[20200921]IF11653_直接上市股票首次公开发行（IPO）的替代方案.pdf

https:/crsreports.congress.gov September 21, 2020Direct Listings, an Alternative to Stock-based Initial Public Offerings (IPOs)Introduction An initial public offering, or IPO, refers to the initial time that a private company offers its shares of stock to the general public to raise capital. After an IPO, the companys shares are traded in an open secondary market, such as an over-the-counter (OTC) stock market or a stock exchange. With the general decline in IPOs, an alternative approach to public stock offerings has emergeddirect public offerings (DPOs). A DPO, called a direct listing or a direct placement, is when a private firms shareholders sell their shares on a secondary stock market, with the firm issuing no new shares. Historically, stock-based IPOs were a significant means by which private firms raised funds for various reasons, including capital, operational, and research and development expenditures, and enabled owners to cash out. Between 2000 and 2019, the annual number of IPOs reportedly declined significantly from 406 to 159. That decline was part of the impetus behind the Jumpstart Our Business Startups Act (JOBS Act; P.L. 112-106), which eased regulatory requireme