Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

De-risking the IPO upfront
Equity Markets
In light of the “stop-and-go” sentiment in current
IPO markets, it will be critical for the success of any
public listing going forward to arrange the preparatory
work streams in such a way to allow for suf -
ficiently frequent and active interaction between
management and investors as early as possible.
Such early preparation should not only help to testrun
the investment case and provide them with
“real-life” investor sparring, but should ideally
encourage investors to commit early orders upfront
with a varying degree of size and price sensitivity.
Looking for a read-across of the US and Asian IPO
markets, which have held up relatively well this year,
IPO preparation processes such as Michael Kors or
F1 could attract significant pre-IPO demand, which
ultimately helps to de-risk the overall execution
process with granular feedback on positioning, timing
and early valuation thoughts; it also enables the
book building process to be started from a strong
position.
In that context, it is important to highlight that the
pool of potential pre-IPO money is not limited to a
growing list of interested sovereign wealth funds,
but has recently also included prominent examples
of the classic long-only and hedge fund community,
as well as packaged private wealth money. A “first
look” at a promising investment opportunity and the
chance to establish a mutually advantageous relationship
with some of the world’s leading management
teams has proven to be an attractive entry
point for early investor commitment.
Right timing to launch the transaction
The often (ab)used and rather non-academic ”rule-ofthumb”
on optimised IPO timing [Target first day of
trading] – [Four to six months of prep. work] = [Time of
project kick-off], no longer holds true. Whilst it is desirable
to agree on a specific launch window as a working
assumption in order to retain execution discipline
both internally and externally, the flexibility around
Deutsches Eigenkapitalforum 2012 Page 29
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