initial offerring是什么意思啊

问题如下：

A German publicly traded company, to raise new capital, gave its existing shareholders the opportunity to subscribe for new shares. The existing shareholders could purchase two new shares at a subscription price of €4.58 per share for every 15 shares held. This is an example of a(n):

选项：

A.

rights offering.

B.

private placement.

C.

initial public offering.

解释：

A is correct.

This offering is a rights offering. The company is distributing rights to buy stock at a fixed price to existing shareholders in proportion to their holdings.

考点：Other Primary Market Transactions

rights offering是配股(是给现有股东的)，使得现有股东可以固定的价格购买公司的股票。这道题题干里面有个关键词"existing shareholders"，因此选A。如下为原版书的定义：

In a rights offering, the corporation distributes rights to buy stock at a fixed price to existing shareholders in proportion to their holdings.

而private placement通常只针对一些合格的大型机构投资人关键词是“qualified investor” 合格的投资者。