An unlisted public company, or a publicly unlisted company, is a public company, which is a company that can have an unlimited number of shareholders to raise capital for any commercial venture, but which is not listed on any stock exchange. A company may not be listed on a stock exchange for a number of reasons, including because it is too small to qualify for a stock exchange listing, does not seek public investors, or there are too few shareholders for a listing. Each stock exchange has its own listing requirements. Unlisted public companies tend to be larger than companies limited by guarantee.
Unlisted public companies are more likely to engage in profit-maximising behavior as their share capital structure makes it very easy to give their members financial returns.
In Australia, a public company, whether listed or not, is required to prepare an annual report that includes a directors' report, financial report, and an auditor's report. The report is to be distributed to shareholders 21 days before an annual general meeting or four months after the end of the financial year. These rules are in place because members of the public who have invested in such companies are not always in a position to get information about the companies performance, and so would not be able to monitor their investment and determine the return on their investment.