For businesses looking to grow, raising capital can be a challenge. Bank loans, private investors, and possibly an IPO are the usual options. But there's another route that may not be familiar to many business owners: the unlisted public company, a public company that isn't listed on the stock exchange.

We get into:

• What a UPC is: How it differs from a private limited company or a listed one

• The rules:  What the Securities Commission's March 2025 guidelines for UPC share offerings changed for sophisticated and retail investors

• Investor risk: The warning signs investors should watch for, and illiquidity and valuation of UPC shares.