IPO University
Direct Distribution
This is a form of spin-off where the parent company provides its existing stockholders with shares of the separated company, rather than offer them to the public. While the shares of the new company may become listed on an exchange, it is not an IPO, because there is no offering. Two well-known examples: TripAdvisor and PayPal were spun out of Expedia and eBay, respectively, via direct distribution.