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Initial public offerings
We advise our clients on value-creating initial public offerings, providing services for the full range of IPOs from start-ups through privatizations and spin-offs.
We strive to be the primary strategic advisor for our clients on almost all issues in the context of an IPO:
Before the IPO decision is taken, we usually assist clients in developing capital market strategies and in assessing the timing and structure of the IPO.
We accompany management and shareholders during the IPO phase, providing support on all aspects of preparing the company for the financial markets, including the key phases of the IPO (overall project management, business plan, valuation, listing documents, analysts and roadshow presentations).
After the listing, we support our clients in the actions required to achieve the stated targets and to further build the capabilities needed for success on the capital markets
The IPO is a key event in a company’s life and our clients need to prepare their organizations adequately, and take the opportunity to review their strategy and to provide their management with due incentives.
We believe we can best support our clients in these crucial activities by combining our strong Corporate Finance expertise with deep industry knowledge, expertise in strategy development and understanding of the way organizations work
What we do
Assisting in IPO decision and preparation
We support our clients in deciding when and how their company should be listed; in particular, we assess the appropriate timing of an IPO, based on financial market conditions and the company’s growth path; we verify whether the company is ready from an organizational and corporate governance perspective; we advise on the best IPO structures and markets of reference and conduct preliminary valuations.
Developing the listing strategy.
We assist clients in selecting the most appropriate stock exchanges for the listing, and adivse on the benefits and implications of simultaneous listing on more than one market.
Managing the overall IPO process.
The IPO process is a complex and stressful situation for the client organization, involving many counterparties and requiring rigorous time management. We support our clients in overall project management and the coordination of the advisors involved (bankers, lawyers, accountants, PR consultants etc.) as well as preparing the contents of listing documents.
Developing the strategic and financial IPO business plan and valuation.
The business plan is the “heart” of every successful IPO – it is the base for the IPO storyline, the definition of the IPO price, and the company’s subsequent implementation of its strategy. We support our clients in developing the business plan, from defining the company vision, through the specific strategic plan to assistance in preparing the appropriate financial projections. We also give our clients independent assistance in the valuation of the company activities, in order to prepare the final assessment of the IPO price.
Developing overall financing strategy
We assist clients in developing a long-term financing strategy by analyzing issues like the staging of the equity placing, the capital structure and gearing, and the dividend policy.
Preparing the equity story and selecting target analysts and investors
We use our in-depth knowledge of the industry and capital markets to support the company in transforming the business plan into a credible storyline for the financial markets
Building public company capabilities
Opening up the company to the financial markets often requires the build-up of new capabilities, such as investor relations, share registrars and treasury functions. We assist our clients in developing the necessary skills from the very start of the IPO process. We also define all the tools and procedures that represent key success factors in the company’s post-IPO management.
Realizing value as a public company
The IPO process provides a series of opportunities in addition to pure financing. We assist clients in adopting a value-creation mindset, identifying and realizing these individual opportunities. Ways of unlocking value may include adjusting organizational and governance structures, providing incentives for management, or implementing performance management programs.
Supporting post-IPO management
Once an IPO is completed, the listed company will have to interact constantly with the financial markets, as it works to achieve the target set. We assist our clients in preparing the action plans necessary to achieve these targets, and in re-focusing top-management attention from the IPO process on key business issues and opportunities. We also provide support in managing capital market expectations and perceptions.
Recent client work
We assisted two major conglomerates in spinning off two of their respective business units while, at the same time, merging and listing them. Our work ranged from developing a new corporate strategy to building new public company capabilities - such as investor relations - to supporting the equity marketing.
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