If the admission to trading of your Company’s shares takes place on a regulated market and/or if the IPO takes place through a Public Offer, the Company needs to prepare and disclose an EU Prospectus (unless any of the exemptions referred apply). This section aims to present to potential issuers the roadmap to follow in those situations.
Usually, the IPO process is developed in 3 phases, namely Planning, Preparation & Review, and Offering & Placement:
IPO & Listing
The IPO planning should lay the framework for a successful IPO. In order to ascertain that an IPO is the optimal choice (and if so, what is the best format for an Offer), Companies should diligently analyse and rank all available funding alternatives.
In this phase, it’s common to do the following steps:
It is advisable to hire advisors to perform and assist some of the tasks, such as due diligence and regulatory requirements (filings and documents), adaptation of the financial information if required.
Main steps in this phase are typically the following:
This phase is key not only for the success of the IPO but also for the Company’s relationship with Investors, as this is a period in which the Company will have a high level of exposure and Investors’ attention is highly focused.
The main steps in this last phase are as follows:
Once you are knowledgeable about which steps you need to take and with the support of experienced IPO advisors to assist you throughout the process, your Company should be able to carry out the IPO process with greater ease. In this Section, a detailed description of the 3 phases of the IPO process is presented. Post-Listing processes are dealt with in Section “5. Life as a company with securities admitted to trading”.
A comprehensive timeline detailing main events during the process is presented here.