Guide to Going Public
HOW can you structure your IPO?
IPO process and the EY IPO value journey
The IPO process should be a structured and managed transformation of
the people, processes and culture of an organization.
At EY, we refer to this as the IPO value journey, which embraces the philosophy that the IPO event
is not the end game but a momentous occasion that will impact your organization long after the
actual transaction. The value journey typically begins at least 12 to 24 months before the IPO and
continues well beyond that. Thus, while an IPO should be a key turning point in the life of your
company, market leaders don't treat an IPO as simply a one-time financial transaction. Rather, they
recognize the IPO event itself as just one defining milestone in a complex transformational journey
from a private to a public company.
Even when the financial climate is not ideal for fundraising, it could be a good time to be planning
and preparing for an IPO or any other strategic transaction. While waiting for markets to settle,
executives can embark upon the IPO value journey. Those companies that undergo an effective
IPO readiness transformation during uncertain times will be best positioned to take advantage of
improved equity market conditions.
In the life-changing journey from the private realm to the public markets, you will face numerous
leadership challenges. It is up to the CEO and senior executives to strike the right balance between
executing the IPO transaction, and managing the day-to-day operations of the company. Rather than
just asking if the markets are ready for you, the key question that you will need to ask when entering
the public markets is:
"Are we prepared to deliver?"
This IPO value journey describes the key 16 steps - from the going public stages to the being public
stage, starting with the early strategic considerations and IPO planning phase, to the IPO preparation
phase, and finally, on to the IPO transaction and post-IPO phases.
12 | Guide to going public
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