IPO Readiness

Are you ready for the IPO Journey?

Be confident you are ready to list:
A Big Ben IPO readiness review will leave you fully prepared to execute a successful IPO.

An IPO can boost a company’s financial strength, provide capital to finance growth, attract and retain talent through equity participation, and enhance the company’s profile.

How to make a successful IPO

To complete a successful IPO it is vital that you are ready to list at the right moment. Many IPOs are delayed, or even fail completely, due to a lack of rigorous up-front planning. Deficiencies in the planning stage can impact the IPO process in a number of ways:
• late identification of significant issues which can derail the process;
• lack of skill-set in the organisation to meet the requirements of the IPO process; or
• insufficient resourcing levels to deal with the requirements of the IPO on top of the ‘day job’.

The consequences of a failed IPO can be significant for any organisation – with implications for company reputation, morale and the significant real costs incurred for no ultimate benefit.

Our approach to IPO readiness

The We have used our combined experience from working on IPOs in the last decade to create our IPO diagnostic tool – the diagnostic underpins a rigorous assessment process covering all areas of your organisation, and gives you confidence in the completeness of our findings.

Over a relatively short period of time and with minimal impact on senior management we can gather the information we need to complete our diagnostic. Our assessment concludes with a focused management presentation, a written report detailing prioritised findings on the deficiencies in your organisation to be rectified in advance of any IPO process, and a tailored first draft timetable for your specific situation.

Working alongside you we will then develop a step-by-step practical response to the issues raised to leave you ready for the challenges ahead.

Corporate governance

• Have you considered the impact of the Corporate Governance Code on your business?
• Does your Board and senior management have the appropriate experience and skills?
• Is the current constitution of the Board appropriate for a listed company?
• Are you prepared for additional scrutiny from independent non-executive directors?
• Can you demonstrate a well developed corporate governance framework?

Strategy and equity story

• Have you developed a clear and supportable business strategy to engage investors?
• Do you have a clear vision for the future of your business as a public company?
• Have you benchmarked yourself against your competitors?
• Have you considered potential quoted peers including where listed, size and valuation metrics?
• What are likely investor perceptions and market conditions?
• What is the likely investor appetite?

Incentivisation and remuneration

• What impact does the IPO have on existing incentive arrangements?
• Have you considered the tax implications of these arrangements?
• What changes are needed to remuneration strategy to reflect the Company’s post IPO position?

Forecasting and working capital

• Are current procedures sufficient to produce reliable 18+ month forecasts?
• Are longer term forecasts integrated into the annual budgeting process?
• Are facilities committed for the length of the working capital period?

Financial reporting procedures

• Are your internal controls and procedures up to the standard required of a listed company?
• Do your IT systems have the capacity to fulfil the requirements arising from your growth strategy?
• Does your treasury function have procedures in place to identify, manage and report financial risks?

Resource

• Do you have sufficient resource and expertise in-house to get through the IPO process?
• Do you have the depth and breadth of resource to operate and report as a listed company?

How we can improve your IPO

The Big Ben Team, using our IPO diagnostic tool, can quickly assess your readiness for IPO and provide detailed practical recommendations built into a draft IPO timetable. Our team has a wealth of direct experience in successfully preparing companies for an IPO and supporting them as the process unfolds. We deploy skilled teams that take a hands-on approach: from the prompt, clear identification of what needs to be done, advising on every step along the way, through to delivering tangible results.

The combination of our specialised team and our significant capital markets experience gives us confidence that we can deliver the most valuable and cost effective solutions to you to enable a smooth and efficient IPO process.

Are you suitable?

The following requirements are the most important:
• Is there market interest in your sector?
• Do you have growth potential?
• Do you have a clear strategy and a comprehensive business plan?

Why do you want to IPO?

• To raise capital?
• To raise profile?
• To provide an exit strategy for existing shareholders?
• To use listed shares as an • acquisition currency or to incentivise staff.
• Are you eligible?