Public recruitment

Japanese: 公募

A public offering is an invitation to a large number of unspecified investors to apply for the acquisition of newly issued securities (Article 2, Paragraph 3 of the Securities and Exchange Law), and is usually called a public offering. When the number of parties to the solicitation is large, it means that there are 50 or more parties to the solicitation (Article 1, Paragraph 4 of the Enforcement Order of the Securities and Exchange Law). In contrast, when the number of parties to the solicitation is a small number of specific investors (fewer than 50), or even if the number exceeds 50, the parties are qualified institutional investors (professionals), and there is little risk of the securities being transferred to general investors other than qualified institutional investors through resale, it is called a private placement (Article 2, Paragraph 3, Ni, of the Securities and Exchange Law). However, even if a private placement is solicited to fewer than 50 parties, if there is a risk of the securities being transferred to a large number of parties through resale, it is considered a public offering. Therefore, in the case of a disclosing company whose stock certificates are listed on the stock exchange, there is a high possibility that the securities will be resold to a large number of parties, so even if there are fewer than 50 parties to the solicitation, it is considered a public offering. The stock certificates of a disclosing company are as follows (Article 24, Paragraph 1 of the Securities and Exchange Law). 1. Listed stocks. 2. Stocks for which a securities registration statement has been filed for the offering or sale. 3. Stocks of a company with 500 or more stock holders at any one time during the fiscal year end. Companies often issue new capital through public offerings.

Source: E-Consultant IPO Glossary, a company specializing in IPO support Information

Japanese:

不特定かつ多数の投資家に対し、新たに発行される有価証券の取得の申込を勧誘することを募集といい(証券取引法第2条第3項)、これを通常は公募と呼んでいる。勧誘の相手方が多数である場合とは、50名以上の者を相手方とする場合をいう(証券取引法施行令第1条の四)。これに対し、特定少数の投資家(50名未満)、あるいは50名以上の者を上回ることになっても適格機関投資家(プロ)を相手方とし、転売を通じて適格機関投資家以外の一般の投資家に譲渡されるおそれが少ない場合を私募という(証券取引法第2条第3項二イ)。ただし、50名未満の者を相手方として勧誘する私募であっても、転売を通じて多数の者に有価証券が譲渡されるおそれがある場合は、募集に該当する。したがって、株券を上場している開示会社の場合は流通性が高く、多数の者に転売される可能性が高いことから、50名未満を相手方とする場合でも募集になる。なお、開示会社の株券とは、以下の株券である(証券取引法第24条第1項)。1. 上場株券2. その募集または売出しについて有価証券届出書を提出した株券3. 事業年度末のいずれかにおいて、株券の所有者が500名以上の会社の株券以上の3つ、企業は公募形式によって有償増資を行うことが多い。

出典　株式公開支援専門会社（株）イーコンサルタント株式公開用語辞典について　情報

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