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Listing Process

Listing Process

Methods of Listing

A company may apply for the listing of its Securities on SPX by Public Offering or Compliance Listing.
 
Public Offering (IPO)
The public offering can be either:
  • Securities to be newly issued by the company; or
  • Securities sold by one or more existing shareholders
After the close of the public offer period, the company expects to meet the listing requirements and gets listed                                                                   
Compliance Listing
 
  • Under this method, a company meets all the listing requirements at the time of application and applies to get listed.
  • Usually followed by companies that are already registered as a public company with sufficient shareholder base either through private equity investments or small private offers over time.

The IPO Process

Initial Public Offerings (‘IPOs’) are an exciting opportunity that a business can undertake as it reaches a certain stage in its business cycle. The decision on whether to list a company’s securities on a stock exchange is a significant one as obtaining a public quote is a major milestone in any company’s life. Putting a business more in the public eye than before also presents new challenges that can invigorate management and directors.

Timeline to List

Different companies will have different timelines; a company that already has public shareholders will probably have some elements in place as opposed to a company that is raising new capital which might require additional preparation. Essentially, the market conditions, scope and complexity of the company structure and possible restructure and a range of other factors can play a key role in determining the timeline.

Typically, to be able to meet all the requisites from pre-IPO to IPO phase through to listing can take anywhere from few months to more than a year.
 
An ideal Listing Process
 
PREPARATION STRUCTURING IMPLEMENTATION
  • Strategic Plan
  • Budgets and Projections
  • Audited Accounts
  • Corporate Restructure
  • Board Restructure
  • Management Contracts
  • Articles of Association
  • Other key Contracts
  • Appoint Advisers
  • Meet with Regulators
  • Corporate Housekeeping

 
 
  • Market Strategy
  • Due Diligence
  • Independent Accountants report
  • Research Report
  • Timetable
  • Security Structure
  • Market Testing
  • Secure underwriters
  • Finalize Prospectus
  • Lodge with Regulators


 
 
  • Regulatory Approvals
  • Road Show
  • Book Build
  • Public Relations
  • Offer Period
  • Allocate Securities
  • Dispatch Statements
  • Quotation for Listing
  • Post listing Administration
  • Compliance


 

 
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