Private placement

Special form of IPO: Secu­ri­ties of a company are only offe­red to a selec­ted group of inves­tors and not publicly via the stock exch­ange. If a company wishes to list its shares on the stock exch­ange, either the company itself (self-issue) or the issuing bank (third-party issue) can sell the shares to selec­ted inves­tors. If the share­hol­ders are exclu­si­vely so-called quali­fied inves­tors (e.g. banks, funds) or if there are less than 100 non-quali­­fied inves­tors within the entire EU, the company is not subject to the pros­pec­tus requi­re­ment (see Art. 2 (1e) EU-PR Euro­pean Pros­pec­tus Directive).