What is a public offering without listing?

This is an equity offering made by non-Japanese firms in Japan without having to list their stock on a local exchange. It's a popular mechanism used to gather demand from public investors without the added complexity of listing shares in Tokyo.

Where have you heard about public offering without listing?

They've been common in Asian markets since the early 1990s. Bank of China and China Telecom both used this format to spread their domestic offerings into Japan.

What you need to know about public offering without listing.

Before 1989 any non-Japanese firm that wanted to sell shares on the Japanese market through a public offering would have to list it on a local Japanese exchange. Since the rules changed to allow public offering without listing (POWLs) they've become a popular way of tapping into demand more quickly and at lower cost than listed public offerings. Orders mainly come from retail and individuals with high net worth. Unlike public offerings in Hong Kong, POWLs are conducted only after the final offer price has been determined.

Find out more about public offering without listing.

To learn more about offering stocks to the public, see our guide to initial public offering.