Road to IPO

Road to IPOTaking your company public – Practical steps and factors for success

Video: From preparation to IPO

Well insulated to the stock exchange – how va-Q-tec prepared their IPO:

For many issuers, the listing on the Frankfurt Stock Exchange (FWB®) is an unforgettable highlight in their company's history. It is the result of an intensive preparation. For Joachim Kuhn, CEO of va-Q-tec, going public with his company was a great milestone. What were the tasks during the first phase? How did he select partners? In the following video, he and colleagues talk about how the manufacturer of insulation panels has made itself fit for the stock exchange.

 

Video (German only)

 

The four phases of an IPO

From the very first contact, Deutsche Börse supports companies on their way to an IPO. The most important steps are the following:

1. Preparation

In an initial meeting with Deutsche Börse all questions of the future issuer will be answered. Companies learn how Deutsche Börse and its Capital Market Partners support them on their way to the stock exchange, e.g. with legal aspects, roadshows or IPO workshops. This is followed by the so-called beauty contest, which facilitates the selection of the appropriate syndicate bank(s). Depending on the desired listing segment, the company creates the necessary structures to meet the legal requirements (e.g. accounting and controlling).

2. Structuring

A detailed project plan brings together the corporate and financing strategy, followed by the issue concept and the equity story, which summarises the success factors and other details of the company. The due diligence is important in determining the value of the company. It provides information, which is incorporated into the central offer document, the prospectus.

3. Realisation

After the prospectus has been published, the issuing company advertises its IPO at analyst meetings, roadshows and investor presentations. The price range is determined. Then the shares are placed with institutional investors and via DirectPlace. The company and the bank jointly apply for the admission of the securities to the Frankfurt Stock Exchange (FWB®). During the subscription phase, investors decide whether and at what price they would like to invest. The issuer and the bank use the offers to determine the issuing price. Now the allocation of the shares to investors takes place.

4. Price formation and secondary market

The price for the shares on the stock exchange is formed. During the IPO event on the trading floor of the FWB, the price for the first price is determined. The continuous trading on Deutsche Börse begins.

 

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