When the corporation sells securities directly to the investment public without involving an investment banker,it is called a privileged subscription.

Name: When the corporation sells securities directly to the investment public without involving an investment banker,it is called a privileged subscription.
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When a corporation sells securities directly to the investment public without involving an investment banker, it is called a direct public offering (DPO), not a privileged subscription.

When the Corporation Sells Securities Directly to the Investment Public