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The road to the stock exchange

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  • The road to the stock exchange

The road to becoming a listed company: step by step

There are several different incentives for an IPO/listing. Being listed makes it easier for a company to raise new capital from the capital market, enables the company to use its own shares as payment in the event of acquisitions, enables share-based incentive programmes, improves recruitment opportunities and results in the company’s shares becoming liquid and convertible into cash; in other words, it provides an exit option for existing shareholders. Becoming listed is also a company’s seal of quality as the listing places high demands on the company’s provision of information to the market and increases its transparency. This can also help raise awareness of the company and its products or services.

Regardless of why a company chooses to list its shares, the IPO process will be relatively long and resource-intensive for the company. This is why it is important for the company to start preparing its IPO process well in advance and to start allocating sufficient resources for the project.

Below is a brief description of what an IPO process may look like.

 


START

The company is evaluating its interest in – and the possibility of – carrying out a listing and adopting preparatory measures (e.g. a pre-IPO/IPO readiness assessment)

 

1.

- Adviser(s) are chosen

- Initial meeting with the stock exchange/marketplace

- Exchange auditor/certified advisor/mentor is chosen and its review process initiated

 

2.

- Review of the organisation, including financial reporting, disclosures to the market and corporate governance, and adaptations to meet the listing requirements

- The due diligence process begins

- Work with a prospectus/company description/information memorandum

- Euroclear affiliation begins (if the company is not already a VPC-affiliated company)

 

3. 

Efforts involving analysis, pricing/valuation and initial marketing

 

4.

- The due diligence process is completed

- Discussion with FI regarding approval/registration of the prospectus

- Translation and layout of prospectus (if relevant)

- Decision on and application for listing

 

5.

- The stock exchange approves the company’s listing application

- Prospectus sent to FI for final approval/registration

- Printing of the prospectus

- Road shows for investors

- Notification period

 

6.

- Decision on share price

- Subscription

- Allotment

- First day of trading

 

GOAL

Congratulations on your IPO!

 



Lindahl's offer

Lindahl’s competence group for capital markets and public M&A provides ongoing advice to companies in connection with IPOs, as well as for capital market transactions and issues arising during a company’s life as a listed company, such as handling the AGM, corporate law issues, corporate governance issues, disclosure issues, insider issues, incentive programmes, procurements of capital, buy-outs from the stock exchange, mergers, etc.

Lindahl’s clients are often found in knowledge-based, innovative and technology-intensive industries, and Lindahl is regularly engaged for capital market transactions in areas such as life science, real property, shipping, IT, information and communications technology (ICT).

 

IPOs

Lindahl has been advisor in several IPOs in the past years. For instance, we acted as advisor in the following:

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Capital markets and public M&A

Lindahl’s competence group for capital markets and public M&A advises Swedish and foreign listed companies and other companies, venture capital companies, banks, investment banks, stockbrokers and other operators in various transactions and matters within the area of capital markets and public M&A.

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The material and information on this site is intended for general informational purposes only and does not constitute legal advice on any specific matter. Please note that all images on Lindahl's website, www.lindahl.se, are subject to intellectual property protection and downloading, publication, copying and/or other use of the images requires the written consent of the rights holder. You'll find Advokatfirman Lindahl KB's general terms and conditions here.

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