{"id":5657,"date":"2019-04-01T17:37:16","date_gmt":"2019-04-01T14:37:16","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=5657"},"modified":"2019-12-26T10:21:10","modified_gmt":"2019-12-26T08:21:10","slug":"guide-to-ipo-process","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/guide-to-ipo-process\/","title":{"rendered":"IPO Process: 7 Step Guide for Taking Your Company Public"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">As your business grows and evolves, you\u2019ll want to see it reach its fullest potential. But what does that really mean? It means raising more funds so the business can reach new heights. It also means opening the decision-making process up to more creative minds.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Or, perhaps you\u2019ve gotten all that you want from your senior position in the company, and you want to reduce your responsibilities (or even exit the business completely).<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">These are just a couple of reasons why someone would consider taking a company public. Here, we\u2019ll journey into the world of initial public offerings to answer the most fundamental questions involved: <br \/><\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong>How<\/strong> to take a company public<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong>When<\/strong> to take a company public<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong>Why<\/strong> to take a company public<\/span><\/li>\n<\/ul>\n\n<h2><span style=\"font-weight: 400;\">What is the IPO Process?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Before you can determine your \u2018IPO readiness\u2019, you\u2019ve got to have a firmer understanding of what taking a company public really is. The initial public offering process, or IPO process, is the first sale of stocks or shares that are made available by a company for purchase by the public. Of course, before going public a company is private and is controlled by founders and investors.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">While the amount of time it takes to complete the IPO process varies from company to company, the minimum amount of time that it takes to fill the proper paperwork and complete the necessary steps is roughly <\/span><a href=\"https:\/\/www.financialexecutives.org\/FEI-Daily\/March-2018\/Going-Public-The-Pre-IPO-Timeline.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">6 months<\/span><\/a><span style=\"font-weight: 400;\">. More on the specific steps to taking a company public below.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">With a minimum 6-month process ahead of companies planning to go public, it may seem like there\u2019s no time crunch. Plenty of time, right?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Wrong!<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Just because the minimum is half a year doesn\u2019t mean you\u2019ll want it to take longer. Get your ducks in a row so that you can zoom through the IPO process and keep the company moving forward.<\/span><\/p>\n\n<blockquote>\n<p>Of course, the type of business will affect the kind of <a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">industry loans<\/a> a business needs, as well as the specific circumstances that a business finds itself in. Perhaps &#8220;going public&#8221; is not the ideal financing option for your business. Be sure to weigh your options carefully in order to choose the right funding solution for your business.<\/p>\n<\/blockquote>\n\n<p><img decoding=\"async\" class=\" wp-image-5661 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1-300x200.jpg\" alt=\"Taking a company public\" width=\"751\" height=\"501\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1-768x513.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1-1200x801.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1-405x270.jpg 405w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/iStock-918969260-1.jpg 1024w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/p>\n\n<h2>These are the 7 key steps in the IPO process:<\/h2>\n\n<h3><span style=\"font-weight: 400;\">1. Hire a team of underwriters<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The initial step in the IPO process is to decide on an investment bank that will guide the issuing company. The bank will also provide the company with a team of underwriters, comprised of lawyers, certified public accountants, public relations experts, and SEC (Securities &amp; Exchange Commission) professionals. The underwriting team\u2019s job is to make sure that the IPO is successfully completed and that the stocks are sold at the appropriate price. Investment banks typically charge between <\/span><a href=\"https:\/\/www.thebalance.com\/what-is-an-ipo-process-pros-and-cons-3305857\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">3 and 7 percent<\/span><\/a><span style=\"font-weight: 400;\"> of the IPO\u2019s total sales price for the underwriting and advisory services.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">2. Due diligence and regulatory filings<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The second step in the IPO process is for the underwriting team to begin doing its job. Generally speaking, this takes place around 3 months prior to the IPO. This entails multiple forms and documents that need to be filled accurately, which will subsequently be reviewed by the SEC for approval.<\/span><\/p>\n\n<p><b>The forms to be filled by the underwriting team include:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Engagement letter<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Letter of intent<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Underwriting agreement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">S-1 Registration statement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Red herring document<\/span><\/li>\n<\/ul>\n\n<h3><span style=\"font-weight: 400;\">3. File the company prospectus for official review<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After all of the paperwork has been completed, the company prospectus &#8211; a report of the company\u2019s financial history and projected growth &#8211; is filed to the SEC. Upon filing the company prospectus, an investigation conducted by the SEC begins in order to confirm that there aren\u2019t any reasons for the issuing company to be rejected. After all, if unstable or problematic companies were allowed to participate in the stock market, it would spell trouble for investors and the economy as a whole. Standards exist and are enforced in order to maintain a stable marketplace.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">4. Set a date for the offering<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This step towards taking a company public is pretty self-explanatory. The issuing company and the underwriting team collaborate to pick a date to initiate the IPO. There isn\u2019t any special technique of picking the \u2018right\u2019 date. Ultimately, the date that is chosen is going to depend on all of the paperwork being filled and completed. From there, the specific date is chosen more or less arbitrarily.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">5. Define the number and price of shares<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Step number five in the IPO process is subject to many more variables and requires more careful thought than the earlier steps. There\u2019s no magical equation that underwriters use to determine the appropriate number or price of shares on the day of the IPO. The essential goal is for the investment bank (underwriters) to offer a high enough price that the issuing company will raise a satisfactory amount of money while simultaneously being a low enough price that individual investors will be encouraged to purchase shares.<\/span><\/p>\n\n<p><b>Factors that affect price:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The issuing company\u2019s target price<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The reality of the market<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Projected demand for shares<\/span><\/li>\n<\/ul>\n\n<h3><span style=\"font-weight: 400;\">6. Stabilization<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Stabilization is a crucial step in the IPO process because it gives the underwriters an opportunity &#8211; immediately following the introduction to market &#8211; to balance any potential order imbalances. In plain English, stabilization is the process of underwriters purchasing shares in an effort to &#8211; you guessed it &#8211; stabilize the market price.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Think basic supply and demand. If there are a ton of shares that nobody is buying, the prices will drop. In order to keep the price stable, underwriters will purchase those \u2018leftover\u2019 shares and make it appear to individual investors that the demand is up.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">7. Transition to market competition<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The final step of taking a company public is to calibrate the share prices to the state of the market. This transition begins 25 days after the IPO, following what is known as the \u201c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/q\/quietperiod.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">quiet period<\/span><\/a><span style=\"font-weight: 400;\">\u201d (the \u201cquiet period\u201d is mandated by the SEC).<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">During the quiet period, shareholders rely on the company prospectus and very little other information to evaluate the shares\u2019 value. During the transition to market competition, shareholders begin evaluating the company\u2019s valuation based on the interaction between the company and the market.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Imagine playing the first round of a poker game with your cards close to your chest, then playing the next rounds with the cards clear for everyone to view. The quiet period is the first round, and the next rounds are the transition to market competition.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How much does it cost to take a company public?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The total cost of taking a company public is roughly <\/span><a href=\"https:\/\/www.quora.com\/How-much-does-it-cost-for-a-company-to-have-an-initial-public-offering\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">10.5%<\/span><\/a><span style=\"font-weight: 400;\"> of its gross proceeds. In other words, if the total gross proceeds of your company are $100 million, you should plan to spend between $10.5 million to $11 million to take your company public. Again, it\u2019s important to remember that the answer will differ from one enterprise to the next when considering the fixed and variable expenses. If financing is a concern, see how <\/span><a href=\"http:\/\/www.become.co\/apply\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> can help you meet your expenses quickly and easily.<\/span><\/p>\n\n<p><a href=\"http:\/\/www.become.co\/apply\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-10998\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Frame-7-1-1.png\" alt=\"IPO Process\" width=\"1200\" height=\"385\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Frame-7-1-1.png 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Frame-7-1-1-300x96.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Frame-7-1-1-768x246.png 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Frame-7-1-1-604x194.png 604w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n\n<blockquote>\n<p><span style=\"font-weight: 400;\">It goes without saying that the initial public offering process is not cheap, quick, or particularly simple. But &#8211; with the risk of sounding clich\u00e9 &#8211; nothing worthwhile in life comes easily. Which begs the question: what are the advantages of taking a company public?<\/span><\/p>\n<\/blockquote>\n\n<p><span style=\"font-weight: 400;\">We\u2019ll provide the full list of pros and cons further below, but in general, the goal of the IPO process is to increase the company\u2019s profitability. This can be the direct result of having a larger pool of investors, or the secondary effect of amplifying the company\u2019s exposure in the market. However it happens, going public with your company is one of the best ways to improve sales and profits.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">With all of this information at hand, the next step is to explain <\/span><i><span style=\"font-weight: 400;\">how <\/span><\/i><span style=\"font-weight: 400;\">to take a company public&#8230;<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">When should you take your company public?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">No two companies or <\/span><a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">industries<\/span><\/a><span style=\"font-weight: 400;\"> for that matter, are identical. That means no two will go about complex processes &#8211; such as <\/span><a href=\"https:\/\/www.become.co\/blog\/how-to-scale-your-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">scaling up a business<\/span><\/a><span style=\"font-weight: 400;\"> or taking a company public &#8211; the exact same way. Indeed, a company\u2019s IPO readiness may depend as much on the \u201cwhy\u201d as it does on the \u201cwhen\u201d. This is less a problem of how to take a company public <\/span><i><span style=\"font-weight: 400;\">correctly<\/span><\/i><span style=\"font-weight: 400;\">, and more so an issue of how to take a company public <\/span><i><span style=\"font-weight: 400;\">wisely<\/span><\/i><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Overall the chances of undertaking the IPO process successfully are higher when the company is already operating healthily. If the business is shaky and has had a rough year, it\u2019s probably not the time to toss it into the deep-end to see if it can swim.<\/span><\/p>\n\n<blockquote>\n<p><span style=\"font-weight: 400;\">You may want to consider taking a <\/span><a href=\"https:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loan<\/span><\/a><span style=\"font-weight: 400;\"> to get your finances back on track before you go public. One option worth taking into account is an <\/span><a href=\"https:\/\/www.become.co\/unsecured-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">unsecured business loan<\/span><\/a><span style=\"font-weight: 400;\">, which requires no collateral in order to qualify.<\/span><\/p>\n<\/blockquote>\n\n<p><span style=\"font-weight: 400;\">On the other hand, if the business is thriving and there are indications of the market doing well, the time may be right to go public.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">As far as the \u201cwhy\u201d goes, some companies may go public because they can\u2019t raise any more funds from private investors, some may want to gain more exposure to the public, and still, others may want to offer more flexible terms for individual investors. The reasons will vary greatly, but the constant truth is that the reason has got to be strong enough to keep the motivation levels high throughout the IPO process.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">What are the pros and cons of taking your business public?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Going public with your company has its ups and downs. Take a peek at the infographic below to get a better idea of the advantages and disadvantages of the initial public offering process.<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"alignnone wp-image-8386 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Infographic.jpg\" alt=\"Pros &amp; Cons - Taking a company public\" width=\"699\" height=\"800\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Infographic.jpg 699w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Infographic-262x300.jpg 262w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/04\/Infographic-236x270.jpg 236w\" sizes=\"(max-width: 699px) 100vw, 699px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">Alternative share offering strategies<\/span><\/h2>\n\n<p><b>Here are a couple of alternative strategies to taking a company public:<\/b><\/p>\n\n<h3><span style=\"font-weight: 400;\">Reverse merger<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Also known as a reverse takeover or a reverse IPO, a reverse merger is the process of a private company taking control of (and merging with) a dormant public company. Since the public company is basically inactive, it is referred to as a \u201cshell company\u201d. Shell companies are useful because they have already gone through the IPO process, which is music to the ears of private companies looking to go public.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">A reverse merger, when compared to the normal IPO process, is not only much more affordable but also takes a significantly shorter period of time to complete. Reverse mergers can take anywhere from a <\/span><a href=\"https:\/\/investmentbank.com\/reverse-mergers\/faqs\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">few weeks up to three or four months<\/span><\/a><span style=\"font-weight: 400;\">, while IPOs take at least 6 months to complete. <\/span><span style=\"font-weight: 400;\"><br \/><br \/><\/span><\/p>\n<p><b>The benefit:<\/b><span style=\"font-weight: 400;\"> There\u2019s also the benefit of the private company\u2019s founders being able to retain a larger percentage of ownership &#8211; even after taking the company public.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Direct listing<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This second alternative to taking a company public is best suited for smaller companies that don\u2019t have the financial ability to pursue the traditional IPO process. The <\/span><a href=\"https:\/\/www.investopedia.com\/investing\/difference-between-ipo-and-direct-listing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">direct listing process<\/span><\/a><span style=\"font-weight: 400;\"> (DLP), also called direct placement or direct public offering (DPO), is as the name suggests: a process whereby the company \u201csell shares directly to the public without the help of any intermediaries.\u201d<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">While it is considered a more egalitarian way of offering shares to the public and is certainly much less expensive of a route to choose than an IPO, the costs of direct listing come in a different form. Since there are no underwriters involved in the process, there\u2019s no support and no guarantee that the shares will sell, which presents a real risk to the company\u2019s stability. There is a myriad of other disadvantages of choosing a DLP, but the option remains available because many startup companies can truly make good use of it.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">The last word<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">The initial public offering process is a bit complex, costs a pretty penny, and will take time to complete. But, despite the investments that are made and the expenses that need to be covered throughout the IPO process, there are great benefits to taking a company public.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Don\u2019t allow a challenge to keep you from taking your company to the next level. Nothing ventured, nothing gained.<\/span><b> You\u2019ll need to take a risk if you want to reap the rewards.<\/b><span style=\"font-weight: 400;\"> But, of course, you have to go about it <\/span><i><span style=\"font-weight: 400;\">wisely<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">If you found the content on this page useful, feel free to share it with colleagues who can use this information and be sure to bookmark this page so you can easily revisit in the future. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As your business grows and evolves, you\u2019ll want to see it reach its fullest potential. But what does that really mean? It means raising more funds so the business can reach new heights. It also means opening the decision-making process up to more creative minds. Or, perhaps you\u2019ve gotten all that you want from your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,114,1,12],"tags":[194,193,192,195],"class_list":["post-5657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-small-business-wisdom","category-uncategorized","category-us-resources","tag-going-public","tag-initial-public-offering","tag-ipo","tag-stock-market"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IPO Process: 7 Step Guide for Taking Your Company Public - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/guide-to-ipo-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPO Process: 7 Step Guide for Taking Your Company Public - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"As your business grows and evolves, you\u2019ll want to see it reach its fullest potential. But what does that really mean? It means raising more funds so the business can reach new heights. It also means opening the decision-making process up to more creative minds. 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