Outside the Stock Exchange. In a Public Offering, closed companies or holdings that have been established before and have been in operation for a long time, conduct some studies to determine the “Market Value” of their shares. Holdings carry out some studies to determine the “Market Value” of their shares, make use of so-called experts, and then submit the figure to the Capital Markets Board for approval.

If the Capital Markets Board approves this figure, the Public Offering is initiated outside the Stock Exchange “at a fixed price determined by a preliminary study, which is not formed according to supply and demand in the Free Market”.

Outside the Exchange, sales continue at this fixed price for a certain period of time, transactions are transferred to the Exchange at the end of the period the starting price from the first session on the Stock Exchange this is the predetermined selling price. The price then changes on the stock exchange according to supply and demand.