the journey from zero to ipo - aurelia private equity gmbh · the journey from zero to ipo right...

0 Confidential — All Rights Reserved The journey from Zero to IPO June 2015

The journey from Zero to IPO

Right team, right story, right price, right timing and readiness are key to your IPO success

Save time and costs, and achieve greater transaction certainty by adopting a structured approach to preparing your IPO

Venture Capital Meeting, Frankfurt

June 2015


Agenda

IPO as strategic option

Global IPO environment

IPO value journey

IPO readiness assessment

► Transformation from private to public

► Right team and project management

► Investors demands and success factors

► Workshop to assess IPO readiness

► IPO diagnostics to identify gaps

► IPO readiness result report to close gaps

► Multi track options

► IPO pros and cons

► IPO motivation and challenges

► Global IPO activity

► Sector appetite of investors

► Regional IPO sentiment

“The rewards of an IPO can be monumental. The keys are correct preparation, experienced guidance and effective execution. At EY, we know what it takes to get ready for an IPO and the guidance needed to address the priorities and mitigate the risks.”

Dr. Martin Steinbach, EMEIA IPO Leader, EY

IPO destination ► Investors view

► IPO destination compass

► Options: London, Frankfurt, NY, …


Managing expectations from Zero to IPO What your team can expect in the IPO journey

89

83

22

11

Source: EY

15

29

60

of IPO candidates start preparation 12-24 months before IPO Preparation % of IPOs decided to go abroad Destination % of IPOs were Exits from Private Equity or Venture Capital Source % of IPOs are successful in the first attempt Chance % of failed IPOs tried it again and succeeded finally in the second attempt Risk % of IPOs taking place in the fourth quarter Timing % Of IPOs are finally placed and priced in or above the initial bookbuilding range Pricing % IP

O 1

01


Capital Agenda and IPO as strategic option


Founders strategic options overview Choice of multi-track options (exiting/financing)

Refinancing Exit Bonds & Hybrids Shares

Single, dual or multi-track strategies

Public: Capital market

Cold IPO

Carve out IPO

Reverse IPO

Listing > IPO

Classic IPO IPO derivatives

Mezzanine

Other

Other

Private: Banking and M&A market

Banking loans Private equity

Other Other

Strategic buyer

Bond

Refinancing Exit Bonds & hybrids Shares

Company situation


Exit routes of Private Equity IPO as exit route is at record level

“Strategic sales” are sales to corporations (i.e., M&A) while “secondary sales” are sales to other PE firms. *1Q15* shows IPOs that have been priced by 17 March.

1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific.

187

338

294

325

262

193

223

303

246

283

316

65

118

172

195

208

110

50

118

157

126

144

158

35

40

56

60

58

4

4 19

13

6

35

70

16

0 200 400 600 800

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

1Q15*

Strategic sales Secondary sales IPOs

EMEA1 PE exits by deal volume (2004-1Q15*) IPOs as % of PE exits

13.8%

12.8%

7.6%

1.6%

2.7%

5.3%

1.6%

1.1%

9.8%

10.9%

9.9%

11.6%


Company: Google Inc. Industry: Internet Located: US Founded: 1998 IPO: 2004

Company: Facebook Inc. Industry: Social network Located: US Founded: 2004 IPO: 2012

124 % market cap. performance since IPO 1470 % market cap. performance since IPO

IPO Today Today IPO

Source: investors.google.com, www.finanzen.net, * 15.04.2015 Source: investor.facebook.com, www.finanzen.net * 15.04.2015

66.000

46.039

29.321

21.795

10.604

3.189

2014

2012

2010

2008

2006

2004

12.466

5.089

1.974

272

2014

2012

2010

2008

From Zero to IPO in the US Case studies

6 years from Zero to IPO


Revenue Mio. $ Revenue Mio. $ total market capitalization in billion $ total market capitalization in billion $

23

361

104

233


Company: SAP SE Industry: Software Located: Germany Founded: 1972 IPO: 1988

Company: Zalando SE Industry: E-commerce Located: Germany Founded: 2008 IPO: 2014

20 % market cap. performance since IPO

Today IPO

Source: corporate.zalando.de www.finanzen.net * 15.04.2015

Source::www.investor-verlag.de, www.finanzen.net

IPO Today

2.214

1.762

1.158

509

2014

2013

2012

2011

17.560

12.464

8.513

6.625

2014

2010

2005

2000



From Zero to IPO in Germany Case studies

Revenue Mio. € Revenue Mio. €

21.150 % market cap. performance since IPO

total market capitalization in billion €

0,4

85

total market capitalization in billion €

5

6


• Time-consuming due to new tasks: board member at road shows and investor relations tasks

• Total IPO floatation project costs

• Add-on costs associated with the ongoing requirements as listed company

• New investors with voting rights

• Greater transparency

• Pressure to deliver on your promises

• Valuation issues compared to other options

• Loss of entrepreneurial control, influence and power

• Corporate governance duties

• Limiting freedom to act

• Loss of privacy

Pros and Cons of an IPO General perspectives about the IPO option

Cons

• Better access to capital markets to raise money through equity and bond offerings

• Flexibility to trade shares with high liquidity and daily valuation

• Greater attention, better brand recognition and prestige with consumers

• The shares as new liquid M&A currency

• Higher valuations than private enterprises possible, since greater disclosure of information reduces uncertainty regarding performance

• Potential to diversify wealth on shareholder side

• Enhanced ability to attract, retain and reward valued employees through share option plans

• Opportunity to bond and incentivize key people with long-term incentive plans

Pros

?


Current market environment


IPO market sentiment Important correlations for the C-Suite cockpit

Source: Dealogic, Thomson Financial, Deutsche Börse, EY

+ Volatility slow

down IPO activity

Valuation feeds IPO activity

FTSE 100 (UK) S&P 500 /NASDAQ 100 i.e. DAX 30 (Germany) …

+- 12.200

2005 2015

2005 2015

VSTOXX (Eurozone) VIX (S&P 500) i.e. VDAX (Germany) …

< 20

Market trends – Big Picture and IPO sentiment effects

Decreasing oil price reduces costs for many business and feeds earnings growth and consumer spending

USD/EUR currency rate feeds investments from USD pockets in the Eurozone

ECB provides lots of liquidity/no policy shift expected short term and sustainable low interest rate environ-ment feeds equity invests/backs high valuation levels

Elections in Greece, UK, Portugal, Spain on radar

Recent threats increased volatility

58

$

13

1 $

18

0 $

26

7 $

29

5 $

96

$

11

3 $

28

5 $

17

0 $

12

9 $

14

7 $

25

9 $

38

$

812

1.520

1.552 1.796

2.014

769 577

1.393

1.225

837 896

1.232

252

0

500

1.000

1.500

2.000

2.500

0

50

100

150

200

250

300

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

Nu

mb

er

of

IPO

s

Cap

ital

rais

ed

(U

S$

b)

2003 2014 I Q1 2015

+ +

+- -

+ +

+

- -

-


Global IPO activity Open IPO windows

1Percentage change from 2010 to 2011 2Percentage change from 2011 to 2012 3Percentage change from 2012 to 2013

2012 2013 2014 Q1 15 YTD

Number of deals 839 (▼ 33%2) 895 (▲7%3) 1241 (▲38.7%4) 252

Capital raised $128.6b (▼ 24%2) $171.1b (▲33%3) $259.2b (▲51.5%4) $38.2b

Average deal size $153.3m $191.1m $208.9m $151.8m

PE-backed IPOs 107 deals, $19.4b 185 deals, $58.3b 211 deals, $109.9b 30 deals, $10.5b

VC-backed IPOs 92 deals, $23.2b 129 deals, $14.1b 159 deals, $22.8b 17 deals, $2.1b

Top 5 sectors (number of deals)

Materials (143) Industrials (135) Technology (115) Energy (63) Consumer staples (58)

Industrials (117) Technology (115) Real estate (100) Health care (100) Financials (92)

Health care (198) Technology (169) Industrials (146) Consumer products (111) Materials (106)

Industrials (45) Health care (38) Technology (35) Materials (26) Consumer products (22)

Top 5 sectors (capital raised)

Technology ($23.1b) Industrials ($20.2b) Financial ($19.4b) Real estate ($12.5b) Energy ($12.1b)

Financials ($28.6b) Real estate ($27.0b) Energy ($22.0b) Industrials ($18.9b) Health care ($12.4b)

Technology ($50.6b) Financials ($43.2b) Energy ($31.4b) Real estate ($27.2b) Health care ($22.6b)

Industrials ($10.5b) Energy ($5.1b) Telecommunications ($4.1b) Financials ($3.7b) Consumer products ($2.8b)

Data for Q3'14 YTD* is based on priced IPOs as of 20 September and expected IPOs by end of September; data is up to 20 September 2014, 5:00 a.m UK time.


EMEIA IPO highlights Sector appetite and performance

EMEIA financial sponsor-backed IPO

activity (2007- 1Q ‘2015*)

IPO pricing and performance: 1Q15* IPOs

Annual EMEIA IPO activity

(2007- 1 Q’ 2015*)

$126 $36 $14 $48 $33 $16 $34 $75 $17

823

310

112

354 353

209 240

365

67

0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

120

140

2007

2008

2009

2010

2011

2012

2013

2014

1Q

15*

Num

ber

of

IPO

s

Capit

al ra

ised (

US$b)

Capital raised (US$b)

$22 $3 $2 $11 $4 $3 $17 $36 $9

101

15 8

37 30

14

38

77

20

0

20

40

60

80

100

120

0

5

10

15

20

25

30

35

40

2007

2008

2009

2010

2011

2012

2013

2014

1Q

15*

Num

ber

of

IPO

s

Capit

al ra

ised (

US$b)

Capital raised (US$b)

Sectors Number of deals Proceeds (US$m)

Industrials 11 7,644.6

Consumer staples 8 212.5

Health care 8 181.4

Consumer products 7 1,549.2

Financials 7 946.1

Materials 7 258.0

Media and entertainment 6 648.5

Technology 6 632.5

Retail 3 1,767.2

Energy 2 512.3

Telecommunications 1 2,459.3

Real estate 1 2.4

Grand Total 67 16,813.9

Measures 1Q15* IPOs

% of IPOs priced within or above initial pricing range 97.7%

EMEIA main markets’ IPOs – first-day average return +10.2%

EMEIA main markets’ IPO – % change of offer price vs.

17 March +20.8%

EMEIA main markets’ IPO – median post-IPO market cap US$412.5m

FTSE 100 – 2015 YTD returns +3.6%

DAX – 2015 YTD returns +24.1%

CAC – 2015 YTD returns +18.5%


The IPO value journey


What is the typical roadmap of an IPO from the companies perspective?

Internal preparation IPO design, concept and placement with external team Day-one readiness

12–18 months prior to IPO

• Evaluate IPO as strategic funding in an IPO readiness assessment workshop, IPO diagnostics and an IPO readiness result report

• Set up resources and an internal IPO team

• Start to build capital market infrastructures and/or make structural adjustments to achieve IPO readiness

• Prepare group systems, new functions, tax optimization at company and shareholder level

• IPO team selection (bank, lawyers, auditors, investor relations) by means of a beauty contest

• Set timetable, start due diligence and prepare offering concept and prospectus

• Fine tune business plan, fact book, presentation materials for analysts, the press and investors

• Fine tune the equity story and valuation perceptions based on investor feedback

• Active investor relations and ongoing road shows based on the IR calendar

• Management of investor expectations by way of efficient forecasting and use of issue proceeds according to the plan

• Ongoing transparent external reporting

• Awareness of disclosures such as ad hoc, directors’ dealings, corporate governance and operate general meetings

• Offering prospectus, and approval by regulators and securities admission to the stock exchange

• Press conference and launch the investor road show internationally

• Bookbuilding, order book analysis and determination of the issue price and allocation

• First price on the stock exchange with an IPO ceremony and a high level of media attention

3–12 months prior to IPO Post-IPO

7

IPO considerations and planning IPO execution IPO realization IPO


Note: respondents were asked to select their top three factors. % represents % of respondents that chose the particular factor as one of their top three choices.

What are the top 5 success factors for an IPO in the view of investors?

Source: Right team, right story, right price, Investor survey , EY, 2013

Non-financial

► Management

► Quality of corporate strategy

► Market positioning

► Corporate governance

Financial

► Desired financing structure

► Forecast growth in earnings

► Planned revenue growth

► Expected return on equity

Specific to the project

► Use of IPO proceeds

► Offer structure and lock-ups

► Index participation

► Positioning of industrial group

2.0%

6.5%

8.5%

28,9%

35,4%

56,9%

64,6%

90,7%

0% 20% 40% 60% 80% 100%

Listing venue selection

Reputation of the banking syndicate

Size of the transaction

Readiness to provide transparency and good corporategovernance

Right timing

Confidence in management

Compelling equity story

Attractive pricing

% of respondents

N=246

What are the key IPO success factors for investors?


Internal and external IPO teams IPO project management is key

“The most important piece of advice I would give to a CEO embarking on the IPO process is to have a strong team that you can rely on.”

Ron Edgerton, SigmaTel

Typically involved

Mandatory involvement

Consulted on a case-by-case basis

HR

IR

CFO

CEO

COO

Share- holders

Supervisory board

Coordination of the parties

Typical patterns of companies whose IPO was successful

► They see the IPO as a transformation process and not as a point of completion or mere financial event

► At least one year before the IPO, they begin preparing to operate like a listed company

► They outperform their competitors in the key performance figures before, during and after the IPO


Pre-IPO pitfalls Right price, team, story, timing and IPO readiness are key

What are the key concerns for IPO candidates?

4%

29%

30%

40%

43%

56%

85%

0% 20% 40% 60% 80% 100%

% of respondents

Overpricing of stock at IPO

Issue not having the management

Listing at a too early a stage in a company’s life cycle

Listing not conducted at the right time

Incomplete infrastructure preparations pre-IPO

Not enough preparation for investor communications and meetings

Other – please specify

Pre-IPO radar

screen

Source: Right team, right story, right price, Investor survey , EY, 2013


IPO destination

Investor survey results


Is your home market also the capital market relevant for your initial public offering?

53% 47%

0%

20%

40%

60%

80%

100%

Yes No

% o

f re

spo

nd

en

ts

Response N=247

More than half of investors view choice of exchange as an important part of the investment decision

2.4%

22%

23%

28%

29%

40%

56%

63%

0% 20% 40% 60% 80% 100%

% of respondents

N=123

Exchange venue is important as it is an indicator of investment liquidity, confidence in the regulatory environment and corporate governance standards

Why is the IPO exchange venue important for your investment decision?

Note: respondents were asked to select their top three reasons. % represents number of respondents that chose the particular reason as one of their top three choices.

Is the IPO exchange venue important for your investment decision?

Source: Right team, right story, right price, Institutional Investor survey, EY, 2013

Liquidity is available for investment and / or divestment

Confidence in the regulatory environment

Corporate governance standards

Own investment rules restrictions

Connectivity and accessibility to the exchange

Availability of indices that track sector performance and act as benchmarks

Well known peers are trading at the same venue

Derivatives exist to hedge and arbitrage


Is your home market also the capital market relevant for your initial public offering?

4%

15%

35%

41%

47%

60%

72%

0% 20% 40% 60% 80% 100%

Other – please specify

Language issues

Cultural issues

Unsure about company's mid- to long-term commitment tostay and deliver

No physical presence of management at listingdestination/country

Lack of compelling reasons for cross-border listing

Corporate governance complaints

% of respondents

N=220

What are the main issues faced by companies conducting a cross-border IPO?

Note: respondents were asked to select their top three issues. % represents number of respondents that chose the particular issue as one of their top three choices. Source: Right team, right story, right price, Institutional Investor survey, EY, 2013

44,4%

47,8%

48,6%

50,0%

53,4%

57,1%

57,9%

60,0%

83,3%

55,6%

52,2%

51,4%

50,0%

46,6%

42,9%

42,1%

40,0%

16,7%

0% 20% 40% 60% 80% 100%

Bank

Mutual fund

Hedge fund

Sovereign wealth fund

Asset manager

Other

Pension fund

Insurance

Private Equity

% of respondents

Yes No

Is the IPO exchange venue important for your investment decision?


Which listing zone, stock exchange and segment… … are most likely to maximize business value?

Maximizing business value and required purchase incentives

Speed of the exit process

Investors’ perception of PE backed IPOs

Availability and entrance as exit routes

Private equity

Level of burden - regulatory requirements

Corporate Governance

Liability, compensation and remuneration

Prestige and reputation of IPO market

Management

Level of burden in regulatory requirements


IPO to solve successor issues

Families options to keep influence

Family owner

Level of burden in regulatory requirements


Further growth and sector expertise

Keep flexibility to innovate

Founder


IPO readiness assessment


Good preparation starts early in IPO value journey How? In a first step with an IPO readiness assessment

Are

yo

u re

ad

y fo

r IPO

?

Wh

at

is y

ou

r ca

pit

al ra

isin

g g

oa

l?

Execute on business strategy

Achieve operational excellence

Maximize company value

Mitigate risk

IPO transformation

• Organizational change

• Leadership and management readiness

• Transparency

• Ownership structure/control

• World-class financial organization

• Delivering on promises

Stakeholders’ motivation

Strong management team

Experienced transaction advisors

Complexity of capital markets

Increased regulatory oversight

Corporate governance

Risk management

Limitations on service providers

Where is your company in its lifecycle?

What is the company’s growth potential?

Is the company’s business model predictable and sustainable?


What are goals of an IPO readiness assessment? Your objectives and value for your team

Objectives and benefits of IPO candidates

► Define an IPO base case as an important information for the assessment

► Identify the IPO readiness gaps and assess the efforts required to get ready

► Train the key people on IPO best practices and regulatory requirements

► Prioritize the gaps in an IPO roadmap

Perceived values of an IPO readiness assessment

► Save costs having transparency how to get IPO ready It helps owners and managers in an efficient one or two day assessment to map out what is needed prior to an offering with regards to organizational changes required in one integrated approach

► Save time getting insights in IPO best practices IPO readiness helps decide which options best fit your business strategies and objectives, delivers an IPO base case, builds the roadmap getting IPO ready

► Raise transaction certainty in unpredictable IPO markets The right team, right story, right timing and pricing - we from EY see every IPO as transformational, occurring over time in a structured way that maximizes transaction value — an important step in the life cycle of the entrepreneurial businesses we serve

“Before everything else,

getting ready is the secret of success.”

Henry Ford, American Industrialist

Investor and CEO/CFOs surveys

Examples

Best practices

IPO benchmarking


What are important areas of IPO readiness? Tailor-made scope with an holistic EY approach

7. Leadership

• C-suite

• Board of directors

• Remuneration

1. Strategy

• IPO value journey

• IPO destination

• Issue concept

8. Timeline

• IPO windows

• Plan B options

• Process/Resources

2. Structures

• Issuing company

• Group structure

• Maintaining influence

3. Taxes

• Company level

• Shareholder level

• Transaction level

4. Financials

• External reporting

• Forecasting

• Prospectus

5. Systems

• Internal controls

• Enterprise risk

• Compliance mgmt.

6. Functions

• Investor relations

• Compliance officer

• Committees

Possible IPO readiness assessment

modules

We offer and recommend to assess all IPO readiness modules displayed as they are interlinked and interdependent

You also can define the IPO readiness modules you want to assess


What is the process to assess IPO readiness? Four step approach of EY

We hold IPO readiness assessment workshop interviews based on agreed IPO readiness assessment modules and provide deep insights with the workshop document

Based on the results from the findings of this IPO readiness assessment workshop, EY develops an initial target structure in line with your objectives

We analyze gaps of current infrastructure using IPO diagnostics to get the IPO ready target status

These results are displayed and used to develop the work plan through to the multi-track option/IPO in the IPO readiness result report


Why EY


Why EY? If you want to be a market leader, work with one

Global No 1 in IPO since 16 years ► EY is number one (audit share) for helping high-growth companies to list publically. With

30 years of IPO experience we know what it takes to be ready for an IPO and the guidance needed to address the priorities and mitigate the risks based on international credentials.

► Our global presence in each capital market and the external network to important capital market intermediaries, regulators and exchanges and the interdisciplinary team with market specific expertise facilitate cross border IPOs and overseas listings.

► IPO leaders network: We are serving clients with expertise globally having access to a deep pool of knowledge and experience to help anticipate the risks and navigate through the challenges of life as a public company.

Audit market share

IPO’s 2014 (# of IPO’s)

IPOs Worldwide

2009 – 2014

IPOs Worldwide

2004 – 2014

EY 1 1 1

Deloitte 2 2 2

PwC 4 3 3

KPMG 3 4 4

Source: Dealogic, EY Research

Leading as auditor of listed tech companies ► TecDAX 30% market share

► NASDAQ 100: 37% market share

► Global Forbes 2000 Technology companies: 33% market share

Around the world EY helps more companies go public than any other Big Four firm

Of the 1,226 IPOs which raised US$259.1b globally in CY2014 ► EY audits 233 companies that raised

$62.1b altogether

► EY serves 448 companies (37% of global IPOs) that raised $157.7b altogether (61% of global capital raised)


Team CVs Dr. Martin Steinbach

Credentials from international projects:

► Martin was involved in the following selected dual track /IPO transactions amongst others: LEG, Zalando, Rocket Internet, Braas Monier, Orion Black Carbons …

► Preparation of IPOs of Small, Mid and Large Caps

► IPO readiness and destination assessments in process (please see anonymized tombstones)

► IPO advisory and project management

► Multi track EXIT/IPO approaches

► Capital Market Coaching of listed companies

► Emerging Market IPOs from China, CIS/Russia and India

► Investor Targeting (Road shows) and Campaign Management

► Investor Relations effectiveness

► Strategic Peer and Industry Group positioning

► Advisor of exchanges in primary markets strategies across EMEIA

Dr. Martin Steinbach has spent twenty years in the Corporate Finance field. He held different management positions in the Investment Banking (Head, GZ Bank AG), Private Equity (General Manager, GZ Capital), the IT industry (Head of Corporate Finance and IR, entory AG) and Securities Exchange (Head of Issuer and Investor Markets, Deutsche Börse AG) sector. His area of expertise includes IPO’s and SPO’s, M&A transactions, Investor Relations and Private Equity deals. His unique professional background brings together experience from the investor, issuer, banking, advisor and from a leading securities exchange point of view. In April 2011 he joined EY responsible for IPO and listing services in Germany, Switzerland and Austria. Since 2012 he is IPO leader for Europe, Middle east, India and Africa.

Qualification and broad practical experience:

► Following an apprenticeship at GZ-Bank AG he has a degree in banking, graduated as Master of Business Administration (Diplom Kaufmann) and holds a Ph.D. (Dr. rer. pol.) from the Johann Wolfgang Goethe-University, Frankfurt/Main.

► His practical experience is also founded on memberships in supervisory boards of listed and non listed companies, advisory committees of Banks and investment committees of Private Equity firms.

► He has published various articles and contributions to books about stock markets, IPOs, Investor Relations and REITs and is a frequent speaker on international seminars.

Well known exchange expert:

► From 2002-2011 Martin was Executive Director, Head of Issuer & Investor Markets of Deutsche Börse AG

► Responsible for sales, marketing and product development in the IPO and listing business and campaign management towards Retail and Institutional Investors.

► Introduction of new IPO markets (Segmentation: Entry, General and Prime Standard) and new asset classes (Launch of SPACs und REITs)

► He led the internationalizing of the IPO platform of Deutsche Börse and has experience in Emerging Markets working across China, Russia/CIS and India.

Dr. Martin Steinbach Executive Director Head of IPO and Listing Services Germany – Switzerland – Austria IPO Leader Europe, Middle East, India and Africa Financial Accounting Advisory Services

Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Mergenthalerallee 3-5 65760 Eschborn Germany Phone +49 6196 996 11574 Fax +49 181 3943 11574 Mobile +49 160 939 11574 [email protected]


EY

Assurance | Tax | Transactions | Advisory

2015 EY - all rights reserved.

Proprietary and confidential. Do not distribute without written permission.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 190,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. EY refers to the global organization of member firms of EY Global Limited, each of which is a separate legal entity. EY Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com. About EY’s IPO services EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source.

Are you IPO ready?

Für meisterhafte Börsengänge Find out more … IPO Competence Center Germany, Switzerland, Austria www.ey.com/de/IPO-and-listing

Global IPO Center of Excellence www.ey.com/IPOcenter

http://www.ey.com/

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