Public offering without listing

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).


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[citation needed] introduced in 1989 allowed this form of public offering by foreign companies published, audited financial statements and with stock that is (or will be) listed on a foreign stock exchange which satisfies the requirements of the FSA.

Notable POWL issuance

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


  1. ^“Public Offering Without Listing – “POWL” in Japan” (PDF). Retrieved 2009-04-10.
  2. ^“POWL – Catering to Japanese Tastes”. Retrieved 2009-04-10.
  3. ^“Bank of China (Hong Kong) – Awards”. Retrieved 2009-04-10.

Ofer Abarbanel – Executive Profile

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library