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  • Considering an IPO?Maximising value on the IPO Journey

    Having an experienced adviser to add insight and expertise to your IPO Journey from the very beginning will give you the maximum opportunity for success.

    The IPO Journey – maximising your potentialAn IPO is a once in a lifetime opportunity and being well prepared is critical to success. The process is incredibly complex and your IPO journey is likely to take many twists and turns. Anticipation, sound advice and thorough planning will therefore be necessary to meet your listing objective.

    Ensuring that the business is being run with a public exit in mind, that the strategy and execution are clear and that the process is well understood are key considerations. Areas such as clarity of business strategy, efficient corporate and tax structuring, corporate governance, external financial reporting and employee incentivisation are all examples of value drivers which will impact the success of your IPO.

    Addressing these areas early before the intensity of the IPO process begins will help to ensure that everything runs smoothly, disruption to the business is minimised and the focus is on value enhancement rather than fire fighting. Identifying and fixing problems while there is time will add value, preserve the timetable and avoid a crucial window of opportunity being missed.

    Why we are well placed to assist youAcross Deloitte we have a wealth of IPO experience. Our team has travelled this route countless times before and can assist you at every stage of your IPO Journey.

    Our team is truly multi-disciplinary, covering corporate finance advisory, audit, transaction services, taxation and other specialists from across the firm. This enables us to provide first class advice, not only on technical issues and matters of process, but also on the wider reaching strategic and commercial considerations that you would expect from an independent financial adviser.

    Be ready for the challenges: From when you first consider an IPO to life as a listed company Deloitte can help you execute a successful IPO.

    IPOJourney

    Post IPOCorporate governance

    Track record andfinancial reporting

    Multipleworkstreams

    Tax structuring

    Eligibilityrequirements

    Investor relations

    Reportingrequirements

    Businessstrategy

    Resources

    IPO Process

    IPOReadiness

  • 2

    Your journey to IPO

    Deloitte as your IPO adviser:

    We act as an independent and experienced adviser throughout the IPO process.

    We can help to answer the questions raised here as well as many other issues you may encounter.

    We have a wealth of IPO experience and understand your attributes and issues and the demands of the market

    and investors.

    We will support you from beginning to end, ensuring the most efficient process and helping you maximise the value of your IPO.

    We will continue to work with you post-IPO, helping you adjust to the demands of being a public company.

    Getting started on the road to IPO

    Is an IPO right for you?• What are your growth strategy and capital

    requirements?• What are your stakeholders’ objectives?• What alternatives are there?

    What is your business strategy?• Do you have a robust and credible business plan?• Does your track record support your plans?• What is the growth potential of your company and

    the wider market?• What will you use the IPO proceeds for?

    How much is your business worth?• What is your business plan and your view on

    value?• How compelling is your strategy?• How can you maximise the value you can achieve

    from an IPO?

    Where should you IPO?• What is the best market for your business?• Do you meet the requirements for index inclusion?

    Do you meet eligibility requirements?• How much equity will you free float?• Do you have a compliant financial track record?

    Are there pre IPO strategic considerations?• Is a corporate restructuring required?• Should you sell non-core assets?• What is the optimum timing of potential

    acquisitions?

    When do you want to IPO?• Is there a limited window of opportunity and are

    you ready to meet it?• Are there external or internal factors pointing

    towards a certain IPO date?• Will timing affect value?

  • Considering an IPO? Maximising value on the IPO Journey 33

    Reaching your IPO destination

    How will you market your business?• What are the key selling messages?• How do you present the growth and equity story?• How can you ensure that analysts and investors

    understand your business and its potential?

    How will you manage the IPO process?• How will the IPO process be run internally?• Do you have sufficient resource and in-house

    expertise?• When and how should you draw on your advisers’

    experience?

    How do you select the right advisers?• How do you recruit a good broking team?• How do you ensure you get a good deal from

    them?

    Are your controls and reporting appropriate?• Is the right information flowing to the Board to

    manage the business?• Do you have appropriate financial reporting

    procedures in place?• Have you considered the need to comply with

    corporate governance rules?

    Have you considered taxation?• Will you need to restructure the business for tax

    efficiency?• Have you considered the tax impact on

    stakeholders?• Are there tax risks/exposures to be addressed pre-

    IPO or losses/other tax attributes to be protected?

    Are you ready for the key IPO deliverables?• Are you prepared for the key IPO process

    deliverables such as: – A track record of financial information in IFRS? – Working capital analysis? – Appropriate Financial Reporting Procedures? – Detailed financial and legal due diligence? – Producing the Prospectus or admission

    documents?

    How prepared are you for after the IPO?• Are you ready for the reporting requirements of a

    public company?• Have you considered the need for ongoing analyst

    liaison?

    The journey to IPO is complex with many considerations and challenges at every step. Deloitte can advise and support you from the start of your journey to ensure you are prepared for the twists and turns on the road to IPO.

    How ready are you to IPO?

    • An IPO Readiness Review can act as the first step on your road to IPO. It will establish the key areas that you need to consider and address (from strategy to delivery of financial work streams) so that you are ready and can maximise your opportunity to IPO.

    • We can then assist you throughout the process in an IPO Assist role:

    – acting as your independent financial adviser, helping in areas such as strategic considerations and independent day to day advice; and

    – providing hands-on assistance with project management and specific company driven work streams and documents.

  • How Deloitte can help you maximise the value of your IPOWith Deloitte as your adviser you have constant access to the whole Deloitte network to help with the anticipated and unanticipated problems that will inevitably arise.

    Our team has a wealth of direct experience in successfully preparing companies for an IPO and supporting them as the process unfolds. We deploy skilled teams that take a hands-on approach: from the prompt, clear identification of what needs to be done, advising on every step along the way, through to delivering tangible results.

    The combination of our specialised team and our significant capital markets experience gives us confidence that we can deliver the most valuable and cost effective solutions to you to enable a smooth and efficient IPO process.

    Are you ready for the IPO Journey?

    Contacts

    Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see www.deloitte.com/ru/about for a detailed description of the legal structure of Deloitte CIS.

    Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

    Deloitte’s professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte’s professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

    © 2014 ZAO Deloitte & Touche CIS. All rights reserved.

    John Robarts Partner, Audit Advisory+7 (495) 580 97 01 [email protected]

    James Ferguson Partner, Tax & Legal+7 (495) 787 06 00, ext. [email protected]

    Matthew Gorman Director, Audit Advisory+7 (495) 787 06 00, ext. [email protected]