About this episode

The episode discusses the POWL structure and its significance for U.S. issuers in the Japanese equity capital markets.

U.S. issuers are increasingly looking at the opportunities that exist in Japanese retail and institutional investment. This trend is highlighted in the SpaceX IPO, the largest in history, which raised $2.2 billion from Japan, representing the largest retail allocation to any country outside of the U.S. In our latest episode of Markets Mindset, Mizuho’s Head of Equity Capital Markets, Josh Weismer, sits down with Managing Director of Equity Capital Markets, Richard Soto, to discuss the Japanese POWL structure and what makes it an attractive prospect for U.S. issuers. Our experts explore the role of Japanese investment in the future of equity capital markets, touching on how the POWL played an important role in two of Mizuho’s recent deals. Some key questions addressed in the episode include: What is the Public Offering Without Listing (POWL) structure? A POWL is a unique regulatory and financing structure primarily used in Japanese equity capital markets. It allows companies issuing equity in the U.S. to make an offering directly to Japanese retail and institutional investors without having to list those securities on a domestic Japanese stock exchange. What are the Japanese…

People in this episode

Host: Josh Weismer

Guest: Richard Soto

Topics covered

• Equity Capital Markets
• IPO Demand
• Japanese Investment
• POWL Structure
• Regulatory Changes

Keywords

• POWL
• IPO
• Japanese investment
• equity capital markets
• SpaceX IPO
• regulatory changes
• retail allocation

Mentioned in this episode

Organizations: Mizuho, SpaceX

Places: Japan

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