Going public is a major decision that fundamentally and sustainably changes a company and its structures and processes. Comprehensive preparation for the Initial Public Offering (IPO) is essential for success. It doesn’t matter how the company accesses the capital market, be it through a traditional IPO, a SPAC transaction or a direct listing. It is not only important to prepare for the intensive IPO Execution phase – the real endurance test begins afterwards. The company is scrutinised by both new investors and the public. It must fulfil their expectations from day one. This means meeting legal and regulatory requirements, maximising operational efficiency and delivering high-quality financial and non-financial data. In addition, transparent communication with all stakeholders, such as investors and analysts, business partners or regulators, is essential for long-term success. PwC supports issuers and their owners on their way to the capital market.
Every IPO is unique and brings with it individual challenges. Read below to find out what the most important conclusions from our extensive experience are.
PwC’s readiness assessment is part of our holistic IPO approach, which thoroughly analyses your company and its processes, systems and structures and compares them with the legal and regulatory requirements and investor expectations.
Our years of expertise then enable us to align the identified gaps with your IPO timeline and develop a customised project plan that takes into account your individual needs and objectives.
The use of innovative digital tools and proven processes ensures high efficiency and minimises additional workload for your team. With our straightforward and pragmatic approach, we will guide you through the entire process – right up until the bell rings and beyond.
Effective project management is crucial to the success of an IPO. We support you in developing your project plan and governance framework, monitor progress and milestones and coordinate your internal project team to ensure your resources are optimally utilised. We also provide practical support where necessary. This allows you to set the key priorities, allocate resources and focus on operations.
Our Capital Markets team advises you on strategic issues relating to your IPO, from analysing various stock exchanges and transaction structures to selecting the advisory team. Together we define the objectives of the transaction and create the conditions for your success.
We help you to adapt your finance function and reporting to the requirements of the capital market and the needs of capital market investors. In addition, we support you in the preparation of required financial statements (unless we act as your auditor). We also advise you on the development of relevant key performance indicators (KPIs) and data to optimise the management of your business and to underpin your equity story. By introducing suitable processes and systems, we make your company fit for efficient and reliable reporting, including digital tools as part of the finance transformation.
Alongside the analyst presentation, the prospectus is the decisive document for the successful marketing of your share s and should contain a convincing equity story, underpinned by meaningful financial information and KPIs. The profit forecast, which is increasingly presented in the prospectus, frames the expectations of potential investors and other stakeholders.
Our experienced team can advise you on how to deal with the numerous data and information requirements that arise in the course of preparing a prospectus. We support you in the preparation (or review) of financial information and analyses, and work with you to develop meaningful KPIs. We are also happy to liaise with your auditor in this regard. In this way, your prospectus becomes a meaningful and convincing component of your marketing.
Sustainability reporting is also becoming increasingly important for stakeholders, especially in light of the European Green Deal and the Corporate Sustainability Reporting Directive (CSRD).
As with financial reporting, we also support you in analysing materiality to identify the necessary KPIs and data points. In doing so, we take into account the requirements of the CSRD, the EU Taxonomy and the various voluntary frameworks. Through a comprehensive gap analysis, we ensure that all relevant information is recorded and support you in implementing suitable processes and systems to ensure reliable and rapid reporting. Here too, we coordinate our activities closely with your auditor.
We also offer you support with a wide range of other IPO services. These include the legal and tax structuring of the transaction as well as the further development of your IT-, internal controls-, tax- and HR functions. Our experienced lawyers and tax advisors are on hand to ensure that all aspects of your IPO are covered.
“With our holistic approach, we accompany you on your way to the stock exchange and help you to successfully master all challenges. Your success is our goal, and we are always at your side with our expertise and experience.”
Stephan Wyrobisch,Partner Capital Markets at PwC Germany