【文章预读】

An IPO contains many elements: investment banks drum up investor interest through a roadshow, sign up new investors, set a target price, line up blocks of shares from existing shareholders, underwrite new share issuance and smooth trading on the first day by guaranteeing a floor for the share price. A direct listing comes with no such luxuries. With no new share issuance, all shares that come to market must come from existing shareholders. But with no special provisions for large blocks of trades, they will only be able to sell what the market will bear; a large sell-off would cause the price to plummet. And if too few shareholders sell, the first days may see thin and volatile trading, resulting in strange pricing for the shares.

【文章精讲】

An IPO contains many elements: investment banks drum up investor interest through a roadshow, sign up new investors, set a target price, line up blocks of shares from existing shareholders, underwrite new share issuance and smoothtrading on the first day by guaranteeing a floor for the share price.
IPO包含很多内容：投资银行通过路演勾起投资者的兴趣，签约新投资者，设定目标股价，为现有股东手中存量股票的交易做好安排，承销新股发行，在上市首日为股价保底以保证交易顺利进行。

drum up 带来（bring about）
-drum up some business
roadshow n.路演
target n.目标
underwrite v.签名担保
issuance v.发行
smooth adj.流畅的
guarantee v.保证

A direct listing comes with no such luxuries. With no new share issuance, all shares that come to market must come from existing shareholders. But with no special provisions for large blocks of trades, they will only be able to sell what the market will bear; a large sell-off would cause the price to plummet. And if too few shareholders sell, the first days may see thin and volatile trading, resulting in strange pricing for the shares.
直接上市可没有这么奢侈。没有新股发行，上市的股票只能来自现有股东手里的存量股票。但由于对大宗交易没有特别的应对措施，因此只能出售市场能承受的股票数——大量抛售会导致股价暴跌。而如果出售股票的股东太少，头几日可能会出现交易清淡且股价波动的情况，造成股票定价异常

provision n.供应
bear v.忍受
sell-off 抛售
plummet v.坠落，下跌
volatile adj.不稳定的

【推荐句式表达】

1. drum up …
2.…comeswith no such luxuries