????近日，F(xiàn)acebook公司正積極籌備，準(zhǔn)備在公開(kāi)市場(chǎng)融資50億美元占據(jù)了媒體首次公開(kāi)募股（IPO）報(bào)道的大部分版面。不過(guò)，即使是Facebook整裝待發(fā)的IPO似乎也難逃一些人挑剔的審查，但是幾家打著云計(jì)算旗號(hào)、規(guī)模較小的IPO卻進(jìn)展得得順風(fēng)順?biāo)?/p>

????最近的一個(gè)例子是Bazaarvoice公司。該公司以每股12美元的價(jià)格售出了950萬(wàn)股，高于每股8到10美元的發(fā)行價(jià)區(qū)間。上周五，也就是其首個(gè)交易日，Bazaarvoice股價(jià)大漲38%，報(bào)收于每股16.51美元。這家公司位于德克薩斯州的奧斯丁市，主要業(yè)務(wù)是監(jiān)測(cè)各類社交網(wǎng)站和評(píng)論網(wǎng)站上對(duì)各種產(chǎn)品和服務(wù)的評(píng)價(jià)。在某種程度上，Bazaarvoice上市是在為更大牌的公司上市投石問(wèn)路，特別是Facebook和點(diǎn)評(píng)網(wǎng)站Yelp。但由于它的口碑管理軟件主要是在線運(yùn)作，它也應(yīng)歸入近期IPO的其他云計(jì)算企業(yè)中。

????一周前，Brightcove公司也上市了，交易首日股價(jià)大漲30%。這家公司的主要業(yè)務(wù)是提供基于云的平臺(tái)，客戶可利用這些平臺(tái)發(fā)布在線視頻。自上市以來(lái)，其股價(jià)保持堅(jiān)挺，上周收于15.10美元，比發(fā)行價(jià)上漲了37%。使用該公司服務(wù)的客戶包括通用汽車公司（General Motors）和電子藝界公司（Electronic Arts）。

????它們受到資本市場(chǎng)如此熱捧不是沒(méi)有原因的。Bazaarvoice 公司和 Brightcove公司目前正健康增長(zhǎng)，這正是投資者樂(lè)于在新上市公司身上看到的現(xiàn)象。2011財(cái)年，Bazaarvoice的營(yíng)收增長(zhǎng)了67%，而在截至2012年1月的9個(gè)月中增長(zhǎng)了65%。Brightcove公司 2010年的營(yíng)收增長(zhǎng)了21%，而去年它更是大步前進(jìn)，增長(zhǎng)了45%。

????近期的IPO市場(chǎng)吹毛求疵、格外挑剔，因此有些經(jīng)濟(jì)指標(biāo)已讓一些IPO難以順利過(guò)關(guān)，甚至胎死腹中。而這兩家公司也存在一些類似的指標(biāo)。過(guò)去兩個(gè)財(cái)年間，很大程度上是由于營(yíng)業(yè)費(fèi)用吞掉了絕大多數(shù)營(yíng)收，這兩家公司都處于凈虧損狀態(tài)。同期，它們的現(xiàn)金流也都為負(fù)數(shù)。

????無(wú)論是Bazaarvoice還是Brigthcove，其收入都不足以支撐自身運(yùn)營(yíng)。Bazaarvoice稱，獲得新客戶的預(yù)付費(fèi)用，加之收入要延期入賬，導(dǎo)致了負(fù)的現(xiàn)金流。Brightcove也稱，由于新客戶增加，導(dǎo)致發(fā)生了遞延收入以及應(yīng)收賬款。

????對(duì)些原本可能會(huì)被IPO投資者視為一種危險(xiǎn)信號(hào)，因?yàn)樗馕吨患夜炯毙璎F(xiàn)金卻可能沒(méi)有明確的盈利方案。然而，由于這兩家公司都屬于云計(jì)算行業(yè)，這一點(diǎn)就已足以為它們贏得額外的加分了。

????而投資者確實(shí)也有理由樂(lè)觀。隨著云計(jì)算公司擴(kuò)張規(guī)模以招攬更多客戶，其硬件成本并不會(huì)以同樣的速速快速增長(zhǎng)。但是依然存在不少風(fēng)險(xiǎn)：任何高科技領(lǐng)域都必然會(huì)吸引大批新競(jìng)爭(zhēng)者，而與那些已經(jīng)燒錢燒得口袋空空的創(chuàng)業(yè)公司相比，很多新進(jìn)入的公司則是荷包鼓鼓。

????今年早些時(shí)候，有兩家為特定行業(yè)提供商業(yè)軟件的云公司成功進(jìn)行了IPO。1月末，專為保險(xiǎn)公司提供基于網(wǎng)絡(luò)軟件的Guidewire 軟件公司（Guidewire Software）上市募得了1.16億美元，發(fā)行價(jià)為每股13美元。其股票交易首日就上漲32%，現(xiàn)在則比發(fā)行價(jià)高出81%。2月初，專門幫助外科醫(yī)生管理病人數(shù)據(jù)的Greenway醫(yī)療科技公司（Greenway Medical Technologies）以每股10美元的價(jià)格上市，募得6,700萬(wàn)美元。這支股票也在發(fā)行首日以30%的漲幅報(bào)收，現(xiàn)在則比發(fā)行價(jià)上漲了45%。

????Facebook may be grabbing the lion's share of IPO news coverage these days as the social network prepares to raise $5 billion from the public markets. But even as Facebook's planned IPO seems to be drawing some critical scrutiny, several smaller IPOs that went public under the banner of cloud computing are faring much better.

????The latest example is Bazaarvoice (BV), which sold 9.5 million shares at $12 a share, above the initial range of $8 to $10 a share. Last Friday, on its first day of trading, Bazaarvoice closed up 38% at $16.51. The Austin, Tex., company monitors how company products and services are discussed on social networks and review sites. In some ways, Bazaarvoice is a test for bigger-name IPOs coming up -- Facebook as well as review site Yelp notably -- but since it hosts much of its word-of-mouth management software online, it's also grouped together with other recent cloud-computing IPOs.

????A week earlier Brightcove (BCOV) went public, rising 30% on its first day of trading. Brightcove, which offers a cloud-based platform where its customers can publish online videos, has held steady since then, closing last week at $15.10, or 37% above its offering price. The firm's services are used by companies ranging from General Motors (GM) to Electronic Arts (ERTS).

????There are some reasons for those warm welcomes. Both Bazaarvoice and Brightcove are experiencing the kind of healthy growth that investors like to see in newly listed companies. Bazaarvoice saw revenue rise 67% in its fiscal 2011 and 65% during the nine months through January 2012. Brightcove's 2010 revenue grew 21% and the pace picked up last year, rising 45%.

????Both also have metrics that -- during recent, finickier IPO markets – have caused some IPOs to falter or not even get out the gate. Both posted net losses during their past two fiscal years, thanks largely to operating expenses that ate up most of revenue. And both saw negative cash flows during the same periods.

????Neither Bazaarvoice nor Brigthcove is generating enough money yet to finance its own operations. Bazaarvoice says the upfront costs of acquiring new clients, coupled with the recording of revenue over an extended period, caused the negative cash flow. Brightcove also cites deferred revenue as well as accounts receivable because of an increase in new customers.

????That can be seen as a red flag for IPO investors, since it can signal a company that's desperate for cash but that may not have a plan to become profitable. In these cases, being involved in the cloud industry is enough to give them a mulligan.

????And there is some reason for investors to be optimistic. As cloud-computing companies scale up to take on more customers, their infrastructure costs don't rise as quickly. But there are also plenty of risks: any hot tech sector is bound to lure in new competitors, many of them with deeper pockets than startups that have been burning through cash.

????Earlier this year, two other cloud companies enjoyed successful IPOs, each offering business software for specific industries. In late January, Guidewire Software (GWRE), which offers web-based software for insurers, raised $116 million in an offering that listed its shares at $13 a share. The stock, which rose 32% on its first day of trading, is now 81% higher than its offering price. In early February, Greenway Medical Technologies (GWAY), which helps physicians manage patient data, went public at $10 a share, raising $67 million. The stock also closed 30% up on its first day, and is now 45% above its offering price.