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Shares are offered before the market opens
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Shares are offered directly to the public on the open market
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Not all investors may have access to the listed shares at first
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Everyone has access to the shares at the same time
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The issuing company typically relies on an underwriter
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The issuing company does not utilize an underwriter
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The underwriter advises on the terms of the offering
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The issuing company proceeds without underwriter assistance
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Generally attractive for larger companies
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Generally attractive for smaller companies
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Process typically takes more time
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Process is usually faster
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