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class="vector-toc-numb">2</span> <span>Advantages and disadvantages</span> </div> </a> <button aria-controls="toc-Advantages_and_disadvantages-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Advantages and disadvantages subsection</span> </button> <ul id="toc-Advantages_and_disadvantages-sublist" class="vector-toc-list"> <li id="toc-Advantages" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Advantages"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Advantages</span> </div> </a> <ul id="toc-Advantages-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Disadvantages" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Disadvantages"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Disadvantages</span> </div> </a> <ul id="toc-Disadvantages-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Procedure" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Procedure"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Procedure</span> </div> </a> <button aria-controls="toc-Procedure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Procedure subsection</span> </button> <ul id="toc-Procedure-sublist" class="vector-toc-list"> <li id="toc-Planning" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Planning"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Planning</span> </div> </a> <ul id="toc-Planning-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Retention_of_underwriters" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Retention_of_underwriters"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Retention of underwriters</span> </div> </a> <ul id="toc-Retention_of_underwriters-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Allocation_and_pricing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Allocation_and_pricing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Allocation and pricing</span> </div> </a> <ul id="toc-Allocation_and_pricing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Pricing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Pricing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Pricing</span> </div> </a> <ul id="toc-Pricing-sublist" class="vector-toc-list"> <li id="toc-Dutch_auction" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Dutch_auction"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.1</span> <span>Dutch auction</span> </div> </a> <ul id="toc-Dutch_auction-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Quiet_period" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quiet_period"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Quiet period</span> </div> </a> <ul id="toc-Quiet_period-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Delivery_of_shares" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Delivery_of_shares"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Delivery of shares</span> </div> </a> <ul id="toc-Delivery_of_shares-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stag_profit_(flipping)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stag_profit_(flipping)"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.7</span> <span>Stag profit (flipping)</span> </div> </a> <ul id="toc-Stag_profit_(flipping)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Largest_IPOs" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Largest_IPOs"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Largest IPOs</span> </div> </a> <ul id="toc-Largest_IPOs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Largest_IPO_markets" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Largest_IPO_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Largest IPO markets</span> </div> </a> <ul id="toc-Largest_IPO_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Initial public offering</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 51 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-51" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">51 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A5%D8%B7%D9%84%D8%A7%D9%82_%D8%B3%D9%88%D9%82_%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82_%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="إطلاق سوق الأوراق المالية – Arabic" lang="ar" hreflang="ar" data-title="إطلاق سوق الأوراق المالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0lkin_ictimai_t%C9%99klif" title="İlkin ictimai təklif – Azerbaijani" lang="az" hreflang="az" data-title="İlkin ictimai təklif" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A5%E0%A6%AE%E0%A6%BF%E0%A6%95_%E0%A6%97%E0%A6%A3%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%B8%E0%A7%8D%E0%A6%A4%E0%A6%BE%E0%A6%AC" title="প্রাথমিক গণপ্রস্তাব – Bangla" lang="bn" hreflang="bn" data-title="প্রাথমিক গণপ্রস্তাব" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D1%8A%D1%80%D0%B2%D0%B8%D1%87%D0%BD%D0%BE_%D0%BF%D1%83%D0%B1%D0%BB%D0%B8%D1%87%D0%BD%D0%BE_%D0%BF%D1%80%D0%B5%D0%B4%D0%BB%D0%B0%D0%B3%D0%B0%D0%BD%D0%B5" title="Първично публично предлагане – Bulgarian" lang="bg" hreflang="bg" data-title="Първично публично предлагане" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Oferta_p%C3%BAblica_de_venda" title="Oferta pública de venda – Catalan" lang="ca" hreflang="ca" data-title="Oferta pública de venda" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Initial_public_offering" title="Initial public offering – Czech" lang="cs" hreflang="cs" data-title="Initial public offering" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/B%C3%B8rsnotering" title="Børsnotering – Danish" lang="da" hreflang="da" data-title="Børsnotering" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/B%C3%B6rsengang" title="Börsengang – German" lang="de" hreflang="de" data-title="Börsengang" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Aktsiate_esmane_avalik_pakkumine" title="Aktsiate esmane avalik pakkumine – Estonian" lang="et" hreflang="et" data-title="Aktsiate esmane avalik pakkumine" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%81%CF%87%CE%B9%CE%BA%CE%AE_%CE%B4%CE%B7%CE%BC%CF%8C%CF%83%CE%B9%CE%B1_%CF%80%CF%81%CE%BF%CF%83%CF%86%CE%BF%CF%81%CE%AC" title="Αρχική δημόσια προσφορά – Greek" lang="el" hreflang="el" data-title="Αρχική δημόσια προσφορά" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Oferta_p%C3%BAblica_de_venta" title="Oferta pública de venta – Spanish" lang="es" hreflang="es" data-title="Oferta pública de venta" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Saltzeko_eskaintza_publiko" title="Saltzeko eskaintza publiko – Basque" lang="eu" hreflang="eu" data-title="Saltzeko eskaintza publiko" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B9%D8%B1%D8%B6%D9%87_%D8%A7%D9%88%D9%84%DB%8C%D9%87_%D8%B3%D9%87%D8%A7%D9%85" title="عرضه اولیه سهام – Persian" lang="fa" hreflang="fa" data-title="عرضه اولیه سهام" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Introduction_en_bourse" title="Introduction en bourse – French" lang="fr" hreflang="fr" data-title="Introduction en bourse" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Oferta_p%C3%BAblica_inicial" title="Oferta pública inicial – Galician" lang="gl" hreflang="gl" data-title="Oferta pública inicial" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%AA%E0%AB%8D%E0%AA%B0%E0%AA%BE%E0%AA%B0%E0%AA%82%E0%AA%AD%E0%AA%BF%E0%AA%95_%E0%AA%9C%E0%AA%BE%E0%AA%B9%E0%AB%87%E0%AA%B0_%E0%AA%AD%E0%AA%B0%E0%AA%A3%E0%AB%81%E0%AA%82_(%E0%AA%86%E0%AA%88%E0%AA%AA%E0%AB%80%E0%AA%93)" title="પ્રારંભિક જાહેર ભરણું (આઈપીઓ) – Gujarati" lang="gu" hreflang="gu" data-title="પ્રારંભિક જાહેર ભરણું (આઈપીઓ)" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target"><span>ગુજરાતી</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%B0%EC%97%85%EA%B3%B5%EA%B0%9C" title="기업공개 – Korean" lang="ko" hreflang="ko" data-title="기업공개" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D5%BC%D5%A1%D5%BB%D5%B6%D5%A1%D5%B5%D5%AB%D5%B6_%D5%B0%D6%80%D5%A1%D5%BA%D5%A1%D6%80%D5%A1%D5%AF%D5%A1%D5%B5%D5%AB%D5%B6_%D5%A1%D5%BC%D5%A1%D5%BB%D5%A1%D6%80%D5%AF" title="Առաջնային հրապարակային առաջարկ – Armenian" lang="hy" hreflang="hy" data-title="Առաջնային հրապարակային առաջարկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%B5%E0%A4%9C%E0%A4%A8%E0%A4%BF%E0%A4%95_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A4%BE%E0%A4%B5" title="सार्वजनिक प्रस्ताव – Hindi" lang="hi" hreflang="hi" data-title="सार्वजनिक प्रस्ताव" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Inicijalna_javna_ponuda_(IPO)" title="Inicijalna javna ponuda (IPO) – Croatian" lang="hr" hreflang="hr" data-title="Inicijalna javna ponuda (IPO)" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Penawaran_umum_perdana" title="Penawaran umum perdana – Indonesian" lang="id" hreflang="id" data-title="Penawaran umum perdana" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Offerta_pubblica_iniziale" title="Offerta pubblica iniziale – Italian" lang="it" hreflang="it" data-title="Offerta pubblica iniziale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%A0%D7%A4%D7%A7%D7%94_%D7%A8%D7%90%D7%A9%D7%95%D7%A0%D7%94_%D7%9C%D7%A6%D7%99%D7%91%D7%95%D7%A8" title="הנפקה ראשונה לציבור – Hebrew" lang="he" hreflang="he" data-title="הנפקה ראשונה לציבור" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%86%E0%B2%B0%E0%B2%82%E0%B2%AD%E0%B2%BF%E0%B2%95_%E0%B2%B8%E0%B2%BE%E0%B2%B0%E0%B3%8D%E0%B2%B5%E0%B2%9C%E0%B2%A8%E0%B2%BF%E0%B2%95_%E0%B2%B7%E0%B3%87%E0%B2%B0%E0%B3%81_%E0%B2%AC%E0%B2%BF%E0%B2%A1%E0%B3%81%E0%B2%97%E0%B2%A1%E0%B3%86" title="ಆರಂಭಿಕ ಸಾರ್ವಜನಿಕ ಷೇರು ಬಿಡುಗಡೆ – Kannada" lang="kn" hreflang="kn" data-title="ಆರಂಭಿಕ ಸಾರ್ವಜನಿಕ ಷೇರು ಬಿಡುಗಡೆ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%90%E1%83%A5%E1%83%AA%E1%83%98%E1%83%94%E1%83%91%E1%83%98%E1%83%A1_%E1%83%9E%E1%83%98%E1%83%A0%E1%83%95%E1%83%94%E1%83%9A%E1%83%90%E1%83%93%E1%83%98_%E1%83%92%E1%83%90%E1%83%9C%E1%83%97%E1%83%90%E1%83%95%E1%83%A1%E1%83%94%E1%83%91%E1%83%90" title="აქციების პირველადი განთავსება – Georgian" lang="ka" hreflang="ka" data-title="აქციების პირველადი განთავსება" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/IPO" title="IPO – Kazakh" lang="kk" hreflang="kk" data-title="IPO" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%91%D0%B0%D1%88%D1%82%D0%B0%D0%BF%D0%BA%D1%8B_%D0%BA%D0%BE%D0%BE%D0%BC%D0%B4%D1%83%D0%BA_%D1%81%D1%83%D0%BD%D1%83%D1%88" title="Баштапкы коомдук сунуш – Kyrgyz" lang="ky" hreflang="ky" data-title="Баштапкы коомдук сунуш" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Pirminis_vie%C5%A1as_si%C5%ABlymas" title="Pirminis viešas siūlymas – Lithuanian" lang="lt" hreflang="lt" data-title="Pirminis viešas siūlymas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%AA%E0%B5%8D%E0%B4%B0%E0%B4%BE%E0%B4%A5%E0%B4%AE%E0%B4%BF%E0%B4%95_%E0%B4%93%E0%B4%B9%E0%B4%B0%E0%B4%BF_%E0%B4%B5%E0%B4%BF%E0%B5%BD%E0%B4%AA%E0%B5%8D%E0%B4%AA%E0%B4%A8" title="പ്രാഥമിക ഓഹരി വിൽപ്പന – Malayalam" lang="ml" hreflang="ml" data-title="പ്രാഥമിക ഓഹരി വിൽപ്പന" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%A5%E0%A4%AE%E0%A4%BF%E0%A4%95_%E0%A4%96%E0%A5%81%E0%A4%B2%E0%A4%BE_%E0%A4%A6%E0%A5%87%E0%A4%95%E0%A4%BE%E0%A4%B0" title="प्राथमिक खुला देकार – Marathi" lang="mr" hreflang="mr" data-title="प्राथमिक खुला देकार" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Primaire_emissie" title="Primaire emissie – Dutch" lang="nl" hreflang="nl" data-title="Primaire emissie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%B0%E0%A4%AE%E0%A5%8D%E0%A4%AD%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%B5%E0%A4%9C%E0%A4%A8%E0%A4%BF%E0%A4%95_%E0%A4%A8%E0%A4%BF%E0%A4%B7%E0%A5%8D%E0%A4%95%E0%A4%BE%E0%A4%B8%E0%A4%A8" title="प्रारम्भिक सार्वजनिक निष्कासन – Nepali" lang="ne" hreflang="ne" data-title="प्रारम्भिक सार्वजनिक निष्कासन" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%A0%AA%E5%BC%8F%E5%85%AC%E9%96%8B" title="株式公開 – Japanese" lang="ja" hreflang="ja" data-title="株式公開" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/B%C3%B8rsnotering" title="Børsnotering – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Børsnotering" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Pierwsza_oferta_publiczna" title="Pierwsza oferta publiczna – Polish" lang="pl" hreflang="pl" data-title="Pierwsza oferta publiczna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Oferta_p%C3%BAblica_inicial" title="Oferta pública inicial – Portuguese" lang="pt" hreflang="pt" data-title="Oferta pública inicial" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Ofert%C4%83_public%C4%83_ini%C8%9Bial%C4%83" title="Ofertă publică inițială – Romanian" lang="ro" hreflang="ro" data-title="Ofertă publică inițială" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%B5%D1%80%D0%B2%D0%B8%D1%87%D0%BD%D0%BE%D0%B5_%D0%BF%D1%83%D0%B1%D0%BB%D0%B8%D1%87%D0%BD%D0%BE%D0%B5_%D0%BF%D1%80%D0%B5%D0%B4%D0%BB%D0%BE%D0%B6%D0%B5%D0%BD%D0%B8%D0%B5" title="Первичное публичное предложение – Russian" lang="ru" hreflang="ru" data-title="Первичное публичное предложение" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/IPO" title="IPO – Yakut" lang="sah" hreflang="sah" data-title="IPO" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%B8%E0%B7%84%E0%B6%A2%E0%B6%B1_%E0%B6%9A%E0%B7%9C%E0%B6%A7%E0%B7%83%E0%B7%8A_%E0%B6%86%E0%B6%BB%E0%B6%B8%E0%B7%8A%E0%B6%B7%E0%B6%9A_%E0%B6%B1%E0%B7%92%E0%B6%9A%E0%B7%94%E0%B6%AD%E0%B7%94%E0%B7%80" title="මහජන කොටස් ආරම්භක නිකුතුව – Sinhala" lang="si" hreflang="si" data-title="මහජන කොටස් ආරම්භක නිකුතුව" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Initial_public_offering" title="Initial public offering – Simple English" lang="en-simple" hreflang="en-simple" data-title="Initial public offering" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%98%D0%BD%D0%B8%D1%86%D0%B8%D1%98%D0%B0%D0%BB%D0%BD%D0%B0_%D1%98%D0%B0%D0%B2%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BD%D1%83%D0%B4%D0%B0" title="Иницијална јавна понуда – Serbian" lang="sr" hreflang="sr" data-title="Иницијална јавна понуда" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/B%C3%B6rsintroduktion" title="Börsintroduktion – Swedish" lang="sv" hreflang="sv" data-title="Börsintroduktion" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AE%E0%AF%81%E0%AE%A4%E0%AE%B2%E0%AF%8D_%E0%AE%AA%E0%AF%8A%E0%AE%A4%E0%AF%81%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AF%81_%E0%AE%B5%E0%AF%86%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AF%80%E0%AE%9F%E0%AF%81" title="முதல் பொதுப்பங்கு வெளியீடு – Tamil" lang="ta" hreflang="ta" data-title="முதல் பொதுப்பங்கு வெளியீடு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%AA%E0%B8%99%E0%B8%AD%E0%B8%82%E0%B8%B2%E0%B8%A2%E0%B8%AB%E0%B8%B8%E0%B9%89%E0%B8%99%E0%B8%84%E0%B8%A3%E0%B8%B1%E0%B9%89%E0%B8%87%E0%B9%81%E0%B8%A3%E0%B8%81%E0%B9%83%E0%B8%AB%E0%B9%89%E0%B9%81%E0%B8%81%E0%B9%88%E0%B8%AA%E0%B8%B2%E0%B8%98%E0%B8%B2%E0%B8%A3%E0%B8%93%E0%B8%8A%E0%B8%99" title="การเสนอขายหุ้นครั้งแรกให้แก่สาธารณชน – Thai" lang="th" hreflang="th" data-title="การเสนอขายหุ้นครั้งแรกให้แก่สาธารณชน" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Halka_arz" title="Halka arz – Turkish" lang="tr" hreflang="tr" data-title="Halka arz" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%B5%D1%80%D0%B2%D0%B8%D0%BD%D0%BD%D0%B0_%D0%BF%D1%83%D0%B1%D0%BB%D1%96%D1%87%D0%BD%D0%B0_%D0%BF%D1%80%D0%BE%D0%BF%D0%BE%D0%B7%D0%B8%D1%86%D1%96%D1%8F" title="Первинна публічна пропозиція – Ukrainian" lang="uk" hreflang="uk" data-title="Первинна публічна пропозиція" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ph%C3%A1t_h%C3%A0nh_c%C3%B4ng_khai_l%E1%BA%A7n_%C4%91%E1%BA%A7u" title="Phát hành công khai lần đầu – Vietnamese" lang="vi" hreflang="vi" data-title="Phát hành công khai lần đầu" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%A4%B4%E8%B6%9F%E5%85%AC%E5%BC%80%E5%8B%9F%E8%82%A1" title="头趟公开募股 – Wu" lang="wuu" hreflang="wuu" data-title="头趟公开募股" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%8B%9B%E8%82%A1%E4%B8%8A%E5%B8%82" title="招股上市 – Cantonese" lang="yue" hreflang="yue" data-title="招股上市" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%A6%96%E6%AC%A1%E5%85%AC%E5%BC%80%E5%8B%9F%E8%82%A1" title="首次公开募股 – Chinese" lang="zh" hreflang="zh" data-title="首次公开募股" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q185142#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div 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.hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"IPO" redirects here. For other uses, see <a href="/wiki/IPO_(disambiguation)" class="mw-disambig" title="IPO (disambiguation)">IPO (disambiguation)</a>.</div> <p class="mw-empty-elt"> </p><p>An <b>initial public offering</b> (<b>IPO</b>) or <b>stock launch</b> is a <a href="/wiki/Public_offering" title="Public offering">public offering</a> in which shares of a company are sold to <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and usually also to retail (individual) investors.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> An IPO is typically <a href="/wiki/Underwriting" title="Underwriting">underwritten</a> by one or more <a href="/wiki/Investment_banking" title="Investment banking">investment banks</a>, who also arrange for the shares to be listed on one or more <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>. Through this process, colloquially known as <i>floating</i>, or <i>going public</i>, a privately held company is transformed into a <a href="/wiki/Public_company" title="Public company">public company</a>. Initial public offerings can be used to raise new equity capital for companies, to <a href="/wiki/Monetize" class="mw-redirect" title="Monetize">monetize</a> the investments of private shareholders such as company founders or <a href="/wiki/Private_equity" title="Private equity">private equity</a> investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. </p><p>After the IPO, shares are traded freely in the open market at what is known as the free float. <a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchanges</a> stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information. </p><p>Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">prospectus</a>. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing the value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as the <a href="/wiki/Dutch_auction" title="Dutch auction">Dutch auction</a> have also been explored and applied for several IPOs. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The earliest form of a company which issued <i>public shares</i> was the case of the <i><a href="/wiki/Publican" title="Publican">publicani</a></i> during the <a href="/wiki/Roman_Republic" title="Roman Republic">Roman Republic</a>, although this claim is not shared by all modern scholars.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Like modern joint-stock companies, the <i>publicani</i> were legal bodies independent of their members whose ownership was divided into shares, or <i>parts</i>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> There is evidence that these shares were sold to public investors and traded in a type of <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> market in the <a href="/wiki/Roman_Forum" title="Roman Forum">Forum</a>, near the <a href="/wiki/Temple_of_Castor_and_Pollux" title="Temple of Castor and Pollux">Temple of Castor and Pollux</a>. The shares fluctuated in value, encouraging the activity of speculators, or <i>quaestors</i>. Mere evidence remains of the prices for which <i>parts</i> were sold, the nature of initial public offerings, or a description of stock market behavior. <i>Publicani</i> lost favor with the fall of the <a href="/wiki/Roman_Republic" title="Roman Republic">Republic</a> and the rise of the <a href="/wiki/Roman_Empire" title="Roman Empire">Empire</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In the United States, the first IPO was the public offering of <a href="/wiki/Bank_of_North_America" title="Bank of North America">Bank of North America</a> around 1783.<sup id="cite_ref-Moaf.org_6-0" class="reference"><a href="#cite_note-Moaf.org-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Advantages_and_disadvantages">Advantages and disadvantages</h2><span class="mw-editsection"><span 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ambox-content ambox-multiple_issues compact-ambox" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span"><div class="multiple-issues-text mw-collapsible"><b>This section has multiple issues.</b> Please help <b><a href="/wiki/Special:EditPage/Initial_public_offering" title="Special:EditPage/Initial public offering">improve it</a></b> or discuss these issues on the <b><a href="/wiki/Talk:Initial_public_offering" title="Talk:Initial 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The <a href="/wiki/Talk:Initial_public_offering" title="Talk:Initial public offering">talk page</a> may contain suggestions.</span> <span class="date-container"><i>(<span class="date">May 2022</span>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-POV plainlinks metadata ambox ambox-content ambox-POV" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span class="skin-invert" typeof="mw:File"><span><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Unbalanced_scales.svg/45px-Unbalanced_scales.svg.png" decoding="async" width="45" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Unbalanced_scales.svg/68px-Unbalanced_scales.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Unbalanced_scales.svg/90px-Unbalanced_scales.svg.png 2x" data-file-width="400" data-file-height="354" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The <b><a href="/wiki/Wikipedia:Neutral_point_of_view" title="Wikipedia:Neutral point of view">neutrality</a> of this section is <a href="/wiki/Wikipedia:NPOV_dispute" title="Wikipedia:NPOV dispute">disputed</a></b>.<span class="hide-when-compact"> Relevant discussion may be found on the <a href="/wiki/Talk:Initial_public_offering" title="Talk:Initial public offering">talk page</a>. Please do not remove this message until <a href="/wiki/Template:POV#When_to_remove" title="Template:POV">conditions to do so are met</a>.</span> <span class="date-container"><i>(<span class="date">May 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Advantages">Advantages</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=3" title="Edit section: Advantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When a company becomes publicly listed, the money paid by the investing public for the newly issued shares goes directly to the company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offerings) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to <a href="/wiki/Monetize" class="mw-redirect" title="Monetize">monetize</a> their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a <a href="/wiki/Fixed_price" title="Fixed price">fixed price</a>, through a <a href="/wiki/Secondary_market_offering" title="Secondary market offering">secondary market offering</a>. This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the <a href="/wiki/Follow-on_offering" title="Follow-on offering">follow-on offering</a>. This method provides capital for various corporate purposes through the issuance of equity (see <a href="/wiki/Stock_dilution" title="Stock dilution">stock dilution</a>) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public. </p><p>An IPO accords several benefits to the previously private company: </p> <ul><li>Enlarging and diversifying equity base</li> <li>Enabling cheaper access to capital</li> <li>Increasing exposure, prestige, and public image</li> <li>Attracting and retaining better management and employees through liquid equity participation</li> <li>Facilitating acquisitions (potentially in return for shares of stock)</li> <li>Creating multiple financing opportunities: equity, <a href="/wiki/Convertible_debt" class="mw-redirect" title="Convertible debt">convertible debt</a>, cheaper bank loans, etc.</li> <li>Benefits for pre-IPO owners in the form of Tax Receivable Agreements<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Disadvantages">Disadvantages</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=4" title="Edit section: Disadvantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are several disadvantages to completing an initial public offering: </p> <ul><li>Significant legal, accounting, and marketing costs, many of which are ongoing</li> <li>Requirement to disclose financial and business information</li> <li>Meaningful time, effort, and attention required of management</li> <li>Risk that required funding will not be raised</li> <li>Public dissemination of information that may be useful to competitors, suppliers and customers.</li> <li>Loss of control and stronger <a href="/wiki/Principal%E2%80%93agent_problem" title="Principal–agent problem">agency problems</a> due to new shareholders</li> <li>Increased risk of litigation, including private securities class actions and shareholder derivative actions<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Procedure">Procedure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=5" title="Edit section: Procedure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IPO procedures are governed by different laws in different countries. In the United States, IPOs are regulated by the <a href="/wiki/United_States_Securities_and_Exchange_Commission" class="mw-redirect" title="United States Securities and Exchange Commission">United States Securities and Exchange Commission</a> under the <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> In the United Kingdom, the <a href="/wiki/UK_Listing_Authority" class="mw-redirect" title="UK Listing Authority">UK Listing Authority</a> reviews and approves prospectuses and operates the listing regime.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Planning">Planning</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=6" title="Edit section: Planning"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Planning is crucial to a successful IPO. One book<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> suggests the following seven planning steps: </p> <ol><li>develop impressive management and professional team</li> <li>grow the company's business with an eye to the public marketplace</li> <li>obtain audited financial statements using IPO-accepted accounting principles</li> <li>clean up the company's act</li> <li>establish antitakeover defenses</li> <li>develop good corporate governance</li> <li>create insider bail-out opportunities and take advantage of IPO windows.</li></ol> <div class="mw-heading mw-heading3"><h3 id="Retention_of_underwriters">Retention of underwriters</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=7" title="Edit section: Retention of underwriters"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IPOs generally involve one or more <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a> known as "<a href="/wiki/Underwriter" class="mw-redirect" title="Underwriter">underwriters</a>". The company offering its shares, called the "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares. </p><p>A large IPO is usually underwritten by a "<a href="/wiki/Syndicate" title="Syndicate">syndicate</a>" of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an <a href="/wiki/Underwriting_spread" title="Underwriting spread">underwriting spread</a>. The spread is calculated as a discount from the price of the shares sold (called the <a href="/wiki/Gross_spread" title="Gross spread">gross spread</a>). Components of an underwriting spread in an initial public offering (IPO) typically include the following (on a per-share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only the concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee.<sup id="cite_ref-Investment_Banking_13-0" class="reference"><a href="#cite_note-Investment_Banking-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Usually, the managing/lead underwriter, also known as the <a href="/wiki/Bookrunner" title="Bookrunner">bookrunner</a>, typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the <a href="/wiki/Gross_spread" title="Gross spread">gross spread</a>, up to 8% in some cases. </p><p>Multinational IPOs may have many syndicates to deal with differing legal requirements in both the issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the major selling syndicate in its domestic market, Europe, in addition to separate group corporations or selling them for US/Canada and Asia. Usually, the lead underwriter in the head selling group is also the lead bank in the other selling groups. </p><p>Because of the wide array of legal requirements and because it is an expensive process, IPOs also typically involve one or more <a href="/wiki/Law_firm" title="Law firm">law firms</a> with major practices in <a href="/wiki/Securities_law" class="mw-redirect" title="Securities law">securities law</a>, such as the <a href="/wiki/Magic_Circle_(law)" class="mw-redirect" title="Magic Circle (law)">Magic Circle</a> firms of London and the <a href="/wiki/White-shoe_firm" title="White-shoe firm">white-shoe firms</a> of New York City. </p><p>Financial historians <a href="/wiki/Richard_Sylla" title="Richard Sylla">Richard Sylla</a> and <a href="/wiki/Robert_E._Wright" title="Robert E. Wright">Robert E. Wright</a> have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Direct_public_offering" title="Direct public offering">direct public offering</a> (DPO), as they term it,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. </p> <div class="mw-heading mw-heading3"><h3 id="Allocation_and_pricing">Allocation and pricing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=8" title="Edit section: Allocation and pricing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: </p> <ul><li><a href="/wiki/Best_efforts_contract" class="mw-redirect" title="Best efforts contract">Best efforts contract</a></li> <li><a href="/wiki/Firm_commitment_contract" class="mw-redirect" title="Firm commitment contract">Firm commitment contract</a></li> <li><a href="/wiki/All-or-none_contract" class="mw-redirect" title="All-or-none contract">All-or-none contract</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li></ul> <p>Public offerings are sold to both institutional investors and retail clients of the underwriters. A licensed securities salesperson (<a href="/wiki/Registered_Representative" class="mw-redirect" title="Registered Representative">Registered Representative</a> in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it is possible that the financial incentives of the advisor and client may not be aligned. </p><p>The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the <a href="/wiki/Greenshoe" title="Greenshoe">greenshoe</a> or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed. </p><p>In the US, clients are given a preliminary prospectus, known as a <a href="/wiki/Red_herring_prospectus" title="Red herring prospectus">red herring prospectus</a>, during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> During the quiet period, the shares cannot be offered for sale. Brokers can, however, take <a href="/wiki/Indication_of_interest" title="Indication of interest">indications of interest</a> from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission. </p><p>The final step in preparing and filing the final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">SEC</a>) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys), the lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission.<sup id="cite_ref-InvestorPlace_17-0" class="reference"><a href="#cite_note-InvestorPlace-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Before legal actions initiated by New York Attorney General <a href="/wiki/Eliot_Spitzer" title="Eliot Spitzer">Eliot Spitzer</a>, which later became known as the <a href="/wiki/Global_Settlement" class="mw-redirect" title="Global Settlement">Global Settlement</a> enforcement agreement, some large <a href="/wiki/Financial_institution" title="Financial institution">investment firms</a> had initiated favorable research coverage of companies in an effort to aid <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a> departments and retail divisions engaged in the marketing of new issues. The central issue in that enforcement agreement had been <a href="/wiki/Declaratory_ruling" class="mw-redirect" title="Declaratory ruling">judged</a> in court previously. It involved the conflict of interest between the <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a> and <a href="/wiki/Financial_analyst" title="Financial analyst">analysis</a> departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees.<sup id="cite_ref-one_18-0" class="reference"><a href="#cite_note-one-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> A typical violation addressed by the settlement was the case of <a href="/wiki/Credit_Suisse_First_Boston" title="Credit Suisse First Boston">CSFB</a> and <a href="/wiki/Salomon_Smith_Barney" class="mw-redirect" title="Salomon Smith Barney">Salomon Smith Barney</a>, which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the <a href="/wiki/Securities_Exchange_Act_of_1934" title="Securities Exchange Act of 1934">Securities Exchange Act of 1934</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Pricing">Pricing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=9" title="Edit section: Pricing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A company planning an IPO typically appoints a lead manager, known as a <a href="/wiki/Bookrunner" title="Bookrunner">bookrunner</a>, to help it arrive at an appropriate price at which the shares should be offered. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner ("<a href="/wiki/Book_building" title="Book building">book building</a>"). </p><p>Historically, many IPOs have been underpriced. The effect of underpricing an IPO is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop"). <a href="/wiki/Flipping" title="Flipping">Flipping</a>, or quickly selling shares for a <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a>, can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example is <a href="/wiki/Theglobe.com" class="mw-redirect" title="Theglobe.com">theglobe.com</a> IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> on 13 November 1998, the IPO was priced at $9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $63. Although the company did raise about $30  million from the offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $200 million on the table. </p><p>The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of the issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012. </p><p>Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that is low enough to stimulate interest in the stock but high enough to raise an adequate amount of capital for the company. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The process of determining an optimal price usually involves the <a href="/wiki/Underwriters" class="mw-redirect" title="Underwriters">underwriters</a> ("syndicate") arranging share purchase commitments from leading institutional investors. </p><p>Some researchers (Friesen & Swift, 2009) believe that the underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is through the use of <a href="/wiki/IPO_underpricing_algorithm" title="IPO underpricing algorithm">IPO underpricing algorithms</a>. Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while a firm's stock of patents mitigates this effect.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Dutch_auction">Dutch auction</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=10" title="Edit section: Dutch auction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <a href="/wiki/Dutch_auction" title="Dutch auction">Dutch auction</a> allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> One version of the Dutch auction is <a href="/wiki/OpenIPO" title="OpenIPO">OpenIPO</a>, which is based on an auction system designed by economist <a href="/wiki/William_Vickrey" title="William Vickrey">William Vickrey</a>. This auction method ranks bids from highest to lowest, then accepts the highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction <a href="/wiki/United_States_Treasury_security#Treasury_bill" title="United States Treasury security">Treasury bills</a>, notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay the same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only <a href="/wiki/Uniform_price_auction" class="mw-redirect" title="Uniform price auction">uniform price auctions</a> have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds). </p><p>A variation of the Dutch auction has been used to take a number of U.S. companies public including <a href="/wiki/Morningstar,_Inc." title="Morningstar, Inc.">Morningstar</a>, <a href="/wiki/Interactive_Brokers_Group" class="mw-redirect" title="Interactive Brokers Group">Interactive Brokers Group</a>, <a href="/wiki/Overstock.com" class="mw-redirect" title="Overstock.com">Overstock.com</a>, Ravenswood Winery, Clean Energy Fuels, and <a href="/wiki/Boston_Beer_Company" title="Boston Beer Company">Boston Beer Company</a>.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> In 2004, Google used the Dutch auction system for its initial public offering.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance, the Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. </p><p>In determining the success or failure of a Dutch auction, one must consider competing objectives.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From the viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>, although the theory behind this is based on the assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give a better result. </p><p>In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">the Wall Street Journal</a></i> cited the reasons as "broader stock-market <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> and uncertainty about the global economy have made investors wary of investing in new stocks".<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Quiet_period">Quiet period</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=11" title="Edit section: Quiet period"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Quiet_period" title="Quiet period">Quiet period</a></div> <p>Under American securities law, there are two-time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's <a href="/wiki/SEC_Form_S-1" class="mw-redirect" title="SEC Form S-1">S-1</a> but before SEC staff declare the registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). </p><p>The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading.<sup id="cite_ref-finra.org_29-0" class="reference"><a href="#cite_note-finra.org-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering.<sup id="cite_ref-finra.org_29-1" class="reference"><a href="#cite_note-finra.org-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Delivery_of_shares">Delivery of shares</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=12" title="Edit section: Delivery of shares"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Not all IPOs are eligible for delivery settlement through the <a href="/wiki/Depository_Trust_%26_Clearing_Corporation" title="Depository Trust & Clearing Corporation">DTC system</a>, which would then either require the physical delivery of the <a href="/wiki/Stock_certificate" title="Stock certificate">stock certificates</a> to the clearing agent bank's custodian or a <a href="/wiki/Delivery_versus_payment" title="Delivery versus payment">delivery versus payment</a> (DVP) arrangement with the selling group firm. </p> <div class="mw-heading mw-heading3"><h3 id="Stag_profit_(flipping)"><span id="Stag_profit_.28flipping.29"></span>Stag profit (flipping)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=13" title="Edit section: Stag profit (flipping)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>"Stag profit" is a situation in the stock market before and immediately after a company's initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of the stock to rise immediately upon the start of trading. Thus, stag <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a> is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around "<a href="/wiki/Flipping" title="Flipping">flipping</a>" or selling them on the first day of trading. </p> <div class="mw-heading mw-heading2"><h2 id="Largest_IPOs">Largest IPOs</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=14" title="Edit section: Largest IPOs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable sortable"> <tbody><tr> <th rowspan="2">Company</th> <th rowspan="2">Year of<br />IPO</th> <th colspan="2">Amount (USD billions) </th></tr> <tr> <th>Nominal</th> <th>Inflation<br />adjusted </th></tr> <tr> <td><a href="/wiki/Saudi_Aramco" title="Saudi Aramco">Saudi Aramco</a></td> <td>2019</td> <td>29.4<sup id="cite_ref-:0_30-0" class="reference"><a href="#cite_note-:0-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></td> <td>35.04 </td></tr> <tr> <td><a href="/wiki/Alibaba_Group" title="Alibaba Group">Alibaba Group</a></td> <td>2014</td> <td>25<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></td> <td>32.18 </td></tr> <tr> <td><a href="/wiki/SoftBank_Group" title="SoftBank Group">SoftBank Group</a></td> <td>2018</td> <td>23.5<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></td> <td>28.51 </td></tr> <tr> <td><a href="/wiki/Agricultural_Bank_of_China" title="Agricultural Bank of China">Agricultural Bank of China</a></td> <td>2010</td> <td>22.1<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></td> <td>30.88 </td></tr> <tr> <td><a href="/wiki/Industrial_and_Commercial_Bank_of_China" title="Industrial and Commercial Bank of China">Industrial and Commercial Bank of China</a></td> <td>2006</td> <td>21.9<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></td> <td>33.1 </td></tr> <tr> <td><a href="/wiki/AIA_Group" title="AIA Group">American International Assurance</a></td> <td>2010</td> <td>20.5<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></td> <td>28.64 </td></tr> <tr> <td><a href="/wiki/Visa_Inc." title="Visa Inc.">Visa Inc.</a></td> <td>2008</td> <td>19.7<sup id="cite_ref-wsjip_36-0" class="reference"><a href="#cite_note-wsjip-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></td> <td>27.88 </td></tr> <tr> <td><a href="/wiki/General_Motors" title="General Motors">General Motors</a></td> <td>2010</td> <td>18.15<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></td> <td>25.36 </td></tr> <tr> <td><a href="/wiki/NTT_Docomo" title="NTT Docomo">NTT Docomo</a></td> <td>1998</td> <td>18.05<sup id="cite_ref-wsjip_36-1" class="reference"><a href="#cite_note-wsjip-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></td> <td>33.74 </td></tr> <tr> <td><a href="/wiki/Enel" title="Enel">Enel</a></td> <td>1999</td> <td>16.59<sup id="cite_ref-wsjip_36-2" class="reference"><a href="#cite_note-wsjip-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></td> <td>30.34 </td></tr> <tr> <td><a href="/wiki/Meta_Platforms" title="Meta Platforms">Facebook</a></td> <td>2012</td> <td>16.01<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></td> <td>21.25 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Largest_IPO_markets">Largest IPO markets</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=15" title="Edit section: Largest IPO markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however, China (<a href="/wiki/Shanghai_Stock_Exchange" title="Shanghai Stock Exchange">Shanghai</a>, <a href="/wiki/Shenzhen_Stock_Exchange" title="Shenzhen Stock Exchange">Shenzhen</a> and <a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong</a>) has been the leading issuer, raising $73 billion (almost double the amount of money raised on the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> and <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a> combined) up to the end of November 2011. </p> <table class="wikitable sortable"> <tbody><tr> <th>Year</th> <th>Stock exchange</th> <th>Proceeds<br />(in bn USD) </th></tr> <tr> <td>2009</td> <td rowspan="3"><a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></td> <td> </td></tr> <tr> <td>2010</td> <td> </td></tr> <tr> <td>2011</td> <td> </td></tr> <tr> <td>2012<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></td> <td rowspan="3"><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a></td> <td> </td></tr> <tr> <td>2013<sup id="cite_ref-cnbc_41-0" class="reference"><a href="#cite_note-cnbc-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></td> <td> </td></tr> <tr> <td>2014<sup id="cite_ref-cnbc_41-1" class="reference"><a href="#cite_note-cnbc-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></td> <td> </td></tr> <tr> <td>2015<sup id="cite_ref-FT_42-0" class="reference"><a href="#cite_note-FT-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup></td> <td rowspan="2"><a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a></td> <td> </td></tr> <tr> <td>2016<sup id="cite_ref-FT_42-1" class="reference"><a href="#cite_note-FT-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup></td> <td style="text-align:right">25.2 </td></tr> <tr> <td>2017<sup id="cite_ref-FT_42-2" class="reference"><a href="#cite_note-FT-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup></td> <td><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a></td> <td style="text-align:right">29.4 </td></tr> <tr> <td>2018<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></td> <td rowspan="2"><a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a></td> <td style="text-align:right">31.2 </td></tr> <tr> <td>2019<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></td> <td style="text-align:right">40.4 </td></tr> <tr> <td>2020<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></td> <td rowspan="2"><a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a></td> <td style="text-align:right">57.8 </td></tr> <tr> <td>2021<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></td> <td style="text-align:right">100.6 </td></tr> <tr> <td>2022<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup></td> <td rowspan="2"><a href="/wiki/Shanghai_Stock_Exchange" title="Shanghai Stock Exchange">Shanghai Stock Exchange</a></td> <td style="text-align:right">56.5 </td></tr> <tr> <td>2023<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup></td> <td style="text-align:right">31.3 </td></tr> <tr> <td>2024<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup></td> <td rowspan="1"><a href="/wiki/National_Stock_Exchange_of_India" title="National Stock Exchange of India">NSE</a></td> <td style="text-align:right">19.5 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Alternative_public_offering" title="Alternative public offering">Alternative public offering</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Public_offering_without_listing" title="Public offering without listing">Public offering without listing</a></li> <li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse takeover</a></li> <li><a href="/wiki/Smaller_reporting_company" title="Smaller reporting company">Smaller reporting company</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">Special-purpose acquisition company</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Note: the price the company receives from the institutional investors is the IPO price</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHirstKastiel2019" class="citation journal cs1">Hirst, Scott; Kastiel, Kobi (1 May 2019). <a rel="nofollow" class="external text" href="https://scholarship.law.bu.edu/faculty_scholarship/601">"Corporate Governance by Index Exclusion"</a>. <i>Boston University Law Review</i>. <b>99</b> (3): 1229.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Boston+University+Law+Review&rft.atitle=Corporate+Governance+by+Index+Exclusion&rft.volume=99&rft.issue=3&rft.pages=1229&rft.date=2019-05-01&rft.aulast=Hirst&rft.aufirst=Scott&rft.au=Kastiel%2C+Kobi&rft_id=https%3A%2F%2Fscholarship.law.bu.edu%2Ffaculty_scholarship%2F601&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPoitrasGeranio2016" class="citation journal cs1">Poitras, Geoffrey; Geranio, Manuela (2016). <a rel="nofollow" class="external text" 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Archived from <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/content/ae9e6500-e69b-11e7-8b99-0191e45377ec">the original</a></span> on 10 December 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Global+number+of+IPOs+highest+since+financial+crisis&rft.date=2017-12-27&rft.aulast=Bullock&rft.aufirst=Nicole&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fae9e6500-e69b-11e7-8b99-0191e45377ec&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.scmp.com/business/companies/article/2179283/hong-kong-easily-regains-2018-global-ipo-crown-new-york-thanks">"Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms"</a>. 24 December 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hong+Kong+regains+global+IPO+crown+from+New+York+in+2018+thanks+to+its+listing+reforms&rft.date=2018-12-24&rft_id=https%3A%2F%2Fwww.scmp.com%2Fbusiness%2Fcompanies%2Farticle%2F2179283%2Fhong-kong-easily-regains-2018-global-ipo-crown-new-york-thanks&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.caixinglobal.com/2019-12-18/hong-kong-ranks-top-in-global-ipo-markets-for-2019-101495294.html">"Hong Kong Ranks Top in Global IPO Markets for 2019"</a>. <i><a href="/wiki/Caixin" title="Caixin">Caixin</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">26 November</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Caixin&rft.atitle=Hong+Kong+Ranks+Top+in+Global+IPO+Markets+for+2019&rft_id=https%3A%2F%2Fwww.caixinglobal.com%2F2019-12-18%2Fhong-kong-ranks-top-in-global-ipo-markets-for-2019-101495294.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.xinhuanet.com/english/2021-01/13/c_139664764.htm#:~:text=The%20report%20said%20Nasdaq%20topped,listed%20in%20HKEX%20to%202%2C538.">"Hong Kong ranks as 2nd largest IPO market in 2020"</a>. 13 January 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hong+Kong+ranks+as+2nd+largest+IPO+market+in+2020&rft.date=2021-01-13&rft_id=http%3A%2F%2Fwww.xinhuanet.com%2Fenglish%2F2021-01%2F13%2Fc_139664764.htm%23%3A~%3Atext%3DThe%2520report%2520said%2520Nasdaq%2520topped%2Clisted%2520in%2520HKEX%2520to%25202%252C538.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://home.kpmg/content/dam/kpmg/cn/pdf/en/2021/12/china-hk-ipo-2021-review-and-outlook-for-2022.pdf">"Mainland China and Hong Kong IPO markets - 2021 review and 2022 outlook"</a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">. Retrieved <span class="nowrap">26 December</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Mainland+China+and+Hong+Kong+IPO+markets+-+2021+review+and+2022+outlook&rft_id=https%3A%2F%2Fhome.kpmg%2Fcontent%2Fdam%2Fkpmg%2Fcn%2Fpdf%2Fen%2F2021%2F12%2Fchina-hk-ipo-2021-review-and-outlook-for-2022.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://assets.kpmg.com/content/dam/kpmg/cn/pdf/en/2023/03/china-hk-ipo-2023-q1-review.pdf">"Chinese Mainland and Hong Kong IPO markets 2023 Q1 review"</a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">. Retrieved <span class="nowrap">24 June</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Chinese+Mainland+and+Hong+Kong+IPO+markets+2023+Q1+review&rft_id=https%3A%2F%2Fassets.kpmg.com%2Fcontent%2Fdam%2Fkpmg%2Fcn%2Fpdf%2Fen%2F2023%2F03%2Fchina-hk-ipo-2023-q1-review.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://assets.kpmg.com/content/dam/kpmg/cn/pdf/en/2024/01/china-hk-ipo-markets-2023-review-and-2024-outlook.pdf">"Chinese Mainland and Hong Kong IPO markets 2023 and 2024 outlook"</a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">. Retrieved <span class="nowrap">29 January</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Chinese+Mainland+and+Hong+Kong+IPO+markets+2023+and+2024+outlook&rft_id=https%3A%2F%2Fassets.kpmg.com%2Fcontent%2Fdam%2Fkpmg%2Fcn%2Fpdf%2Fen%2F2024%2F01%2Fchina-hk-ipo-markets-2023-review-and-2024-outlook.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.moneycontrol.com/news/business/ipo/nse-leads-asia-in-ipo-count-in-2024-sets-global-record-for-equity-capital-raised-in-primary-market-12902822.html">"NSE leads Asia in IPO count in 2024, sets global record for equity capital raised in primary market"</a>. <i>Money Control</i>. 3 January 2025.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Money+Control&rft.atitle=NSE+leads+Asia+in+IPO+count+in+2024%2C+sets+global+record+for+equity+capital+raised+in+primary+market&rft.date=2025-01-03&rft_id=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Fbusiness%2Fipo%2Fnse-leads-asia-in-ipo-count-in-2024-sets-global-record-for-equity-capital-raised-in-primary-market-12902822.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></span> </li> </ol></div> <p><sup id="cite_ref-ref50_50-0" class="reference"><a href="#cite_note-ref50-50"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 30em"> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAnderlini2010" class="citation news cs1">Anderlini, Jamil (13 August 2010). <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/ff7d528c-a6bc-11df-8d1e-00144feabdc0.html?ftcamp=rss">"AgBank IPO officially the world's biggest"</a>. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">13 August</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=AgBank+IPO+officially+the+world%27s+biggest&rft.date=2010-08-13&rft.aulast=Anderlini&rft.aufirst=Jamil&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fff7d528c-a6bc-11df-8d1e-00144feabdc0.html%3Fftcamp%3Drss&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081205051941/http://www.atimes.com/atimes/China_Business/HI29Cb01.html">"Pricing the 'biggest IPO in history'<span class="cs1-kern-right"></span>"</a>. China Business. <i>Asia Times</i>. 29 September 2006. Archived from <a rel="nofollow" class="external text" href="http://www.atimes.com/atimes/China_Business/HI29Cb01.html">the original</a> on 5 December 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">21 September</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Asia+Times&rft.atitle=Pricing+the+%27biggest+IPO+in+history%27&rft.date=2006-09-29&rft_id=http%3A%2F%2Fwww.atimes.com%2Fatimes%2FChina_Business%2FHI29Cb01.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBradleyJordanRitter2003" class="citation journal cs1">Bradley, D. J.; Jordan, B. D.; Ritter, J. R. (2003). "The Quiet Period Goes Out with a Bang". <i>Journal of Finance</i>. <b>58</b> (1): <span class="nowrap">1–</span>36. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.535.3111">10.1.1.535.3111</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1540-6261.00517">10.1111/1540-6261.00517</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Finance&rft.atitle=The+Quiet+Period+Goes+Out+with+a+Bang&rft.volume=58&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E36&rft.date=2003&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.535.3111%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1111%2F1540-6261.00517&rft.aulast=Bradley&rft.aufirst=D.+J.&rft.au=Jordan%2C+B.+D.&rft.au=Ritter%2C+J.+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCampbell2022" class="citation book cs1">Campbell, Dakin (2022). <i>Going Public: How Silicon Valley Rebels Loosened Wall Street's Grip on the IPO and Sparked a Revolution</i>. New York: Twelve. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781538707883" title="Special:BookSources/9781538707883"><bdi>9781538707883</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1257292746">1257292746</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Going+Public%3A+How+Silicon+Valley+Rebels+Loosened+Wall+Street%27s+Grip+on+the+IPO+and+Sparked+a+Revolution&rft.place=New+York&rft.pub=Twelve&rft.date=2022&rft_id=info%3Aoclcnum%2F1257292746&rft.isbn=9781538707883&rft.aulast=Campbell&rft.aufirst=Dakin&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li>Chambers, Clem (2006-07-14). <a rel="nofollow" class="external text" href="https://www.mondovisione.com/exchanges/handbook-articles/who-needs-stock-exchanges/">"Who needs stock exchanges?"</a> <i>Exchanges Handbook</i>. Mondo Visione. Accessed 21 September 2011.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDruckerPuri2007" class="citation book cs1">Drucker, Steven; Puri, M. (2007). "Banks in Capital Markets". In Eckbo, B. E. (ed.). <i>Handbook of Corporate Finance</i>. Vol. 1. 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"The Strategy of Going Public: How UK Firms Choose Their Listing Contracts". <i>Journal of Business Finance and Accounting</i>. <b>33</b> (1&2): <span class="nowrap">306–</span>328. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1468-5957.2006.00657.x">10.1111/j.1468-5957.2006.00657.x</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153405433">153405433</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=886408">886408</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Business+Finance+and+Accounting&rft.atitle=The+Strategy+of+Going+Public%3A+How+UK+Firms+Choose+Their+Listing+Contracts&rft.volume=33&rft.issue=1%262&rft.pages=%3Cspan+class%3D%22nowrap%22%3E306-%3C%2Fspan%3E328&rft.date=2006&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153405433%23id-name%3DS2CID&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D886408%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.1111%2Fj.1468-5957.2006.00657.x&rft.aulast=Goergen&rft.aufirst=M.&rft.au=Khurshed%2C+A.&rft.au=Mudambi%2C+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoergenKhurshedMudambi2007" class="citation journal cs1">Goergen, M.; Khurshed, A.; Mudambi, R. 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"The Long-run Performance of UK IPOs: Can it be Predicted?". <i>Managerial Finance</i>. <b>33</b> (6): <span class="nowrap">401–</span>419. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1108%2F03074350710748759">10.1108/03074350710748759</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Managerial+Finance&rft.atitle=The+Long-run+Performance+of+UK+IPOs%3A+Can+it+be+Predicted%3F&rft.volume=33&rft.issue=6&rft.pages=%3Cspan+class%3D%22nowrap%22%3E401-%3C%2Fspan%3E419&rft.date=2007&rft_id=info%3Adoi%2F10.1108%2F03074350710748759&rft.aulast=Goergen&rft.aufirst=M.&rft.au=Khurshed%2C+A.&rft.au=Mudambi%2C+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGregoriou2006" class="citation book cs1">Gregoriou, Greg (2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070314010926/http://books.elsevier.com/finance/?isbn=0750679751"><i>Initial Public Offerings (IPOs)</i></a>. 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Retrieved <span class="nowrap">14 September</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=IPO+Definitions&rft.pub=IPO+Initial+Public+Offerings&rft_id=http%3A%2F%2Fwww.ipoinitialpublicofferings.com%2Fipo-definitions.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKhurshedMudambi2002" class="citation journal cs1">Khurshed, A.; Mudambi, R. (2002). "The Short Run Price Performance of Investment Trust IPOs on the UK Main Market". <i>Applied Financial Economics</i>. <b>12</b> (10): <span class="nowrap">697–</span>706. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09603100010025706">10.1080/09603100010025706</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:55180392">55180392</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Applied+Financial+Economics&rft.atitle=The+Short+Run+Price+Performance+of+Investment+Trust+IPOs+on+the+UK+Main+Market&rft.volume=12&rft.issue=10&rft.pages=%3Cspan+class%3D%22nowrap%22%3E697-%3C%2Fspan%3E706&rft.date=2002&rft_id=info%3Adoi%2F10.1080%2F09603100010025706&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A55180392%23id-name%3DS2CID&rft.aulast=Khurshed&rft.aufirst=A.&rft.au=Mudambi%2C+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLoughranRitter2002" class="citation journal cs1">Loughran, T.; Ritter, J. 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"Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?". <i>Review of Financial Studies</i>. <b>15</b> (2): <span class="nowrap">413–</span>443. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Frfs%2F15.2.413">10.1093/rfs/15.2.413</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Financial+Studies&rft.atitle=Why+Don%27t+Issuers+Get+Upset+About+Leaving+Money+on+the+Table+in+IPOs%3F&rft.volume=15&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E413-%3C%2Fspan%3E443&rft.date=2002&rft_id=info%3Adoi%2F10.1093%2Frfs%2F15.2.413&rft.aulast=Loughran&rft.aufirst=T.&rft.au=Ritter%2C+J.+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLoughranRitter2004" class="citation journal cs1">Loughran, T.; Ritter, J. 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Z. (2005). 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Retrieved <span class="nowrap">4 March</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Quiet+Period&rft.date=2005-08-18&rft_id=https%3A%2F%2Fwww.sec.gov%2Fanswers%2Fquiet.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInitial+public+offering" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Initial_public_offering&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.nasdaq.com/market-activity/ipos">Nasdaq database of all U.S. Initial Public Offerings beginning Jan. 1997</a></li></ul> <div class="navbox-styles"><style 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class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance_and_investment_banking" title="Template:Corporate finance and investment banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance_and_investment_banking" title="Template talk:Corporate finance and investment banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance_and_investment_banking" title="Special:EditPage/Template:Corporate finance and investment banking"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_finance_and_investment_banking430" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a class="mw-selflink selflink">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets208" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a class="mw-selflink selflink">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender 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