View source for 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. [[Tokyo Stock Exchange|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.<ref>{{cite web|url=http://www.linklaters.com/pdfs/publications/japan/POWL100406.pdf|title=Public Offering Without Listing - "POWL" in Japan|accessdate=2009-04-10}}</ref> Changes in regulations{{Fact|date=April 2009}} introduced in 1989 allowed this form of public offering by foreign companies published, audited [[financial statements]] and with stock that is (or will be) listed on a foreign [[stock exchange]] which satisfies the requirements of the [[Financial Services Agency|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.<ref>{{cite web|url=http://www.asiamoney.com/Article/2054993/Channel/18735/POWL-Catering-to-Japanese-tastes.html|title=POWL - Catering to Japanese Tastes|accessdate=2009-04-10}}</ref> [[ICBC]] and [[Bank of China (Hong Kong)]] used this format to allow their domestic public offerings to spread into Japan.<ref>{{cite web|url=http://www.bochk.com/ir/cra_award_e.html#awards1|title=Bank of China (Hong Kong) - Awards|accessdate=2009-04-10}}</ref>

== See also ==
*[[Alternative public offering]]
*[[PIPE deal]]

== References ==
<references />

{{Corporate finance and investment banking}}

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[[Category:Corporate finance]]
[[Category:Stock market]]
[[Category:Equity securities]]