---
title: "IPO Preparation"
url: "https://legal.ge/en/service/corporate-and-commercial-law-en/ipo-preparation-en"
field: "Corporate & Commercial Law"
description: "IPO preparation in Georgia: public offer, prospectus, National Bank review and reporting. Full support from Legal.ge."
reviewed: "2026-02-11"
updated: "2026-10-15"
publisher: "legal.ge"
---

# IPO Preparation

> Source: legal.ge, https://legal.ge/en/service/corporate-and-commercial-law-en/ipo-preparation-en

## The Concept of a Public Offer

The foundation of an IPO is the public offer of securities. Under the Law on Securities Market, a public offer is a proposal to at least 100 persons, or to an unspecified number of persons, for the direct or indirect sale of securities in the name of the issuer. A proposal of the same kind connected with the securities of an unlisted enterprise, raised in the name of a person who is not the issuer, is also treated as a public offer. The issuer must conclude with a brokerage company or a licensed financial institution an agreement on the offer of securities for their placement. It is important that an offer and sale only to experienced investors is not treated as a public offer, while during a public offer the holder of securities of another issuer may also propose to the issuer that his or her own securities be included in the offer. This threshold definition determines from the outset whether the transaction falls within the strict public-offer regime or remains a private placement.

The full text is available on legal.ge after signing in: https://legal.ge/en/service/corporate-and-commercial-law-en/ipo-preparation-en

### What is a public offer?

A proposal to at least 100 persons, or to an unspecified number of recipients, for the sale of securities in the name of the issuer.

### Who approves the prospectus?

The National Bank of Georgia, which examines the application within 15 days; an unanswered application is deemed approved.

### How are investors protected on amendment of the prospectus?

Subscribers may refuse the securities purchased, and the issuer refunds the price within 10 days.

### By what deadline is the annual report published?

After the end of the economic year no later than 15 May, and where the financial year differs — within 4 months.