When there is no investment banking firm or underwriter involved in a public offering and the shares are offered by the private company, it is called a direct public offering or “DPO.”  A direct public offering can generally be completed for between $40,000 and $90,000 (depending on the size of the company) and in less than nine months. While it takes longer than a reverse merger, it is far less expensive and does not involve a shell company. Since few companies can attract the interest of an investment banking firm to complete an initial public offering, the direct public offering and reverse merger transaction are alternatives to consider.