A public offering without listing, often called a POWL deal or a POWL, is a form of public equity offering by non-Japanese firms in the Japanese market, without the previously required simultaneous listing on a local exchange (e.g. TSE).

History Edit

Prior to 1989, non-Japanese firms that wanted to sell equity into the Japanese market via public offering were required to list on a local Japanese stock exchange.[1] Changes in regulationsScript errorScript error[citation needed] introduced in 1989 allowed this form of public offering by foreign companies published, audited financial statements and with stock that is (or will be) listed on a foreign stock exchange which satisfies the requirements of the FSA.

Notable POWL issuance Edit

Equity offerings via POWL have been a common part of Asia regional public offerings since the early 1990s, with Japanese investors often taking more than 20% of the offering through this format.[2] ICBC and Bank of China (Hong Kong) used this format to allow their domestic public offerings to spread into Japan.[3]

See also Edit

References Edit

  1. Script error
  2. Script error
  3. Script error

Script error

Ad blocker interference detected!

Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.