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| Illiquid | Describing stock, typically in a private company, for which there is no market in which shareholders can achieve liquidity by trading or selling their shares. |
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| Initial public offering (IPO) | The event of first listing the stock of a formerly private company on a public stock exchange (e.g., LSE, AIM, etc.) so that the company’s shares can be freely traded, bought and sold by the investing public; commonly referred to by its abbreviation, IPO. Going through the process of an IPO is often referred to as going public. |
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| Investment round | A financing round from the perspective of the investor. |
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