IPO guides, in process order
Plain-language guides to how an IPO is decided, prepared, executed and run afterwards. Written from the issuer and CFO side of the table.
Is an IPO the right move, and is the company ready?
Is an IPO the right move?
Why companies go public, what it really costs them, and how an IPO compares with direct listings, SPACs, dual-track sales and private capital.
Family companiesIPOs for family-owned and Mittelstand companies
What changes when a family or founder-controlled company goes public: control, succession, governance, family alignment, structures that keep influence, and how investors view family ownership.
ProcessThe IPO roadmap, phase by phase
The full IPO process from readiness to the first months as a listed company: phases, workstreams, typical sequence and the decisions in each.
ReadinessIPO readiness: what "ready" really means
The eight dimensions of IPO readiness, the questions investors and banks ask in each, and how to close the gaps before the clock starts.
Team, structure, reporting and documents.
Finance and reporting readiness: the CFO's IPO workstream
What the finance function must deliver for an IPO: historical financials, accounting standards, interim reporting, pro forma figures, comfort letters, KPIs and the listed-company reporting calendar.
StructureCorporate structure and governance for listing
How to prepare the legal entity, group structure, share capital, board and committees, management incentives and shareholder arrangements for a public listing.
TeamBuilding the IPO team: banks, counsel, auditors and advisers
Who does what in an IPO, how to run a bank selection (beauty contest), what to ask each adviser, and how to organise the internal project team.
VenueChoosing a listing venue and segment
How to choose where to list: home market or abroad, regulated market or growth segment, single or dual listing, and the criteria that matter for investors, indices and ongoing costs.
DocumentationDue diligence and the prospectus
What due diligence covers in an IPO, how the prospectus is structured and drafted, how regulator review works, and how to manage liability and verification.
BudgetWhat an IPO costs, and how to budget it
The one-off and recurring costs of an IPO, how they are accounted for, which drivers move them, and how to build and control an IPO budget.
Story, valuation, offer design, marketing and pricing.
Writing the equity story
How to build an equity story investors can buy: the core investment case, the proof points, the KPIs, the risks you address head-on, and how the story flows into every IPO document.
ValuationIPO valuation and pricing
How IPO valuations are built (peer multiples, DCF, sum of the parts), why IPOs are priced at a discount, and how the price range and final price are set.
Offer designDesigning the offer: size, mix, greenshoe and lock-ups
How to structure an IPO offering: primary versus secondary shares, offer size and free float, tranches, the greenshoe and stabilisation, lock-ups and cornerstone investors.
Pricing methodsBookbuilding, fixed price, auctions and direct listings
The four ways shares can be priced when a company goes public, how each works, who controls the price and allocation, and when each one fits.
MarketingMarketing, bookbuilding and pricing
The marketing phase step by step: early-look meetings, pilot fishing, analyst research, intention to float, investor education, roadshow, bookbuilding, pricing, allocation and the first trading day.
Obligations and performance after the first trade.
Life after the IPO: running a listed company
The obligations and routines of a newly listed company: periodic reporting, ad hoc disclosure, insider lists, managers' transactions, closed periods, investor relations, the AGM and the first year.
ResearchHow IPOs perform: underpricing, hot markets and the long run
What research on IPO performance shows about first-day returns, long-run returns, hot issue markets and lock-up effects, and what it means for issuers and investors.