IPO University
American Depository Receipts (ADRs)/American Depository Shares (ADSs)
Non-U.S. companies that wish to list on a U.S. exchange must abide by the regulatory and reporting standards of the Securities and Exchange Commission (SEC). These traded securities are called receipts because they represent a certain amount of the company's actual shares. Examples of ADR offerings include Alibaba, France Telecom, and Banco Santander Brasil.
