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 such as the Tokyo Stock Exchange. == 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.

Source: Wikipedia — Public offering without listing (CC BY-SA 4.0)