Definition: Direct Public Offering (DPO) is a method of listing a company's stock publicly without investment bank underwriting. The company trades existing shares in the market through direct listing without raising new capital before listing.

Features:

No underwriters: The company forgoes the safety net provided by underwriters, making the listing process faster and less costly.

Market-driven: The opening price is determined by market demand, there is no lock-up period after listing, and early investors can sell their shares at any time.

DPO vs IPO:

DPO: No underwriters, simplified listing process, lower costs, market-driven pricing.

IPO: Has underwriters, complex process and high costs, stock price and issuance process managed by underwriters.