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Phases of an IPO
Figure 3: Phases of an IPO
Phase 1:
Planning and preparation
Initial consulting with
Deutsche Börse
Formation of an IPO team
within the company
Selection of advisors
(e.g. Deutsche Börse Listing
Partner ® )
Selection of the syndicate
bank
Establishment of legal
preconditions within the
company
Source: Deutsche Börse AG
efficient and cost-effective access to the capital market for
a listing in Germany.
Financing with debt capital
Exchange-listed corporate bonds are a source of debt
capital, in which companies have a greater say on the transaction
compared to classic debt financing through banks. No
voting rights are granted when issuing corporate bonds. Corporate
bonds are issued at Deutsche Börse via Xetra, either
in the Prime Standard for Corporate Bonds or in the Entry
Standard for Corporate Bonds. The issuance of corporate
bonds is a quick, easy and cost- effective course of action
that is open to both listed and non-listed companies.
Deutsche Börse actively supports companies in placing
their bonds and ensures that they have access to the network
of private and institutional investors and traders, both
domestic and international. The issuance of bonds is a nonpermanent
listing. At the end of the term, which has been
Phase 1:
Planning and preparation
Initial consulting with
Deutsche Börse
Formation of an IBO team
within the company
Selection of advisors
(e.g. Deutsche Börse
Listing Partner ® )
1) May be omitted in exceptional cases
Phase 2:
Structuring
Setting of a timetable
Structuring the bond
Development of a marketing
concept
Preparation of the EU
prospectus
fixed beforehand, the management team can decide
whether they want to use this instrument again.
Trading on Xetra
Service
Securities are traded on Deutsche Börse’s Xetra trading
platform. Xetra is one of the fastest and most efficient trading
systems in the world. Orders are executed under
optimum conditions in a central and fully electronic order
book. Xetra enables traders from all over Europe to participate
in trading, regardless of their locations. The system is
constantly being enhanced with new products, new functions
and expansion into new markets. Regulated and
supervised on-exchange trading offers integrity, stability
and safety for all participants – an invaluable advantage
over unregulated off-exchange trading.
Learn more about financing options at Deutsche Börse on
Xetra, Europe’s most efficient cash market:
www.xetra.com/listing_e
Phases to bond issuance in the Entry Standard or Prime Standard for corporate bonds
Figure 4: Phases for bond issuance in the Entry Standard or Prime Standard for Corporate Bonds
1) May be omitted in exceptional cases
Source: Deutsche Börse AG
Phase 2:
Structuring
Setting of a timetable
Preparation of a business
plan and a concept
Conduct due diligence of
relevant business units
Preparation of the EU
prospectus
Phase 3:
Realisation and marketing
Preparation of investor
relations activities
Publishing of EU prospectus
Research
Application for admission
of securities
Roadshow and investor
relations activities
Bookbuilding
Phase 3:
Realisation and marketing
Publication of EU prospectus
Rating 1)
Application for inclusion
Addressing of investors
Subscription period
Phase 4:
Pricing and secondary market
Pricing and allocation
procedure
Initial price auction
Continuous trading
via the Xetra ® electronic
trading system
Phase 4:
Placement and secondary
market
Opportunity for subscription
via subscription tool of
Deutsche Börse; own sales
activities possible
Initial price auction
Continuous trading
via the Xetra ® electronic
trading system
Deutsches Eigenkapitalforum 2012 Page 175