 6,052,000 = 30,358,000
Founder %: 10,000,000 / 30,358,000 = 33%

Series C round:
Pre-money valuation: $150,000,000
Per share: $150,000,000 / 30,358,000 = $4.94
Raise: $30,000,000
New issue for investors: $30,000,000 / $4.94 = 6,072,000
Total Shares: 30,358,000 + 6,072,000 = 36,430,000
Founder %: 10,000,000 / 36,430,000 = 27%

股份总数越来越多，而创始者的股份一直是10,000,000。留意：当初“20%”的option pool，现在只有4,857,000 / 36,430,000 = 13%。可能也发的差不多了。Series C投资者可能会要增加option pool，会进一步稀释创业者股份。

IPO：
Pre-money valuation: $400,000,000
Per share: $400,000,000 / 36,430,000 = $11.0
Raise: $100,000,000
New issue at IPO: $100,000,000 / $11.0 = 9,108,000 (这里假设IPO时，没有现有股东套现，卖secondary shares）
Total shares: 36,430,000 + 9,108,000 = 45,538,000
Founder %: 10,000,000 / 45,538,000 = 22%

一个创业公司的成长，就反映在股价的升值。升值越快，融资时稀释就越少。当然，越省钱，融资数额少，稀释也越少。一个$5,000的花费，公司初期相当于0.3%的股份（好心痛！），后期是0.01%都不到。

14 Comments »

  1. Bo’s Blog 邵博客 » BASICS: valuation 公司估价 said,

    04.08.07 at 5:33 pm

    […] 看起来很简单，但是我在下一篇用股份数量计算后，发现这里算错了！正确的算法是： Founders, employees, and angel investors own: 6/9 = 66.7% Founders and angel investors own: 66.7% = 20% = 46.7% Founders own: 46.7% * (1.5/1.7) = 41% […]

  2. AD said,

    04.08.07 at 10:14 pm

    Bo, got some questions to ask you. Consider the following case:

    Current situation
    - an angel investor backed startup
    - seed round $1M
    - using Convertible Note for seed fund raising
    - Anthorized 10M shares in total
    - current share structure: Founders 3M, Option pool 3M, Un-issued 4M
    - the three co-founders are now and will be the only Board Directors in the next twelve months

    Going forward
    - expect major milestone within next nine months
    - plan to raise A round [say, $4M] twelve months later

    Questions
    - generally speaking, how do you think about the share structure, from the founders’ point of view?
    - can the founders use the 4M Un-issued shares to increase the portion of Founders’ share before A-round? Or would you suggest to increase Founders’ share now?

    I know it’s hard to provide comments just based on above information. But please try your best :-)

    Good night in Hong Kong!

  3. JD said,

    04.09.07 at 11:34 am

    亦波，能不能说说，VC 一般是怎样对 Start-up 做 Pre-money 估价的，你的例子用的是$1,500,000（美金是吧？），这个数字怎么估算出来的，双方是怎么样通过一个公平的机制来达成共识的？

    谢谢。

  4. 草根网 said,

    04.09.07 at 4:25 pm

    好文，收藏至20ju.com

  5. Leon said,

    04.10.07 at 9:48 am

    该文对创业者的价值极高，据我了解国内目前很多创业者都对融资问题很头痛，第一个原因就是创业者多数出自技术工程师，对融资领域知之甚少，Bo给我们提供了很好的入门教材，拜谢，慢慢研习之。

  6. iPhoneCard said,

    04.11.07 at 5:06 pm

    Thanks Bo, your article rocks, could you explain more about how to in touch with VC for the startups? thanks

  7. leshou said,

    04.11.07 at 5:22 pm

    易趣没能上市实在是很可惜的事情。希望babytree会有一个好的未来

  8. spread said,

    04.12.07 at 1:36 pm

    好文

  9. Leo Wang said,

    04.12.07 at 3:28 pm

    Hi Bo

    可能是你在计算的时候使用了四舍五入法，所以后面的数据有点对应不上，差别在1000股左右，不过整个计算方式确实让我学习了，非常感谢:-)

    Leo Wang
    http://betashow.blogbus.com

  10. Bo said,

    04.12.07 at 11:51 pm

    To AD: since founders own all equity, the # of shares actually does not matter. i would increase the number of shares though, for reasons i described in the article.

    the option pool seems to be quite large. ok if you think you need to search for another founder or two.

  11. Jeff Wang said,

    04.19.07 at 11:19 am

    亦波，我和JD有类似的问题
    在第一轮天使融资的时候如何对我们的初创公司进行估价？

  12. zhaoinfo said,

    06.05.07 at 10:54 am

    We’ve got TV program called Dragons’ Den in the UK which aims at promoting entrepreneurial spirit. Basically in the den there are five so called dragons who are business tycoons with combined assets in excess of a billion pounds. New entrepreneurs who have ideas to set up a start up or have already started the business but have handicaps in financing the company for future development can come to the den. They present ideas to dragons and answer questions regarding the presentation itself and potential growth of their companies. Then dragons will make a decision whether to barter or scarper based upon their own calcalations and results coming out of the interrogation. They always question about those entrepreneurs calculation of valuation of the company and appear to focus more on the company’s current and future accounting numbers, such as ROI, cash flow, NPV, gearing etc and nature of the product instead of your culculation seemingly from founders’ ambigious point of view.

    I reckon apart from your orthodoxical calculation and institutes’ speculation, the future of a company either willing to conduct IPO or anticipating future financing is heavily affected by shareholders confidence on the listed company which can be related to numerous factors. Recent plunge of Chinese stock market, for instance, widely accepted by the West, was due to government’s newly issued 200% jump of stamp tax imposed on shares traded in both markets. Whatever you have learned from txtbook or BCG can never be used in this regard, considering fiascos of Enron and LTCM. Last but not least how is a private company’s valuation affected by its competitors’ PE ratio?

  13. Aiwen said,

    03.02.08 at 5:35 pm

    这个对我们初次创业真的很有价值，谢谢亦波～！ ^_^

  14. Nian said,

    07.16.08 at 1:26 pm

    印象中，丁磊、张朝阳的股份比例很高，参考你上述的例子（最后创业团队是22%），是否就是因为他们公司升值越快，融资时稀释就越少，或者他们在融是融资数额少，稀释得相对少？

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