اوراق اختیار فروش تبعی ابزاری است که توسط عرضه‌کننده سهام پایه (شرکت‌ها)، منتشر شده و این اختیار را به دارنده اوراق می‌دهد که دارایی پایه (سهام پایه) درج‌شده در قرارداد را در زمانی مشخص (تاریخ سررسید) و با قیمتی معین (قیمت اعمال) به‌فروش برساند.
اوراق اختیار فروش تبعی توسط شرکت‌ها، به منظور کاهش ریسک سرمایه‌گذاری در بازار و ایجاد اطمینان در سهامداران عرضه می‌شود. در واقع شرکت‌ها با انتشار این اوراق، ارزندگی سهام خود را تضمین کرده و این اطمینان را به سهامدار می‌دهند که در صورت کاهش قیمت سهم نیز منافع آنها حفظ خواهدشد. این اوراق به نوعی بیمه سهام تلقی می‌شوند.
این اطلاعیه حداقل یک روز کاری قبل از عرضه منتشر شده و شامل اطلاعات زیر است :
سهمی است که اوراق اختیار فروش تبعی بر اساس آن تنظیم می‌شود.
شرکتی است که اوراقِ اختیار فروش تبعی را منتشر می‌کند.
به فاصله بین اولین و آخرین روز معاملاتی اوراق اختیار فروش تبعی گفته می‌شود.
به تاریخ تعیین‌شده جهت فروش اوراق اختیار فروش تبعی گفته می‌شود.
قیمت تعیین شده‌ای برای سهام پایه است که در تاریخ اعمال، توسط عرضه‌کننده اوراق به سهامدار پرداخت می‌شود.
مجموع اوراق اختیار فروش تبعی که تا پایان دوره معاملاتی عرضه خواهدشد.
حداکثر تعداد اوراق اختیار فروش تبعی که هر شخص حقیقی یا حقوقی می‌تواند با کد معاملاتی خود خریداری کند.
قیمتی است که اوراق اختیار فروش تبعی توسط عرضه‌کننده با این قیمت به فروش می‌رسد و در هر روز با فرمول خاصی تعیین شده و بنابراین، ثابت نیست.
اعمال اوراق اختیار فروش تبعی تنها در تاریخ سررسید (تاریخ اعمال) امکان‌پذیر است. لازم به ذکر است که در صورت ثبت درخواست در پنل کارگزاری، امکان لغو درخواست وجود نخواهدداشت.
برای ثبت درخواستِ اعمال، به نکات زیر توجه کنید :
۱. ثبت درخواست تسویه باید تا ساعت ۱۴ روزکاری قبل از سررسید صورت گیرد.
۲. تنها اوراق اختیار فروش تبعی سهامدارانی قابل اعمال است که سهام پایه آنها تا پایان روز سررسید در سبد دارایی نگهداری شده‌باشد.
۳. ثبت درخواست تسویه تنها توسط کارگزار ناظر بر اوراق اختیار فروش تبعی امکان‌پذیر است. کارگزار ناظر اوراق اختیار فروش تبعی همان کارگزار ناظر بر سهام پایه است. در صورتی که سهام پایه شما دارای کارگزار ناظر نباشد، باید نسبت به تعیین آن اقدام کنید.
۴. در صورتی که قصد اعمال اوراق را دارید، از یک هفته قبل از زمان سررسید امکان تغییر کارگزار ناظر برای شما وجود نخواهد داشت.
۵. در صورتی که درخواست اعمال را تا تاریخ سررسید ثبت نکنید، اوراق اختیار فروش تبعی منقضی شده و دیگر قابلیت اعمال نخواهدداشت.
۶. در صورتی که تعداد اوراق اختیار فروش تبعی از تعداد سهام پایه یا سقف خرید برای هر کد معاملاتی بیشتر باشد، تعداد مازاد، قابل اعمال نخواهند بود.
۷. بهتر است زمانی درخواست تسویه اوراق اختیار فروش تبعی را ثبت کنید که قیمت پایانی سهام پایه در زمان سررسید، از قیمت اعمال کمتر باشد.
همان‌طور که اشاره کردیم، اوراق اختیار فروش تبعی به نوعی بیمه سهام محسوب شده و این اطمینان را به سهامدار می‌دهد که ارزندگی سهام او حفظ خواهدشد. اما باید به این نکته توجه کنید که زمانی خرید این اوراق منجر به سودآوری برای سهامداران خواهدشد که روند بازار از زمان خرید این اوراق تا زمان سررسید، نزولی باشد. در واقع، در صورتی که قیمت پایانی سهم در تاریخ سررسید از قیمت اعمال کمتر باشد، منجر به سودآوری برای سهامدار خواهدشد.
البته باید هزینه خرید اوراق را نیز محاسبه کرد و با کسر از سود حاصل (که از مابهالتفاوت قیمت پایانی سهم و قیمت اعمال در تاریخ سررسید به دست می‌آید)، سود خالص سهامدار را محاسبه نمود. لذا با توجه به یک‌طرفه بودن بازار بورس در ایران، می‌توان گفت در روندهای نزولی، خرید این اوراق می‌تواند به سودآوری سهامدار کمک کند. در واقع، این اوراق باید با قیمتی خریداری شوند که با در نظر گرفتن روند بازار تا تاریخ سررسید، مابهالتفاوت قیمت سهام پایه و قیمت اعمال، منجر به سودآوری سهامدار شود.
در صورتی که در تاریخ سررسید، قیمت پایانی سهم بیشتر از قیمت اعمال باشد، سهامدار می‌تواند سهام خود را به قیمت روز در بازار فروخته و از این طریق کسب سود کند. در این حالت، اوراق به صورت خودکار باطل شده و سهامدار تنها به اندازه هزینه‌ای که بابت خرید اوراق اختیار فروش تبعی پرداخت کرده، متضرر می‌شود. در ادامه، قیمت مناسب اوراق تبعی و بازدهی خرید این اوراق را به تفصیل شرح خواهیم داد.
تسویه اوراق اختیار فروش تبعی به دو صورت تسویه نقدی و تسویه فیزیکی انجام می‌شود.
تسویه نقدی اوراق اختیار فروش تبعی تنها در صورتی امکان‌پذیر است که قیمت پایانی سهم در تاریخ سررسید از قیمت اعمال کمتر باشد. در این نوع تسویه، مابهالتفاوت قیمت پایانی سهم و قیمت اعمال در تاریخ سررسید به صورت نقدی و توسط شرکت عرضه‌کننده، به سهامدار پرداخت خواهدشد. لازم به ذکر است که در این نوع تسویه، انتقال سهام از سهامدار به شرکتِ عرضه‌کننده صورت نگرفته و سهام پایه همچنان در پرتفوی سهامدار باقی خواهدماند.
در تسویه فیزیکی باید عرضه‌کننده اوراق در تاریخ سررسید، سهام پایه فرد را به قیمت اعمال از او خریداری کند. در این نوع تسویه، شاهد انتقال سهام از پرتفوی سهامدار به شرکت عرضه‌کننده هستیم. در واقع، سهام پایه به قیمت اعمال توسط عرضه‌کننده خریداری شده و مبلغ حاصل به حساب سهامدار واریز خواهدشد.
معمولا نماد اوراق اختیار فروش تبعی از حرف “ه” و بخشی از نماد بورسی سهم به همراه تاریخ سررسید تشکیل شده است. برای مشاهده لیست کامل نمادهای دارای اوراق تبعی بازار بورس و فرابورس، به این لینک وارد شوید :
لیست نمادهای دارای اوراق اختیار فروش تبعی
همان‌طور که در تصویر زیر ملاحظه می‌کنید، نمادهای مربوط به اوراق اختیار فروش تبعی، بر اساس آخرین روز معاملاتی یا هر زمان در این صفحه قابل ملاحظه خواهند بود.
برای دریافت اطلاعات شرکت‌هایی که اوراق تبعی منتشر کرده‌اند، به سایت بورس اوراق بهادار تهران مراجعه کنید. این اطلاعات شامل نماد اوراق تبعی، شرکت عرضه‌کننده، قیمت اعمال، سقف خرید کد معاملاتی حقیقی و حقوقی، تاریخ اعمال و تاریخ شروع و پایان دوره معاملاتی می‌شود. این سایت علاوه بر موارد ذکرشده، کلیه اطلاعات مرتبط با عرضه و تقاضا و بیشترین افزایش و کاهش قیمت را نیز در اختیار شما قرار می‌دهد.
همان‌طور که اشاره کردیم، هزینه خرید اوراق اختیار فروش تبعی باید به گونه‌ای باشد که منجر به سودآوری سهامدار شود. برای اینکه این مهم تحقق یابد، کافی است بازدهی خرید این اوراق را طبق فرمول زیر محاسبه کنیم :
پرداختی/(پرداختی – دریافتی) = بازده
قیمت اعمال اوراق تبعی در زمان سررسید × تعداد اوراق تبعی خریداری‌شده = دریافتی
هزینه خرید اوراق تبعی + هزینه خرید سهام پایه = پرداختی
برای درک بهتر این مطلب، به مثال زیر توجه کنید :
فرض کنید شخصی قصد خرید ۱۰۰۰ اوراق اختیار فروش تبعی به قیمت ۲۲ تومان را دارد. لذا باید تعداد ۱۰۰۰ سهم از سهام شرکت A را خریداری کند. اگر قیمت هر سهم ۳۲۰ تومان باشد، هزینه پرداختی او برابر است با :
(۱۰۰۰×۲۲) + (۱۰۰۰×۳۲۰) = پرداختی
۳۴۳۳۶۸ تومان =۲۲۰۸۸ + ۳۲۱۲۸۰ = پرداختی
فرض کنید قیمت اعمالِ اوراق برابر با ۳۴۰ تومان باشد. در این صورت، مبلغ دریافتی برابر است با :
۳۴۰۰۰۰ تومان =(۱۰۰۰×۳۴۰) = دریافتی
بازدهی اوراق برای این شخص برابر است با :
۳۴۳۳۶۸/ (۳۴۰۰۰۰-۳۴۳۳۶۸) = ۰/۰۰۹-
لذا خرید اوراق تبعی با این قیمت برای شخص بازدهی نداشته و موجب زیان نیز خواهد شد. اکنون فرض کنید بازده مدنظر شخص، ٪۵ باشد. با قراردادن این مقدار در فرمول بالا، مبلغ دریافتی، هزینه پرداختی و در نتیجه، قیمت اوراق تبعیِ مطلوب به‌دست می‌آید.
پرداختی / (۳۴۰۰۰۰-پرداختی) = ٪۵
۳۲۳۸۰۹ تومان = پرداختی
۲۵۲۹ تومان = هزینه خرید اوراق تبعی
بنابراین، برای حصول بازده ۵ درصدی، شخص باید هر ورق از اوراق تبعی را به مبلغ ۲/۵ ریال خریداری کند.
خیر. این اوراق تنها در تاریخ سررسید، قابل فروش بوده و در صورت عدم اعمال آنها در تاریخ سررسید، به طور خودکار باطل خواهندشد.
بله. تعداد و قیمت اوراق تبعی با هر گونه تعدیلی در قیمت سهام به همان نسبت تغییر خواهدکرد.
در هر اطلاعیه‌ای که توسط عرضه‌کننده صادر می‌شود، تعداد مجاز خرید اوراق تبعی برای هر کاربر ذکر شده‌است.
به طور کلی، هر چه احتمال کاهش ارزش دارایی پایه افزایش یابد، قیمت اوراق اختیار فروش تبعی بیشتر خواهدشد.
این تعداد مازاد اعتباری ندارد و قابل فروش نخواهد بود.
اوراق اختیار فروش تبعی از جمله ابزارهایی است که توسط سازمان بورس به منظور کاهش ریسک سرمایه‌گذاری، حفظ منافع سهامداران و ایجاد اشتیاق جهت سرمایه‌گذاری در این بازار به کارگرفته شده است. در واقع، این اوراق ارزندگی سهام شما را در صورت کاهش قیمت سهم، تضمین خواهد کرد. البته قبل از خرید این اوراق باید با تمامی قوانین حاکم بر آن آشنایی پیدا کرده و اطمینان حاصل کنید که این اوراق را با قیمت مناسب خریداری می‌کنید و به‌کارگیری آن منجر به سودآوری شما خواهد شد.
What is underwriting and how is its process? Underwriting, as one of the most important concepts of the capital market, means the process of buying securities from the issuer or his legal representative and paying or committing to pay the full amount according to the contract. The concept of underwriting is mostly very close to the concept of initial offering in the capital market. In order to fully familiarize yourself with these concepts, we suggest you read the stock market training article on Rahvard website.
Underwriting is defined in the Dehkhoda dictionary as follows: writing and signing a document to commit to do something. With the same definition, it can be said: Underwriting is the commitment to do something that a person announces to others by signing the document. From the point of view of commercial law, underwriting is a process during which, when establishing a company, investors buy the company’s securities from the issuer or its legal representative and undertake to provide part of the company’s capital.
Underwriting has two basic principles, which are: 1- declaration of commitment through signature 2- payment of money. Stock companies licensed to operate on the stock exchange, in the stage of providing initial capital, can provide part of their financial resources through underwriting. This will help pave the way for the establishment of the company and people who want to become investors. Through underwriting, besides the founders of the company, other people also undertake to provide the financial resources of the company to the extent of the commitment they have signed.
Subscription is done in two ways, which are:
In this method, a person is introduced as a pledge. This person’s duty is to buy the rest from the publisher or his legal representative if all the securities are not sold within the registration deadline. The obligor is a person separate from the investor and the buyer, who is also called a broker.
At first, the broker examines the company’s stock price and determines the value of each share. Then, the company introduces the applicant for public offering. The broker must make a commitment to the stock exchange organization by registering the document, if all the bonds are not sold, he will provide the amount and buy all the remaining shares.
In best effort underwriting, the party or the capital providing company has no obligation to buy unsold bonds. Rather, he does his best to sell the bonds. In this method, not all securities may necessarily be sold.
The stock exchange organization determines the deadline for subscription, and this deadline is usually not more than 30 days. However, if the founders and issuers of the bonds want to extend the subscription period, they must provide justified reasons to the stock exchange organization, and in both stages, the results of the distribution and sale of the bonds should be reported to the organization.
The reason for this deadline is to protect investors. With this method, funds do not stay in the bank and immediately after completing the public offering process, the use of funds received by the organization is unimpeded. In the event that the public offering process is not completed, the funds received must be returned to the investors within 15 days.
The subscription process is done in two stages:
First, the subscription plan must be prepared and signed by all the founders of the company. Then, the plan must be submitted to the Companies Registration Office along with the company’s declaration and articles of association. In the registry office, the plan is checked and the documents are adapted to the commercial law. If this step is passed, the permission to publish the plan of the company’s subscription notice will be issued. After the license is issued, the announcement is made known to the general public by mentioning the subscription method, the required documents and the introduction of the bank through widely circulated newspapers.
For example, the subscription announcement of Esteghlal Sports Club published in the official newspaper.
After signing the share commitment sheet, the underwriter must deposit an amount to the declared account number and receive a receipt. It is not necessary to pay the whole amount at once. But his payment should not be less than 35% of the committed amount. The share pledge sheet contains two copies. One copy with the bank’s receipt and seal is submitted to the underwriter after signing, and the other copy remains with the bank.
The board of directors of public companies must consist of at least 5 people. But in the law, there is no maximum for the number of partners and shareholders can be several thousand people and there is no limit in this regard. Considering that underwriting is not considered a commercial practice, a newly established company can also participate in this process, and it does not matter whether a natural person does this work or a legal entity. Individuals do not need business rights to subscribe.
The share pledge sheet contains two copies. One copy with the receipt and bank stamp is submitted to the underwriter after signing, and the other copy remains with the bank.
After completing the subscription, it is necessary to go through the following 4 steps:
At this stage, the company is not yet established and needs to obtain permits from relevant authorities to start its work. After completing the subscription, founders must obtain these licenses.
The founders of the company invite the underwriters to participate in the general assembly by placing an advertisement in the widely circulated newspaper that they have introduced in the subscription plan. Considering that the founders provide at least 20% of the company’s shares, if the number of attendees does not reach the quorum (half of the shareholders) in the first meeting, the meeting will not be held.
The founders must repeat the process of announcing the invitation to the assembly and explain why the first meeting was not held. In the second meeting, the presence of one-third of the shareholders is mandatory, and if the number of those present in the meeting does not reach the quorum this time, the founders must stop the establishment of the company.
In the general meeting, all the shares of the company are subscribed and the amounts are paid. Inspectors and managers of the company are elected in this assembly through voting. Also, a widely circulated newspaper is selected to record the company’s advertisements. The company’s plans and statutes are reviewed and finally, all items are voted on. Each item will be approved by obtaining two-thirds of the votes present in the assembly.
Finally, after going through the mentioned steps, the company is established.
For many investors, the question arises as to how they should buy preemptive shares. Others have bought the pre-emptive stock without knowing that it cannot be sold, and after buying it, they don’t know what to do with it. For this reason, we will first define the right of way and the right of way not used.
Right of Preemption : In order to protect the interests of the company’s current shareholders, a law has been established that according to the commercial law, if a company increases its capital by bringing in cash and spending on shares, new shares will be issued for sale. The current shareholders have priority in buying these new shares, which is called priority in buying shares over new shareholders.
Unused right of pre-emption : If a person does not complete the company’s form in the capital increase and does not sell his right of pre-emption within the specified period, this right of pre-emption is called unused right of pre-emption. The company sells the unused right of pre-emption through auctions and advertisements, and He deducts the sales fee from that amount and deposits the remainder to the shareholders’ account.
The market supervisor determines a day or days during which the unused right of pre-emption can be publicly sold, and during this period, the symbol of the right of pre-emption is open. In order to buy the unused right of way in the auction, in addition to the price of the right of way, you must pay 100 Tomans at the time of purchase. People who use the online system to buy and sell shares, when buying, the price of the right of first refusal will be automatically calculated and deducted from their account along with a deposit of 100 Tomans.
In other words, when you buy a number of pre-emptive rights auctioned at a price of 60 Tomans, for example, the trading system deducts 160 Tomans for each pre-emptive right from your account and enters the purchase order into the trading system. Also, during the auction period, when the right of pre-emption is purchased, it is not possible to sell it again and you have to wait until it is converted into a share after registering the capital increase. Those who order the purchase of unused right of way to the broker, in addition to the price of the right of way, must have a deposit of 100 Tomans in their account with the broker in order to make the purchase.
Years ago, when there was no online trading system and automatic mechanism for deducting 100 Tomans from deposits, there were cases where a person would buy an unused right of way through a broker; But he could not pay the 100 tomans deposit on the appointed date, which was the end of the auction period, and as a result, he caused problems for the brokerage. But for several years, 100 Tomans deposit is meant to be received and deposited into the account on the same day and at the moment of purchase.
IPO and underwriting are two different concepts that are often confused by people new to the stock market. Considering that the choice of each of these two methods puts a different economic path in front of the shareholders, it is necessary to examine their differences.
Initial offering means that a company has introduced its shares to the market for the first time, and this does not mean that the company is newly established. Most companies enter 5 to 10 percent of their shares in the stock market and they will have a profit of about 30 to 100 percent.
The initial offering for companies will bring benefits such as funding for capital attraction, financial transparency and the company’s reputation. In the initial supply, the book building method is used to register the order. In this method, priority is given to the one with the highest price, not the one who placed the order earlier.
But the difference between initial supply and underwriting is:
Order price: In underwriting, the share price is fixed and clear (1000 Rials per share). But in the initial supply, a price range is defined and applicants register their order within this range.
Type of company activity: In underwriting, the company is being established and the founders are attracting initial capital. But in the initial offering, the company has already been established and has been operating, and its shares have only been offered for the first time on the stock exchange or over-the-counter.
Order registration deadline: In the subscription, the order registration deadline is 1 month, but in the initial offering, it is 1 trading day.
Opening of the symbol: Underwriting is a process before the establishment of the company, and the opening of the symbol after that depends on obtaining the necessary permits for the establishment of the company, and obtaining these permits may take several months. While the initial supply symbol is reopened at the beginning of the next trading day.
Underwriting is a measure to provide initial capital for new and start-up joint stock companies. With the presence and commitment of the underwriter in the capital market, the strength and presence of these companies will be guaranteed to a large extent. By participating in the underwriting process, people invest in a company that is not yet established; For this reason, several months may pass until the end of the subscription and establishment of the company. Therefore, keep in mind that this is a long-term investment and requires patience.
The balance sheet is one of the most important financial statements of a joint-stock company, which is also called the statement of financial position. This financial statement is a report that shows how much assets and liabilities the company had and how much equity was at a certain time. In fact, the balance sheet is a report that shows the company’s financial status as a snapshot at a specific time and is published at the end of quarterly and annual financial periods. In order to fully learn these concepts, we suggest you read the stock market training article on Rahvard website.
Assets, liabilities, and equity are actually small accounts that show the state of the company’s financial profile. These small accounts are different according to the type of companies and their activities and have different components; But the balance sheet equation will be maintained in all balance sheets.
The balance sheet equation, which is also called the accounting equation, is the main basis of modern accounting and applies to all transactions. In this equation, assets and total liabilities and equity are equal
Assets = Liabilities + Capital (Equity)
In fact, the basis of preparing the balance sheet is to provide information and details of the accounting equation in a regular format. In the balance sheet, like the accounting equation, assets are listed on the right side and liabilities and equity are listed on the left side.
The most important part of a balance sheet is the two columns on the left and right sides, which must be aligned with each other and conform to the accounting equation.
In the right column of the balance sheet, the assets of an economic enterprise, based on a rule called decreasing liquidity, are first placed in the order of liquidity power, and then the items that are more stable will be placed at the end of the balance sheet.
The assets themselves include two parts:
Assets such as cash, securities that can be sold, inventory, accounts receivable, advance payments, liquidable deposit accounts, etc., which have higher liquidity and are liquidated in less than one fiscal year, are called current assets.
Assets such as fixed assets, long-term investments, intangible assets, etc., which are less liquid than current assets and cannot be liquidated in less than one fiscal year, are non-current assets.
This column includes two sections, liabilities and equity. Debts are actually debts of various natures, such as debts to suppliers, investors’ dividends, salaries and wages, rents, etc., which the company is obliged to pay.
Liabilities, like assets, include two categories of current and non-current liabilities and are included in the balance sheet in order of payment due date:
Debts such as payable interest, rent, taxes, facility payments, advances, salaries and wages, etc., whose payment date is less than one fiscal year, are called current debts.
Debts such as installment tax debts, long-term debts, interest and principal of bonds, etc., which are not due for more than one financial year, are called non-current debts.
The next part of the column on the left of the balance sheet is the money that belongs to the owners of the shares of the economic enterprise in question, and it is also referred to as net assets. This amount is obtained from the difference between a company’s assets and liabilities, except equity, and is also known as equity. Analysts examine the financial health of a company by examining this part of the balance sheet.
In addition to what was said about the balance sheet, there are other details that are part of the balance sheet.
The title of the balance sheet includes three parts. The first part is the full name of the economic unit, which is written in the first line, the second part is the name of the report, which is the financial statement, and is written in the second line. The third part is the reporting date, that is, the last day of the financial period.
The unit of measurement is one of the important components of the balance sheet, in Iran, rial is considered as the unit of measurement in the form of financial status.
The last item is the sum of the accounts, i.e. the sum of the components of the first column (assets) and the second column (sum of liabilities and equity). Finally, under the sum of these two columns in the balance sheet, we draw two equal lines that indicate its closure and their sum should also be equal.
Due to the fact that the balance sheet shows the annual performance of a company on the last day of the financial period, it does not have the ability to show the long-term trends and changes of the company for more than one year. To check the long-term trend of the company, the current balance sheet of the company should be compared and analyzed with the past balance sheets.
Also, by comparing the balance sheet of the company with other industrial companies in which it operates, a proper analysis of the state of the industry and the company can be reached. With the help of other financial statements, more interpretations of the current state of the company can be obtained. On the other hand, by examining the parameters in the balance sheet and obtaining important financial ratios, the health of the company’s activity can be checked.
A company’s balance sheet is like a snapshot of assets, liabilities, and equity, and generally shows a company’s financial position at a moment in time. But the statement of profit and loss and cash flow is like a movie of the company’s situation in a period of three months or one year.
For example, in the balance sheet, the financial status of the company is reported at a specific time, for example, June 30, 1401, but in the profit and loss and cash flow statements, this report belongs to the period of the first quarter of 1401.
To check a company’s balance sheet, you can visit the Rahvard site, search for the symbol of your desired company from the search menu, and view the company’s balance sheet from the basic tab.
As you can see, it is possible to view the company’s balance sheet in two ways: “Total” and “Interim”. In assembly mode, the company’s balance sheet is displayed annually.
In interim mode, the balance sheet is displayed quarterly. It should be noted that it is possible to receive the balance sheet file in both Excel and CSV formats.
In terms of appearance, balance sheets can be presented in the following two ways:
As we mentioned earlier, the balance sheet consists of two columns and the shape of the account is in the form of the letter T. In this display method, assets are placed on the right side of the balance sheet, and debt and equity are placed in the left column, and it is also required to establish the accounting equation.
In this method of display, there is no column related to debt and equity, and all items are written in one column and in a report form. First, the assets, then the ownership rights, and finally the liabilities are listed in one column.
In Iran, the form of balance sheet account was used for presentation, but recently, the balance sheet of many companies is presented in the form of a report. The types of balance sheets can be classified differently in terms of details and items included in it.
The general goal of all companies in preparing the balance sheet is to specify the financial status of the company for employees, management and investors who intend to invest in the company, but their preparation differs according to the type of activity of each company. The main difference between balance sheets is in details such as amounts, types of accounts, and such cases, which we will examine.
Considering that they do not have a specific production activity, the balance sheet of commercial companies includes details such as gross profit and loss accounts and net profit and loss accounts, operating accounts, etc.
In service companies, like commercial companies, there is no product production and movement; Therefore, most of the accounts are related to the cost of providing services, profit from providing services, salaries and wages of personnel, etc.
The activity of contracting companies is receiving project capital from the employer at different stages of project completion, closing short-term and long-term contracts for various projects, high commitments, etc. These companies have the possibility to simultaneously have the nature of service, production, etc.
Companies are registered as a public or private joint-stock company. The balance sheet of these companies is not different from other companies and is prepared in the same way.
The balance sheet of stock exchange companies shows the records of the company’s activity, the current financial situation of the company and its ability to make profit, which is the basis for the analysis and decision making of many stock market operators. Therefore, the balance sheets of these companies are not different from other companies in terms of accounting principles, and there is a special importance only in the implementation of the principle of information disclosure and transparency.
This is because many shareholders will trade based on this information and this issue has a great impact on the value of the company. It should be noted that the balance sheets of listed companies must be approved by competent authorities.
The main capital of the country is in the hands of banks, and it is the banks that direct this capital. Banks engage in economic activities by using the major capital they have in hand, and this high amount of money has caused their activity to affect the amount of reduction or growth of public assets. Therefore, the balance sheet of banks is of special importance due to the fact that depositors, by examining the activity of banks, evaluate their success rate in the field of their economic activities. Therefore, the balance sheet of banks shows bank assets and liabilities, and changes in these parameters can change the economy at micro and macro levels and lead to major changes.
A company’s balance sheet is a part of the company’s financial statements that is very useful; But its main use for investors comes from the effectiveness of this financial statement in fundamental analysis. Investors and fundamental analysts can use a company’s profit and loss statement, balance sheet, cash flow statement, and comprehensive profit and loss statement to examine whether there is a balance between the company’s liabilities, assets, and profitability.
The balance sheet shows the performance of a company in the past and indicates whether there is a possibility of the company’s growth in the future or not. On the other hand, by comparing and reviewing the balance sheet of a company for several consecutive years, it is possible to check the amount of change in its assets, liabilities and equity and predict the trend of these changes. Therefore, the basic and important application of the balance sheet is to give the ability to recognize and predict the profitability or loss making process of a company in the future.
The balance sheet is a financial report of the amount of assets, liabilities and equity. With the information in the balance sheet, financial ratios used in fundamental analysis can be calculated and interpreted according to the desired industry and the type of company’s activity. In this way, investors see a general perspective of the company’s situation and decide to invest in it. On the other hand, the balance sheet helps to gain a better insight into the company’s liquidity, its productivity and the influence of the company’s activity on the market and the economy.
Nowadays, various software are used to prepare the accounting balance sheet of companies, but it can also be prepared manually. To prepare a balance sheet manually, you must first determine the date and reporting period of your balance sheet. The balance sheet date is the last day of your reporting period. Because the financial period of most companies is usually from the beginning of April to the end of the year, therefore, the date of the annual report for most companies is 29 March.
In the next step, you need to specify your assets. Assets are usually listed on the balance sheet both individually and as total assets to make the analysis easier for the analyst. Assets are divided into two categories: current and non-current:
First, write the current and non-current assets separately in the right column and then include their total in the balance sheet. Next, you need to identify your debts. Do this in the same way for the debts and first separately and then include the total debts in the balance sheet.
Now you need to calculate the equity. If the balance sheet you are preparing is for a private company that is owned by one owner, calculating equity will be a very simple task. But if the company is a public company and is owned by several major and minor owners, the calculation of this parameter will be a little more complicated. But in general, the common items that are available in the balance sheet are:
Add total liabilities to total equity and write at the bottom of the column. Finally, the sum of the two columns on both sides of the balance sheet table must be equal.
All parts of the balance sheet have their own importance; But this importance may be different according to the type of use of each segment in the analysis of the company. According to financial analysts and experts, the cash balance is the most important part of the balance sheet, and accounts receivable, short-term investment, investment in real estate, and debt are in the next degrees of importance, respectively.
The biggest problem of the balance sheet is that all its items are recorded in the balance sheet according to their book value, and the passage of time and inflation do not affect these recorded prices. This is especially true for fixed assets. For example, a property that was purchased 20 years ago for 50 million tomans and recorded in the balance sheet, after 20 years, it is still listed in the balance sheet with the same book value.
These financial events are actually the events that occurred between the date the financial period ended and the date the balance sheet was prepared, and they are classified as adjusting and non-adjusting events. Adjusting events are events that change transactions before the end of the financial period. Therefore, they should be included in the balance sheet.
This part of debts is considered due to the difference between accounting principles and tax laws. The tax assigned to the company is considered a liability until it is determined and is recorded as a tax reserve in the books and balance sheet. Changing this amount means changing the estimate.
One of the items that is reported in the balance sheet is the cash balance, which includes bank deposits, cash, salary and bank accounts and is considered a part of the company’s assets. It should be noted that the following items are not considered the company’s cash balance:
The balance sheet is one of the financial statements that shows the financial status of the company in different financial periods. The balance sheet is actually a financial report of the company’s assets, liabilities and equity. With the information in the balance sheet, financial ratios used in fundamental analysis can be calculated and interpreted according to the industry and type of company’s activity. For additional information, we suggest you read the fundamental analysis training article.
A subordinated put option is an instrument issued by the issuer of the underlying stock (companies) and gives the holder the option to purchase the underlying asset (the underlying stock) included in the contract at a specified time (maturity date) and at a specified price (exercise price). ) to sell.
Secondary sales warrants are offered by companies in order to reduce the risk of investment in the market and create confidence in shareholders. In fact, by issuing these bonds, companies guarantee the value of their shares and give the assurance to the shareholders that their interests will be preserved even if the share price decreases. These bonds are considered as a kind of stock insurance.
This announcement is published at least one working day before the launch and includes the following information:
It is the share on which the subordinated sales warrants are set.
It is a company that issues subordinated sales warrants.
The interval between the first and the last trading day of the secondary put option is called.
The date set for the sale of warrants is called secondary sale.
It is the fixed price for the underlying stock that is paid to the stockholder by the issuer of the bond on the exercise date.
The total number of secondary put options that will be offered until the end of the trading period.
The maximum number of secondary put options that any natural or legal person can purchase with their trading code.
It is the price at which secondary put option bonds are sold by the supplier, and it is determined by a special formula every day, and therefore, it is not fixed.
It is possible to exercise subordinated sales warrants only on the maturity date (the exercise date). It should be noted that if the request is registered in the brokerage panel, it will not be possible to cancel the request.
To register an application, pay attention to the following points:
1. Registration of the settlement request must be done by 14:00 on the working day before the due date.
2. Only secondary put options can be exercised by shareholders whose basic shares are kept in the asset portfolio until the end of the maturity date.
3. Registration of the settlement request is possible only by the broker in charge of subordinated sales warrants. The broker overseeing the secondary put option is the same as the broker overseeing the underlying stock. If your base stock does not have a supervising broker, you must determine it.
4. If you intend to apply the bonds, it will not be possible for you to change the supervising broker from one week before the maturity date.
5. If you do not register the exercise request by the due date, the subordinated sales warrants will expire and will no longer be able to be exercised.
6. If the number of put option bonds is greater than the number of basic shares or purchase limit for each trading code, the excess number will not be applicable.
7. It is better to register the settlement request for secondary put options when the closing price of the underlying stock at the time of maturity is lower than the exercise price.
As we mentioned, the subordinated sale option bonds are considered as a kind of stock insurance and it gives the shareholder the assurance that the value of his shares will be maintained. But you should pay attention to the fact that the purchase of these bonds will lead to profits for the shareholders when the market trend is downward from the time of purchase of these bonds to the maturity date. In fact, if the closing price of the share on the maturity date is lower than the exercise price, it will lead to profit for the shareholder.
Of course, the cost of purchasing bonds should also be calculated and by deducting from the resulting profit (which is obtained from the difference between the closing price of the share and the exercise price on the maturity date), the shareholder’s net profit should be calculated. Therefore, due to the one-sidedness of the stock market in Iran, it can be said that in downward trends, buying these bonds can help the shareholder’s profitability. In fact, these bonds should be purchased at a price that, taking into account the market trend until the maturity date, the difference between the basic stock price and the exercise price, will lead to the profit of the shareholder.
If on the maturity date, the closing price of the share is higher than the exercise price, the shareholder can sell his shares at the daily price in the market and thereby earn a profit. In this case, the bonds are automatically invalidated and the shareholder will suffer only as much as the cost he paid for the purchase of the secondary sale option bonds. In the following, we will explain in detail the appropriate price of subordinated bonds and the efficiency of buying these bonds.
The settlement of secondary sale warrants is done in two ways: cash settlement and physical settlement.
Cash settlement of secondary put options is possible only if the closing price of the share on the maturity date is lower than the exercise price. In this type of settlement, the difference between the closing share price and the exercise price on the due date will be paid to the shareholder in cash by the supplying company. It should be noted that in this type of settlement, shares are not transferred from the shareholder to the supplier company and the basic shares will remain in the shareholder’s portfolio.
In physical settlement, the issuer of the bonds must buy the individual’s basic shares from him at the exercise price on the maturity date. In this type of settlement, we see the transfer of shares from the shareholder’s portfolio to the supplier company. In fact, the basic shares are purchased by the supplier at the applied price and the resulting amount will be deposited into the shareholder’s account.
Usually, the symbol of put option bonds is composed of the letter “H” and a part of the stock exchange symbol along with the maturity date. To see the complete list of symbols with secondary bonds in the stock market and over-the-counter market, enter this link:
List of symbols with secondary sales warrants
As you can see in the image below, the symbols related to the secondary put options will be visible on this page based on the last trading day or any time.
To get information about companies that have issued subordinated bonds, refer to the website of the Tehran Stock Exchange. This information includes the symbol of the subordinated bonds, the supplier company, the price of the transaction, the purchase limit of the real and legal trading code, the date of the transaction, and the start and end dates of the trading period. In addition to the mentioned items, this site also provides you with all the information related to supply and demand and the biggest price increase and decrease.
As we have mentioned, the cost of buying secondary put option bonds should be such that it leads to the shareholder’s profit. In order to achieve this goal, it is enough to calculate the yield of buying these bonds according to the following formula:
Paid/(paid – received) = return
The price of applying the subordinated bonds at the time of maturity × the number of subordinated bonds purchased = received
The cost of buying secondary bonds + the cost of buying basic shares = payment
To better understand this article, consider the following example:
Suppose a person wants to buy 1000 warrants at the price of 22 Tomans. Therefore, he should buy 1000 shares of company A’s stock. If the price of each share is 320 Tomans, his payment is equal to:
( 22×1000) + (320×1000) = payment
343368 Tomans = 20088 + 321280 = payment
Let’s assume that the bond price is 340 Tomans. In this case, the amount received is equal to:
340,000 Tomans = (1000 x 340) = received
The bond yield for this person is equal to:
343368/ (340000-343368) = -0.009
Therefore, buying subordinated bonds at this price is not profitable for a person and will also cause losses. Now suppose that the desired return of the person is 5%. By putting this value in the above formula, the amount received, the cost paid, and as a result, the price of the desired subordinated bonds is obtained.
Paid / (paid – 340000) = 5%
323809 Tomans = payment
2529 Tomans = the cost of buying secondary bonds
Therefore, in order to obtain a 5% yield, a person must buy each sheet of subordinated bonds for the amount of 2.5 rials.
no These bonds can only be sold on the due date and if they are not used on the due date, they will be automatically voided.
Yes. The number and price of subordinated bonds will change accordingly with any adjustment in the stock price.
In every notice issued by the supplier, the authorized number of subordinated bonds for each user is mentioned.
In general, the higher the probability that the underlying asset will decline, the higher the price of the underlying put option will be.
This number has no surplus credit and cannot be sold.
Secondary sales warrants are among the tools used by the stock exchange organization in order to reduce investment risk, protect the interests of shareholders and create enthusiasm for investing in this market. In fact, these bonds will guarantee the value of your shares if the share price falls. Of course, before buying these bonds, you should familiarize yourself with all the rules governing them and make sure that you buy these bonds at the right price and that using them will lead to your profitability.
پذیره‌نویسی چیست و فرآیند آن چگونه است؟ پذیره‌نویسی به عنوان یکی از مهم‌ترین مفاهیم بازار سرمایه، به معنای فرآیند خرید اوراق بهادار از ناشر یا نماینده قانونی او و پرداخت یا تعهد پرداخت وجه کامل آن طبق قرارداد است. مفهوم پذیره‌نویسی عمدتاً بسیار نزدیک به مفهوم عرضه اولیه در بازار سرمایه است. به منظور آشنایی کامل با این مفاهیم پیشنهاد میکنیم مقاله آموزش بورس را در وبسایت ره‌آورد مطالعه نمایید.
پذیره‌نویسی در لغت‌نامه دهخدا این‌طور تعریف شده‌است : نوشتن و امضاکردن نوشته‌ای برای تعهد انجام کاری. با همین تعریف می‌توان گفت : پذیره‌نویسی تعهد انجام کاری است که فرد با امضای سند، آن را به بقیه اعلام می‌کند. از منظر قانون تجارت، پذیره‌نویسی فرآیندی است که طی آن، در هنگام تأسیس یک شرکت، سرمایه‌گذاران اوراق بهادار آن شرکت را از ناشر یا نماینده قانونی وی خریداری کرده و متعهد می‌شوند که بخشی از سرمایه آن شرکت را تأمین کنند.
پذیره‌نویسی دو اصل اساسی دارد که عبارتند از : ۱- اعلام تعهد از طریق امضا ۲- پرداخت وجه. شرکت‌های سهامی دارای مجوز فعالیت در بورس، در مرحله تأمین سرمایه اولیه، می‌توانند بخشی از منابع مالی خود را از طریق پذیره‌نویسی تأمین کنند. این کار به هموار شدن راه تأسیس شرکت و افرادی که تمایل دارند سرمایه‌گذار شوند، کمک می‌کند. از طریق پذیره‌نویسی، بجز مؤسسان شرکت، افراد دیگری نیز متعهد می‌شوند که به‌اندازه تعهدی که امضا کرده‌اند، منابع مالی شرکت را تأمین کنند.
پذیره‌نویسی به دو روش انجام می‌شود که عبارت است از :
در این روش، فردی به‌عنوان متعهد معرفی می‌شود. وظیفه این شخص این است که در صورت به‌فروش نرفتن کلیه اوراق بهادار در مهلت ثبت‌نام، باقیمانده را از ناشر یا نماینده قانونی او خریداری کند. متعهد، فردی جدا از سرمایه‌گذار و خریدار است که به او کارگزار هم می‌گویند.
در ابتدا، کارگزار قیمت سهام شرکت را کارشناسی کرده و ارزش هر سهم را تعیین می‌کند. سپس، شرکت متقاضی را جهت عرضه عمومی معرفی می‌کند. کارگزار باید با ثبت سند به سازمان بورس تعهد دهد درصورتی‌که تمام اوراق به فروش نرسید، او مبلغ را تأمین کرده و تمام سهام باقیمانده را خریداری می‌کند.
در پذیره‌نویسی به روش بهترین کوشش، طرف یا شرکت تأمین سرمایه هیچ تعهدی برای خرید اوراق فروش‌نرفته ندارد. بلکه بهترین کوشش خود را جهت به‌فروش رساندن اوراق انجام می‌دهد. در این روش، ممکن است لزوماً همه اوراق به فروش نرسد.
سازمان بورس و اوراق بهادار تعیین‌کننده مهلت پذیره‌نویسی است و این مهلت معمولاً بیشتر از ۳۰ روز نیست. با این حال، در صورتی که مؤسسان و ناشران اوراق، خواهان تمدید مهلت پذیره‌نویسی باشند، باید دلایل مستدل به سازمان بورس ارائه کنند و در هر دو مرحله، نتایج توزیع و فروش اوراق به اطلاع سازمان برسد.
دلیل این مهلت، حمایت از سرمایه‌گذاران است. با این روش، سرمایه‌ها در بانک نمی‌ماند و بلافاصله پس از تکمیل فرآیند عرضه عمومی، استفاده از وجوه دریافتی توسط سازمان، بلامانع است. در شرایطی که فرآیند عرضه عمومی تکمیل نشود، ظرف مدت ۱۵ روز وجوه دریافتی باید به سرمایه‌گذاران بازگردانده شود.
فرآیند پذیره‌نویسی در دو مرحله انجام می‌شود :
ابتدا باید طرح پذیره‌نویسی تهیه و به امضای همه مؤسسان شرکت برسد. سپس، طرح باید به همراه اظهارنامه و اساسنامه شرکت به اداره ثبت شرکت‌ها تحویل شود. در اداره ثبت، طرح بررسی شده و مدارک با قانون تجارت تطبیق داده می‌شوند. در صورت گذر از این مرحله، مجوز انتشار طرح اعلامیه پذیره‌نویسی شرکت صادر می‌شود. بعد از صدور مجوز، اعلامیه با ذکر نحوه پذیره‌نویسی، مدارک موردنیاز و معرفی بانک از طریق روزنامه‌های کثیرالانتشار به اطلاع عموم مردم می‌رسد.
به عنوان مثال، اعلامیه پذیره‌نویسی باشگاه ورزشی استقلال که در روزنامه رسمی منتشرشده،
پذیره‌نویس پس از امضای برگه تعهد سهم، می‌بایست مبلغی را به شماره حساب اعلام‌شده واریز کرده و رسید دریافت کند. لزومی ندارد که کل مبلغ یکجا پرداخت شود. اما پرداختی او نباید کمتر از ٪۳۵ مبلغ تعهد شده‌اش باشد. برگه تعهد سهم شامل دو نسخه است. یک نسخه همراه با رسید و مهر بانک پس از امضای پذیره‌نویس به وی تسلیم می‌شود و نسخه دیگر نزد بانک می‌ماند.
هیئت‌مدیره شرکت‌های سهامی عام باید حداقل از ۵ نفر تشکیل شده باشد. اما در قانون، حداکثری برای تعداد شرکا وجود نداشته و سهامداران می‌توانند چندین هزار نفر باشند و هیچ محدودیتی در این خصوص وجود ندارد. باتوجه‌به اینکه پذیره‌نویسی عملی تجاری محسوب نمی‌شود، یک شرکت تازه‌تأسیس هم می‌تواند در این فرایند شرکت کند و فرقی نمی‌کند شخص حقیقی این کار را انجام می‌دهد یا شخص حقوقی. اشخاص برای پذیره‌نویسی به حق تجارت نیازمند نیستند.
برگه تعهد سهم شامل دو نسخه است. یک نسخه همراه با رسید و مُهر بانک پس از امضای پذیره‌نویس به وی تسلیم می‌شود و نسخه دیگر، نزد بانک باقی می‌ماند.
پس از اتمام پذیره‌نویسی لازم است ۴ مرحله زیر طی شود :
در این مرحله، شرکت هنوز تأسیس نشده و برای آغاز به کار خود، نیازمند اخذ مجوزهایی از مراجع مربوطه است. پس از اتمام پذیره‌نویسی، مؤسسان باید این مجوزها را کسب کنند.
مؤسسان شرکت با درج آگهی در روزنامه کثیرالانتشاری که در طرح پذیره‌نویسی آن را معرفی کرده‌اند، پذیره‌نویسان به را شرکت در مجمع‌عمومی دعوت می‌کنند. باتوجه به اینکه مؤسسان حداقل ٪۲۰ از سهام شرکت را تأمین می‌کنند، درصورتی‌که در جلسه اول، تعداد حضار به حدنصاب (نیمی از صاحبان سهام) نرسد، جلسه تشکیل نمی‌شود.
مؤسسان باید دوباره روند آگهی دعوت به مجمع را تکرار کنند و توضیح دهند چرا جلسه اول تشکیل نشده‌است. در جلسه دوم حضور یک سوم صاحبان سهام الزامی است و اگر این بار نیز تعداد حاضرین در جلسه به حدنصاب نرسد، مؤسسین، می‌بایست تأسیس شرکت را متوقف کنند.
در مجمع‌عمومی کلیه سهام شرکت احراز پذیره‌نویسی شده و مبالغ آن پرداخت می‌شود. بازرسان و مدیران شرکت در این مجمع از طریق رأی‌گیری انتخاب می‌شوند. همچنین، یک روزنامه کثیرالانتشار جهت ثبت آگهی‌های شرکت انتخاب می‌شود. طرح‌ها و اساسنامه شرکت مورد نقد و بررسی قرار می‌گیرد و در نهایت، همه موارد به رأی گذاشته می‌شود. هر موردی با کسب دو سوم آراء حاضر در مجمع، تصویب خواهدشد.
در نهایت، پس از طی مراحل یادشده، شرکت تأسیس می‌شود.
برای بسیاری از سرمایه‌گذاران این سوال پیش می‌آید که چطور باید حق تقدم سهام را خریداری کنند. برخی دیگر نیز بدون اینکه بدانند سهام حق تقدم قابلیت فروش ندارد، آن را خریداری کرده و بعد از خرید، نمی‌دانند با آن چه کار کنند. به این دلیل، ابتدا به تعریف حق تقدم و حق تقدم استفاده‌نشده می‌پردازیم.
حق تقدم: به‌منظور حفظ منافع سهامداران فعلی شرکت، قانونی وضع شده که بر اساس قانون تجارت، در صورتی که یک شرکت اقدام به افزایش سرمایه از محل آورده نقدی و صرف سهام کند، سهام جدیدی برای فروش منتشر می‌شود. سهامداران فعلی در خرید این سهام جدید، اولویت دارند که به این اولویت در خرید سهام نسبت به سهامداران جدید، حق تقدم خرید سهام گفته می‌شود.
حق تقدم استفاده‌نشده: اگر شخصی فرم شرکت در افزایش سرمایه را تکمیل نکند و حق تقدم خود را در مدت‌زمان تعیین‌شده نفروشد، به این حق تقدم، حق تقدم استفاده‌نشده می‌گویند که شرکت، حق تقدم استفاده‌نشده را به روش حراج و از طریق آگهی‌ها می‌فروشد و مبلغ کارمزد فروش را از آن مبلغ کم کرده و باقیمانده آن را به حساب سهامداران واریز می‌کند.
ناظر بازار روز یا روزهایی را مقرر می‌کند تا طی این روزها حق تقدم‌های استفاده نشده به صورت عمومی به فروش برسد و در طول این مدت، نماد حق تقدم باز است. برای خرید حق تقدم استفاده‌نشده در حراج، باید علاوه بر قیمت حق تقدم، مبلغ ۱۰۰ تومان را هم در هنگام خرید پرداخت کنید. افرادی که از سامانه آنلاین برای خرید و فروش سهام استفاده می‌کنند، هنگام خرید، به شکل خودکار قیمت حق تقدم همراه با ۱۰۰ تومان واریزی، محاسبه شده و از حسابشان کسر خواهدشد.
به‌عبارت دیگر، وقتی تعدادی حق تقدم حراج‌شده در قیمت مثلا ۶۰ تومان را می‌خرید، سیستم معاملاتی، مبلغ ۱۶۰ تومان را به ازای هر حق‌تقدم از حساب شما کسر کرده و دستور خرید را وارد سیستم معاملاتی می‌کند. همچنین، در دوره حراج، وقتی حق‌تقدم خریداری می‌شود، امکان فروش مجدد آن وجود نداشته و باید منتظر ماند تا پس از ثبت افزایش سرمایه، به سهم تبدیل شود. کسانی هم که دستور خرید حق‌تقدم استفاده‌نشده به کارگزار می‌دهند، باید علاوه بر قیمت حق تقدم، ۱۰۰ تومان واریزی هم در حسابشان نزد کارگزار موجود باشد تا خرید انجام شود.
سال‌ها پیش که سیستم معاملاتی آنلاین و سازوکار خودکار کسر ۱۰۰ تومان واریزی وجود نداشت، مواردی پیش می‌آمد که فردی از طریق کارگزاری، حق تقدم استفاده‌نشده را خریداری می‌کرد؛ اما نمی‌توانست در موعد مقرر که پایان زمان حراج بود، ۱۰۰ تومان واریزی را پرداخت کند و در نتیجه، مشکلاتی را برای کارگزاری ایجاد می‌کرد. اما چند سال است که ۱۰۰ تومان واریزی در همان روز و در لحظه خرید، دریافت و به حساب سپرده‌گذاری منظور می‌شود.
عرضه اولیه و پذیره‌نویسی دو مفهوم متفاوت هستند که معمولاً افراد تازه‌وارد به بازار سهام این دو را با هم اشتباه می‌گیرند. با توجه به اینکه انتخاب هر یک از این دو روش، مسیر اقتصادی متفاوتی را پیش‌روی سهامداران می‌گذارد، لازم است که تفاوت‌های آنها را بررسی کنیم.
عرضه اولیه یعنی شرکتی برای اولین بار سهام خود را وارد بازار کرده است و این به معنای تازه‌تأسیس بودن شرکت نیست. اغلب شرکت‌ها ۵ تا ۱۰ درصد از سهام خود را وارد بازار بورس می‌کنند و در حدود ۳۰ تا ۱۰۰ درصد سوددهی خواهندداشت.
عرضه اولیه برای شرکت‌ها مزایایی چون تأمین مالی جذب سرمایه، شفافیت مالی و شهرت شرکت را در پی خواهدداشت. در عرضه اولیه، از روش بوک بیلدینگ (Book Building) برای ثبت سفارش استفاده می‌شود. در این روش، اولویت با قیمت بالاتر است نه کسی که زودتر ثبت سفارش کرده‌است.
اما تفاوت عرضه اولیه و پذیره‌نویسی عبارت است از :
قیمت سفارش : در پذیره‌نویسی، قیمت سهام ثابت و مشخص است (۱۰۰۰ ریال به‌ازای هر سهم). اما در عرضه اولیه، محدوده قیمتی تعریف شده و متقاضیان در این بازه سفارش خود را ثبت می‌کنند.
نوع فعالیت شرکت : در پذیره‌نویسی شرکت در حال تأسیس است و مؤسسان در حال جذب سرمایه اولیه. اما در عرضه اولیه، شرکت قبلاً تأسیس شده و فعالیت داشته‌‍‌است و صرفاً سهام آن برای اولین بار در بورس یا فرابورس عرضه شده‌است.
مهلت ثبت سفارش : در پذیره‌نویسی، مهلت ثبت سفارش ۱ ماه است، اما در عرضه اولیه، ۱ روز معاملاتی است.
بازگشایی نماد : پذیره‌نویسی فرآیندی پیش از تأسیس شرکت است و بازگشایی نماد پس از آن به اخذ مجوزهای لازم جهت تأسیس شرکت بستگی دارد و ممکن است دریافت این مجوزها تا چند ماه طول بکشد. درحالی‌که نماد عرضه اولیه با آغاز روز معاملاتی بعد، بازگشایی می‌شود.
پذیره‌نویسی اقدامی جهت تأمین سرمایه اولیه شرکت‌های سهامی جدید و نوپا است. با حضور و تعهد پذیره‌نویس در بازار سرمایه، این شرکت‌ها قدرت و حضورشان تا حد زیادی تضمین خواهدشد. با شرکت در فرآیند پذیره‌نویسی، افراد در شرکتی سرمایه‌گذاری می‌کنند که هنوز تأسیس نشده‌است؛ به همین دلیل، ممکن است تا پایان پذیره‌نویسی و تأسیس شرکت، چندین ماه سپری شود. لذا در نظر داشته باشید که این یک سرمایه‌گذاری بلندمدت بوده و نیازمند صبر و حوصله است.