Finance:Public offering without listing
A public offering without listing, often called a POWL deal or a POWL, is a form of public equity offering by non-Japanese firms in the Japanese market, without the previously required simultaneous listing on a local exchange (e.g. TSE).
History
Prior to 1989, non-Japanese firms that wanted to sell equity into the Japanese market via public offering were required to list on a local Japanese stock exchange.[1] Changes in regulations[2] introduced in 1989 allowed this form of a public offering by foreign companies published, audited financial statements and with stock that is (or will be) listed on a foreign stock exchange which satisfies the requirements of the FSA.
Notable POWL issuance
Equity offerings via POWL have been a common part of Asia regional public offerings since the early 1990s, with Japanese investors often taking more than 20% of the offering through this format.[3] ICBC and Bank of China (Hong Kong) used this format to allow their domestic public offerings to spread into Japan.[4]
See also
- Alternative public offering
- PIPE deal
References
- ↑ "Public Offering Without Listing - "POWL" in Japan". http://www.linklaters.com/pdfs/publications/japan/POWL100406.pdf. Retrieved 2009-04-10.
- ↑ Beller, Alan L.; Terai, Tsunemasa; Levine, Richard M. (1992). "Looks Can Be Deceiving: A Comparison of Initial Public Offering Procedures under Japanese and U.S. Securities Laws". Law and Contemporary Problems 55 (4): 77–118. doi:10.2307/1192106. ISSN 0023-9186. https://www.jstor.org/stable/1192106.
- ↑ "POWL - Catering to Japanese Tastes". http://www.asiamoney.com/Article/2054993/Channel/18735/POWL-Catering-to-Japanese-tastes.html. Retrieved 2009-04-10.
- ↑ "Bank of China (Hong Kong) - Awards". http://www.bochk.com/ir/cra_award_e.html#awards1. Retrieved 2009-04-10.
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