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What is the main difference between a fixed-price offering and an open-price offering on the primary market?

What is the main difference between a fixed-price offering and an open-price offering on the primary market?

A fixed-price offering sets the price in advance, while an open-price offering proposes a price range adjusted according to demand
A fixed-price offering targets only institutional investors, while an open-price offering targets only retail investors
A fixed-price offering requires AMF approval, while an open-price offering does not
A fixed-price offering is always more advantageous for issuers