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offre a prix ouvert

English translation: open price offer

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:offre a prix ouvert
English translation:open price offer
Entered by: Louise Barker
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07:34 Jul 22, 2005
French to English translations [PRO]
Bus/Financial - Finance (general)
French term or phrase: offre a prix ouvert
From a press release regarding a company's initial public offering on the stock exchange:

Structure de l’offre :
• 65 000 actions offertes dans le cadre d’une offre à prix ouvert (« OPO ») destinée aux
particuliers en France.
• 585 000 actions offertes dans le cadre d’un placement Global en France et à l’étranger.

I don't think 'open price offer' is the correct term in English as I have googled it and looked it up in several english financial glossaries and it doesn't come up anywhere except in translations!
Louise Barker
Local time: 14:18
'open price offer'
Explanation:
There doesn't seem to be any standard English term. I'd give a literal translation and also leave in the French term.

Offre à Prix Ouvert
An OPO is a mechanism used by the French state for an IPO (initial public offering) of a state-owned company. The final price of the IPO is not set until the close of the subscription period.
www.snecma.com/en/finance/ shareholders_corner/glossary/index.php

Open Price Offer (OPO) over subscribed. 20 times. Listing price fixed at 14.3 €,
high end of the. sample range, allowed the SITICOM ...
www.devoteam.com/portal/IMG/doc-17.pdf

The public offer normally takes the form of an "open price offer" (offre à prix ouvert, "OPO"), in which Euronext Paris, the French stock exchange, ...
news.surfwax.com/law/pubs/Public_Domain.html
Selected response from:

xxxcmwilliams
United Kingdom
Local time: 14:18
Grading comment
thanks for the links - v.useful!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2offre à prix ouvert (auction-type IPO)
lenkl
4 +1'open price offer'xxxcmwilliams
4Bid / floating price offerzaphod


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
Bid / floating price offer


Explanation:
Although I don't see anything wrong with Open Price Offer

zaphod
Local time: 15:18
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in FrenchFrench
PRO pts in category: 12
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
'open price offer'


Explanation:
There doesn't seem to be any standard English term. I'd give a literal translation and also leave in the French term.

Offre à Prix Ouvert
An OPO is a mechanism used by the French state for an IPO (initial public offering) of a state-owned company. The final price of the IPO is not set until the close of the subscription period.
www.snecma.com/en/finance/ shareholders_corner/glossary/index.php

Open Price Offer (OPO) over subscribed. 20 times. Listing price fixed at 14.3 €,
high end of the. sample range, allowed the SITICOM ...
www.devoteam.com/portal/IMG/doc-17.pdf

The public offer normally takes the form of an "open price offer" (offre à prix ouvert, "OPO"), in which Euronext Paris, the French stock exchange, ...
news.surfwax.com/law/pubs/Public_Domain.html

xxxcmwilliams
United Kingdom
Local time: 14:18
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 78
Grading comment
thanks for the links - v.useful!

Peer comments on this answer (and responses from the answerer)
agree  Tamara Salvio
1 day2 hrs
  -> Thanks
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
offre à prix ouvert (auction-type IPO)


Explanation:
There is no exact English equivalent for this French share offering practice, which is an auction-type IPO.
In any event, it's an offering and not an offer.
The usual practice, I believe, is to use the French terms first and then the abbreviation "OPO", explaining initially that it's an auction-type offering used in France. The main feature is that the offering price is set after the bids have come in.

IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table?
the Offre `a Prix Ouvert (OPO), a modified book-building procedure in ... interpret this result as a proof of higher pricing efficiency of auction mecha- ...
www.blackwell-synergy.com/ doi/abs/10.1111/j.1540-6261.2005.00736.x

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Note added at 1 hr 29 mins (2005-07-22 09:04:15 GMT)
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For a detailed discussion of IPOs in France, see
http://www.ffhsj.com/cmemos/040806_premark_ipo.pdf
If you use \"open price\" then I would say \"offering\" since it\'s an initial public offering not offer.

lenkl
Local time: 15:18
Specializes in field
PRO pts in category: 110

Peer comments on this answer (and responses from the answerer)
agree  xxxdf49f
27 mins

agree  Kieran McCann
2 hrs
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