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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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