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Preface 5<br />
Duncan Niederauer<br />
Chief Executive Officer, NYSE<br />
Introduction 7<br />
Advantages of a NYSE listing<br />
NYSE<br />
1. Why go public? 9<br />
1.1 Advantages of conducting<br />
an IPO 10<br />
J.P. Morgan (Investment Banking)<br />
1.2 Potential issues 10<br />
J.P. Morgan (Investment Banking)<br />
1.3 Going public without<br />
an offering 11<br />
J.P. Morgan (Investment Banking)<br />
2. Preparing to go public 13<br />
2.1 Choosing advisors 14<br />
J.P. Morgan (Investment Banking)<br />
2.2 Financial information 15<br />
KPMG LLP<br />
2.3 Antitakeover defenses and other<br />
governance matters 24<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
2.4 Providing for employees 26<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
2.5 NYSE Governance Services:<br />
Reviewing and verifying your<br />
program, meeting regulatory<br />
standards 29<br />
NYSE Governance Services<br />
3. The IPO process 31<br />
3.1 Process timeline 32<br />
J.P. Morgan (Investment Banking)<br />
3.2 SEC registration 33<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
3.3 Prospectus 35<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
3.4 Underwriting, marketing,<br />
and sale 40<br />
J.P. Morgan (Investment Banking)<br />
4.The IPO on-ramp under<br />
the JOBS Act 43<br />
4.1 The JOBS Act: Emerging<br />
growth company status 44<br />
Fenwick & West LLP<br />
4.2 Advantages of emerging<br />
growth company status 44<br />
Fenwick & West LLP<br />
4.3 Process timeline 45<br />
Fenwick & West LLP<br />
4.4 Conclusion 47<br />
Fenwick & West LLP<br />
5. IR and communications 49<br />
5.1 Preparing an IPO<br />
communications strategy 50<br />
FTI Consulting<br />
5.2 Communicating with the market<br />
post-IPO 52<br />
FTI Consulting<br />
5.3 Employee and business<br />
partner communications 55<br />
FTI Consulting<br />
5.4 Legal framework for<br />
communications 56<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
5.5 Market intelligence and<br />
surveillance 57<br />
Ipreo<br />
5.6 Investor targeting and outreach 59<br />
Ipreo<br />
5.7 Market perception feedback 60<br />
Ipreo<br />
5.8 Investment community<br />
database and CRM 61<br />
Ipreo<br />
6. Obligations of a public company 63<br />
6.1 Reporting and compliance<br />
requirements 64<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
6.2 Listing standards 69<br />
NYSE<br />
6.3 Trading and repurchases 70<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
6.4 Ongoing compliance<br />
obligations 71<br />
NYSE Governance Services<br />
7. A public company and its<br />
shareholders 73<br />
7.1 Proxy statement and<br />
annual meeting 74<br />
Morrow & Co., LLC<br />
7.2 Providing shareholders<br />
with proxy material 74<br />
Morrow & Co., LLC<br />
7.3 Ownership reporting by<br />
shareholders 76<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
7.4 Reporting by insiders 77<br />
RR Donnelley<br />
7.5 Related party transactions 78<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
7.6 Share ownership mechanics 79<br />
Morrow & Co., LLC<br />
8. Managing risk 83<br />
8.1 Liability standards 84<br />
Cleary Gottlieb Steen &<br />
Hamilton LLP<br />
8.2 Class action and derivative<br />
lawsuits 85<br />
Marsh<br />
8.3 Indemnification 87<br />
Marsh<br />
8.4 D&O liability insurance 89<br />
Marsh<br />
8.5 Personal risk management 93<br />
Marsh<br />
8.6 Managing compliance risk 94<br />
NYSE Governance Services<br />
2 NYSE IPO Guide