Pre IPO Post IPO - PwC

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Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyDefine anddevelop thestrategy andequity storyKick rdcompositionandcommitteesEarly lookmarketingNewsflowPricing andallocationReview of systems andcontrol environmentIdentifyroadmapto IPOActive IPOexecution andprospectusdraftingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparation2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationExitstrategyKeymanagementActive IPOexecution andprospectusdraftingKick rdcompositionandcommitteesPricing andallocationFinancialinformation andtrack recordDecide which requirementsexitstrategy will be suitable for thebusiness and shareholders. Options to consider:Review of systems andcontrol environment Trade sale;Identifyroadmap to IPOPreparation ofanalyst presentationand roadshowpresentationBuyout – e.g. Private equity, MBO/LBO; IPO; or Statusquo.Defineanddevelop thestrategy andequity storyEarly lookmarketingNewsflowDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparation2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsActive IPOexecution andKick offAssessprospectusmeetingcorporateDealWhat arefor IPO(expansion, shareholder liquidity, reputation, draftinggovernance,Keystructureandthe key objectivescompliance,managementabilityto compensateemployees withvaluable stock)?valuationboardWhat is the expectation of timing compositionfor the IPO?andWhich market is most suited to yourbusiness?committeesFinancialinformationWhich assetsare andyou floating, where will you list and are there any separation issues?track recordWhat arerequirementsthe needs and expectations of your current and future stakeholders and how willExitstrategyyou manage their interests?Identifyroadmapto IPODo you understand the IPO process?Define anddevelop thestrategy andequity storyPricing andallocationTransparencyand corporategovernanceReview of systems andcontrol environmentEarly lookmarketingPreparation ofanalystpresentationDoes management have prior IPO or PLC experience?and roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualNewsflowInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparationAppointadvisers2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansMarketingTax and legal ionsWhat makes you stand out/What is your USP?Active IPOexecution andDo you have a robust businessplan?Kick offAssessprospectusmeetingcorporateDealCan you clearlythe business has come from and your vision?draftinggovernance,Key explain wherestructure andcompliance,valuationCan you managementexplain your positioningboard in the market and where growth will come from?compositionWhat is critical to delivering long-termsuccess?andPricing isted?Financialinformation andHowtrack willrecordyou use any proceeds raised? What will your free float % be?requirementsExitstrategyHow does the company want to be positioned? What type of stock do you want to be – Value, growth?Transparencyand corporategovernanceReview of systems andIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyPreparation of(e.g. KPIs)?What are the key propositionsfor yourbusiness and how can they be evidencedcontrolenvironmentWill there be a dual-track process (IPO and trade sale)?Early lookmarketinganalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualInvestorRelationsNewsflowShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparation2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationandKPIs?incentiveWhat drives the business plan, what are yourplansAppointIs yourbusiness planalignedto your strategy?Tax andlegal structuringadvisersReview of businessplan, financing andgrowth prospectsMarketingWhat valuation are you looking for?What financing do you have in place and need to have in place?CommunicationsWill you need to refinance ahead of IPO (e.g. for change ofcontrol clauses in current facilities)?strategyContinuingobligationsHow leveraged will you be on IPO?AssessDealstructure andvaluationWill you need underwritingfor an equity Early lookmarketingNewsflowPricing andallocationReview of systems andcontrol environmentIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyKick offmeetingDo your Keycurrent financialand operating systems and controlscompliance,managementallow you to plan effectivelyboardand robustly?Financialinformation andtrack recordrequirementsExitstrategyActive IPOexecution andprospectusdraftingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparationAppointadvisers2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansMarketingTax and legal ionsKick offAssessmeetingcorporateDealWhatKeyis the optimalgovernance,structure?structure andcompliance,managementvaluationWhat valuation do shareholderswant/need?boardcompositionWhat offer structure areandyou bringing to the market?committeesDo you understand how shares are traded and settled?Financialinformation andAre there any transfer restrictions on the company’s shares?track recordrequirementsExitstrategyActive IPOexecution andprospectusdraftingPricing andallocationHow will you set up your CREST settlement system?Identifyroadmapto IPODefine anddevelop thestrategy andequity storyReview of systems andPreparation ofenvironmentWho will update and controlmaintainthe official shareholder register?analyst presentationroadshowWho will reconcile the number of shares authorised and issued?andpresentationWill you be eligible for inclusion in the FTSE index series?Early lookmarketingDuediligenceRefine business plan,strategy and equity storyProject management, business as usualNewsflowTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparation2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &Review of businessplan, financing andgrowth prospectsmanagementAre audited financial statementsof the group to be listed availablecompensationfor the most recent three years?and incentiveAppointadvisersDoes the group to be listed reportplansunder IFRS?MarketingTax and legal structuringDo your financial statements include all relevant public companydisclosures?CommunicationsHave there been any restatements of financialstatementspreviouslystrategyissued? Are adjustments to the historical financial information needed?ContinuingobligationsIs your information robust and comparable?Active IPOAre the lastAssessthree years under IFRS onKicka consistentbasis?execution andoffprospectusmeetingcorporateDealWill any accountingpolicies change nextyear?draftinggovernance,Keystructure andcompliance,managementvaluationDo you need more recent audited or reviewed financial information toboardmeet eligibilitycriteria?compositionandHave you committeesmade significant acquisitions or disposals in the last three years?FinancialDo you plan to disclose any prospective financial information?information andtrack recordDoes management information exist that would support the disclosuresrequirementsExitstrategyin the prospectus?Review of systems andIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyPreparation ofanalyst presentationand roadshowpresentationcontrol environmentEarly lookmarketingDuediligenceRefine business plan,strategy and equity storyProject management, business as usualNewsflowPricing andallocationTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand lstructuringWhoyoutrust to work with you?Who has the right experience to smooth the process?What specialist resources do you need?CommunicationsstrategyIf you run a beauty parade what are the key things you want to understand?Advisers needed: BanksDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyAssesscorporate Reporting accountantsgovernance,compliance, Lawyersboardcomposition FinancialPRand RegistrarcommitteesActive IPOexecution andprospectusdraftingKick offmeetingNewsflowPricing andallocationConsider whether interim resource is needed to support managementduring the IPO processReview of systems andcontrol environmentIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyContinuingobligationsEarly lookmarketingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyActive IPOexecution andprospectusdraftingKick he current management team and employees have the rightboardtechnical,regulatory qualifications, skills and experience to meetcompositionthe demandsof a listed company?andcommitteesDo you have appropriate succession planning in place?NewsflowPricing andallocationWhat resources do you need in place (financial, HR, external support)?Who will run and oversee the IPO process? Consider project managementReview of systems andPreparation ofand controlsteeringcommittee earlyenvironmentTransparencyand corporategovernanceanalyst presentationAre they appropriately incentivised to deliverandtheroadshowIPO?presentationEarly lookmarketingDuediligenceRefine business plan,strategy and equity storyProject management, business as usualInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack flowPricing andallocationWhich investors should you target and what willthey want to know about you?Whowill driveReviewof systemsand the early look process?Preparation ofcontrol environmentanalyst presentationPrepare early look presentationand roadshowWhat feedback do you need from thesepresentationmeetings?Identifyroadmapto IPODefine anddevelop thestrategy andequity storyKick offmeetingActive IPOexecution andprospectusdraftingEarly lookmarketingNB: Conducted well ahead of the formal IPO processDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospectsAppointadvisersDealstructure andvaluationTax and legal structuringKeymanagementFinancialinformation andtrack recordrequirementsExitstrategy0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementHaveyou identified the legal entity to be floated?compensationand incentiveWherewill your holding company be located?plansMarketingWhat legal entity/structure reorganisation willneed to be implemented?Continuingobligationsexecution andKick offNewsflowHave youmeetingconsidered reservesprospectusplanning anddraftingcreation of distributable reserves?Can tax planning drive additional IPO value?How will you maximise your chance of recoveringPricing andallocationVAT on transaction costs?Review of systems andcontrol environmentEarly lookmarketing2–6 monthsHave you consideredthe tax planning andCommunicationsstrategyto an IPO e.g. What willstrategy matters relatingyour effective tax rate be post IPO, what is yourpeer group ETR and how will you bridge/explainActive IPOany ositionandcommitteesIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyPost IPOPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack flowConsider the balance of executive and non-executive directorsWho will sit on the board of directors and do they have appropriate capabilities and experience?andWill you have a controlling shareholder and need for aPricingrelationshipagreement?allocationWhat will the company secretarial function look like?Are you ready for increased disclosure about the business?Identifyroadmapto IPODefine anddevelop thestrategy andequity storyActive IPOexecution andKick offprospectusmeetingWhat’s the ‘toneat the top’? Are youacting as a plc already?draftingEarly lookmarketingTransparencyReview of systemsDoandyou have code of conduct/whistleblowing/anti-bribery policies?Preparation ofand corporatecontrol environmentanalyst presentationWill the board be fully compliantwith the UK Corporate Governance Code?governanceand roadshowpresentationWhat information will the boardreceive and how regularly?InvestorRelationsRefine business plan,strategy and equity storySharepriceWhat board training is needed?DueWhat boardcommittees are in place – audit, remuneration, nomination?diligenceIs there appropriate D&O liability and insurance in place to cover pre-IPO and PLC activities?Project management, business as usual

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal structuringCommunicationsDo the systemsstrategyin place give you the financial information you need?ContinuingWhat consolidation tools are currently used? Are these robust?obligationsIPO over the key systems and procedures?Do you have appropriateActivecontrolsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyexecution andIs therean internal auditfunction?prospectusmeetingdraftingWhat are the manual activities during the close cycle?What non-financial metrics do you need and are they reliable?Pricingand and operating effectively?Are appropriate reporting lines and functionsin placeallocationAre your tax controls robust, documented and effective?How do you identify, monitor and manage risk?Review of systems andcontrol environmentIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyKick sitionandcommitteesNewsflowEarly lookmarketingTransparencyDo you need to change reporting timetables to be able to report asa plc?Preparation ofanalystpresentationHow resilient and scaleableare your IT systems?and roadshowpresentationHave you consideredthreat from a cyber attack?DuediligenceRefine business plan,strategy and equity storyProject management, business as usualand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospectsEmployee &managementcompensationand incentiveplansAppointadvisersTax and legal structuring2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingIs your remuneration structure for senior executives andmanagement fit for purpose in the listed environment?Does it support the future business strategy?MarketingHow will key management be compensated and incentivised?What management incentive schemes do you need to have in place?Ensure your new incentive plan is modelled into your forecastsCommunicationsstrategyHow will your existing equity incentive arrangementsbe affected byContinuingIPO structuring, what will they deliver and areobligationsthey tax efficient?Dealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyEarly lookmarketingNewsflowdraftingWhat are yourpension arrangements?Pricing andallocationReview of systems andcontrol environmentIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyKick rdcompositionandcommitteesActive IPOWhat interactionis there with corporate governance andexecution andremunerationdisclosurespost IPO?prospectusPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyIdentifyroadmapto IPODefine anddevelop thestrategy andequity positionandcommitteesKick offmeetingPreparation ofanalyst presentationand roadshowpresentationWhat is the scope of the legal,financial andEarlycommercialdue diligence?lookmarketingNewsflowPricing andallocationReview of systems andcontrol environmentDo you have the information to addressthe due diligence requirements?Active IPOexecution andprospectusdraftingDuediligenceIf a dualtrackprocessRefinebusinessplan, is pursued,strategyandequitystoryvendor due diligenceand IPO duediligence reports may be neededProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparationAppointadvisers2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansMarketingTax and legal structuringCommunicationsstrategyAre investor and media functions in place?ContinuingobligationsWhat investor and media relations materials do you need? (website,presentations, video, Q&A) What and where are the opportunities foryou to tell your story?Kick offExitstrategyActive IPOexecution andprospectusdraftingAssessmeetingcorporateDeal processes or procedures do you engage in/willWhat activities,governance,Keystructureandyou engage in to ensure themedia and IR compliance,functions are positionWhat are your overall communication objectives?andcommitteesFinancialWho is your audience?information andtrack recordWhat is your communicationsplan, particularly when dealing with badrequirementsnews or unexpected events? Will you have a disclosure committee?Review of systems andWhat is your strategy to deliver on pre-IPO promises?control environmentPricing andallocationPreparation ofanalyst presentationand roadshowpresentationIdentifyWhat is your plan for continuing access to the media?roadmapto IPOHow will monitor shareholder groups/investor trends & issues?lookWill social media be an active partEarlyof thecommunication programme?marketingDefine anddevelopyourthe website tell investors all they need to know?DoesNewsflowDuediligencestrategy andCanequityyoustoryreport information through the website?Refine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 years6–12 monthsStrategyReview of businessplan, financing andgrowth prospectsPost IPOPlanning and preparationAppointadvisers2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansMarketingTax and legal ionsActive IPOexecution andprospectusdraftingKick offAssessAnalyst presentation – a key event in theIPO timetable; must be meetingcorporateDealconsistentwith the prospectusand doesnot include financial projectionsgovernance,Keystructure tionRoadshow– five to six meetingsboard in a day for 10 dayscovering different cities in the UK, Europeand US; bookbuildingcompositionandprocess done in parallelPricing andallocationcommitteesFinancialDo the CEOandCFO have a polished and rehearsed presentation?information andExitstrategytrack recordIs current tradingconsistent with the messaging in the presentations?requirementsIdentifyroadmapto IPODo the presentations include the sameReviewnumbersand andmessages asof systemscontrolenvironmentthe prospectus?Define anddevelop thestrategy andequity storyEarly lookmarketingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsWill you be controlling the process?Active IPOexecution andprospectusdraftingKick offDealstructure andvaluationKeymanagementAssessConsiderwhether interim resourceis needed tomeetingcorporatesupportmanagement during the IPO process?governance,compliance,Are you andboardyour team clear on all roles tion andtrack recordrequirementsExitstrategyIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyNewsflowPricing andallocationcommittees realistic?Is the timetableWho needs to review and approve information?How often do you want updates from advisers?Transparencyand corporategovernanceof systems andDo you Reviewunderstandthe timetable for the UKLA Preparation ofcontrol environmentanalyst presentationreview of the prospectus?and roadshowpresentationEarly lookmarketingDuediligenceRefine business plan,strategy and equity storyProject management, business as usualInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyDefine anddevelop thestrategy andequity storyKick rdcompositionandcommitteesEarly lookmarketingNewsflowPricing andallocationReview of systems andcontrol environmentIdentifyroadmapto IPOActive IPOexecution andprospectusdraftingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyKick rdcompositionandPricing and allocation takes into account the feedbackcommitteesfrom investor education and roadshowsReview of systems andof ofHowenvironmentwill you get a good understandingPreparationof the statuscontrolanalyst presentationallocation?and roadshowpresentationWhat information will you want from the banks?Early lookmarketingAre all key stakeholders agreed on what will be anDueacceptable price?diligenceRefine business plan,strategy and equity storyProject management, business as usualNewsflowPricing andallocationGood allocation is key to good aftermarket performance –long-term holders and high quality accountsIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyActive IPOexecution andprospectusdraftingTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal ionsDealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyActive IPOexecution andprospectusdraftingKick rdcompositionandcommitteesPricing andallocationDon’t over promise and under deliverDo investors understand the factors and risks that influence your business decisions?Transparencyand corporategovernanceReview of systems andIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyNewsflowDo investors understandyour investment proposition?Preparation ofcontrol environmentanalyst presentationCan you manage ongoing communications with stakeholders?and roadshowpresentationHow will you ensure that you are meeting enough and the right type of investors?Early lookmarketingDuediligenceRefine business plan,strategy and equity storyProject management, business as usualInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarketingTax and legal structuringCommunicationsstrategyAre you ready for compliance from day one?Do you understand your financial reporting deadlines?Dealstructure andvaluationKeymanagementFinancialinformation andtrack recordrequirementsExitstrategyActive IPOexecutionKickoffAssessDo you know what your peers disclose and when? andprospectusmeetingcorporateCan you adapt quickly to changes in rules and draftingaccounting standards?governance,compliance,Do you have a framework for ongoing training and development of staff?boardcompositionAre you delivering against IPO promises?andPricing andcommitteesallocationNewsflowAre you ready for sustainability reporting?Review of systems andcontrol environmentIdentifyroadmapto IPODefine anddevelop thestrategy andequity storyContinuingobligationsEarly lookmarketingPreparation ofanalyst presentationand roadshowpresentationDuediligenceRefine business plan,strategy and equity storyProject management, business as usualTransparencyand corporategovernanceInvestorRelationsShareprice

Pre IPO1–2 yearsPost IPO6–12 monthsStrategyPlanning and preparationReview of businessplan, financing andgrowth prospects2–6 months0–2 monthsLife as a PLCExecutionCompletionOngoingEmployee &managementcompensationand incentiveplansAppointadvisersMarket

Pre IPO Strategy 1 2 years Planning and preparation 6 12 months Execution 2 6 months Completion 0 2 months Life as a PLC Post IPO Identify roadmap to IPO 'H QHDQG . and roadshow presentation Kick off meeting Exit strategy Communications strategy Active IPO execution and pros

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