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A Direct Public Offering (DPO) is a method by which a business can offer stock directly to the public. ==Description== A DPO is similar to an initial public offering (IPO) in that stock is sold to investors, but unlike an IPO, a company uses a DPO to raise capital directly and without a "firm underwriting" from an investment banking firm or broker-dealer. A DPO will generally have a sponsoring FINRA broker, but the broker does not guarantee full subscription of the offering. In a DPO, the broker merely assures compliance with all applicable Securities and Exchange Commission (SEC) rules that the offering must comply with and assists with organizing the offering. Following registration with the SEC and subject to compliance with state blue sky laws, a company can sell its shares directly to anyone, even non-accredited investors, including customers, employees, suppliers, distributors, family, friends and others.〔http://www.enotes.com/small-business-encyclopedia/direct-public-offerings Encyclopedia of Small Business〕 Not all DPOs require registration with the SEC. Some offerings will qualify for an exemption from the federal registration requirements. The most commonly used exemptions are for intrastate offerings and offerings under $1 million (the Rule 504 exemption) and Regulation A. In such cases, state level registration is generally required. State level registration is usually less onerous and time consuming than federal registration. Some law firms and other service providers offer to manage a DPO within twelve months, for less than $100,000. The process and time required to become public is similar to the process utilized by large companies to complete an IPO, except that many DPOs are marketed via internet advertising and ads direct to consumers.〔http://www.enotes.com/small-business-encyclopedia/direct-public-offerings Encyclopedia of Small Business〕 Offerings that do not require federal registration can be done more cheaply and quickly - costs can range from $25,000-$50,000 and it can take as little as one month to complete the process. Direct public offerings are primarily utilized by small to medium size companies who are unable to attract the interest of an investment banking firm to represent them in a traditional initial public offering. Investment bankers represent companies which can attract and support large financing from which they can earn a commission. Direct public offerings are now being issued on crowdfunding platform sites. Many companies offer software and services to facilitate electronic DPOs on their websites. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Direct public offering」の詳細全文を読む スポンサード リンク
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