Final phase of the IPO

Intention to Float

• As we have already mentioned, the intention to offer shares on the stock exchange, the so-called ITF (Intention to Float), has been announced. The issuer should be prepared for the subsequent strong media interest in the planned IPO. Under no circumstances should the issuer disclose information regarding the price or structure of the IPO. Communication with the IPO advisor and the arranger (s) before the issuer provides any information is very important here.

Communication and Roadshow with investors

• The third round of IPO discussions, this time again with potential investors. These are a series of group or personal meetings with investors, where management and owners present their plans, explain the use of resources obtained during the IPO and answer often exhaustive questions about the current and future situation of the company. During the roadshow with investors, the book is "opened" (the so-called bookbuilding process begins).

Publication of the prospectus

• The prospectus is published by the issuer, the central bank and the arranger(s).

Receipt of orders from investors

• Acceptance of orders takes place through the arranger(s) of the issue into the so-called book (Bookbuilding process). If the issue is prepared by more than one arranger and both have the same authority to accept orders, there may be disagreements over the final order book (investor names, order size, investor's geographical preferences, etc.). Here lies an important role of the IPO advisor, as we will provide the issuer with an independent view of the proposed final order book.

Determination of the share price (IPO prices)

• Based on the status of the book / orders and the conclusion of the receipt of further orders, the arranger(s) determine the final share price in agreement with the issuer.

Admission to trading and IPO settlement

• The issue is accepted for trading on selected stock exchanges and orders are settled