An IPO is the first time that stock in a company is offered for the public to buy on the stock market. Before that day the company is private: only a small circle of owners hold it. After the IPO, ordinary people and big funds can buy a share.

An IPOIPO，is the first time that stock in a company is offered for the public to buy on the stock market是一家公司的股票第一次在股市上開放給大眾買的時候。Before that day在那天之前，the company is private公司是private（私有）的，only a small circle of owners hold it只有一小圈的所有人持有它。After the IPOIPO之後，ordinary people and big funds can buy a share一般人和大型基金都可以買到股份。

News reports say a company is “going public.” This is business and newspaper language more than kitchen-table talk, though you will hear it when a famous company lists its shares.

News reports say a company is “going public.”新聞報導會說一家公司「going public」（公開上市）。This is business and newspaper language more than kitchen-table talk這是商業和新聞用語，比較不是日常閒聊會用的，though you will hear it when a famous company lists its shares不過當一家知名公司股票上市時你還是會聽到。

Though actually, people sometimes say “IPO” for the whole noisy week of listing, not only the strict first sale, and in everyday Chinese people often just say 上市, which can cover more than that first morning.

Though actually不過其實，people sometimes say “IPO” for the whole noisy week of listing人們有時候會把整個熱鬧上市的那一週都叫做「IPO」，not only the strict first sale而不只是嚴格意義上的第一次賣股票，and in everyday Chinese people often just say 上市而在日常中文裡人們常常就直接說上市，which can cover more than that first morning這可以涵蓋的範圍比第一天早上還要廣。