Oliver Schacht

Key tasks completed in this period can include: (i) a review of the business plan, (ii) a change of the legal form, (iii) amendments to the company’s legal structure and (iv) GAAP conversion of the company’s financial statements.

i) comprehensive commercial, financial and legal due diligence of the IPO company, (ii) finalization of the capital structure and offer structure (see also chapter 4.2 and 4.3), (iii) drafting of the offer document and initiation of the regulatory review and approval process, (iv) drafting of all other operative documents, including the underwriting agreement, legal opinions and comfort letters, (v) education of the syndicate banks’ research analysts and (vi) drafting of investor marketing materials

s the inclusion of new financial information in the offer document is subject to regulatory review, there are timing limitations on when such information must become available.

This exercise, also referred to as “due diligence”, provides external advisers with the information base for capital structure and offer structure decisions and helps in the development of a refined and convincing selling story (including for the production of marketing materials) that resonates well with research analysts and target investors

The lead managing underwriters are typically tasked with the overall IPO project management.

There is very little room for delays of task completion and milestone achievement without jeopardizing the entire timeline

The commencement of the marketing phase is also referred to as the “launch” of the offering.

the “intention to float” announcement.

practice, however, such announcement indicates that the IPO is fully prepared and investor marketing is to commence imminently.

Allocations are communicated to investors by the syndicate banks either on the evening of the pricing day or prior to stock market opening on the following trading day.