Public market finance for growth‐stage companies in emerging markets: The U.S. alternative IPO moves to fill the gap

Lacking from the options currently available to most growth‐stage companies located in the emerging markets of the world is effective access to public finance. Unlike the United States, these companies are shut off from access to their local public markets. Fortunately a solution exists in the form of an alternative initial public offering (AIPO) onto the over‐the‐counter bulletin board market of the United States (OTC BB). As the name implies, an AIPO is an alternative form of listing that allows companies in emerging markets to gain access to the deepest and most liquid capital market in the world. © 2008 Wiley Periodicals, Inc.