IPO and Post IPO
IPO AND POST IPO
• IBI handles:
• the valuation of the company;
• the legal, tax and financial engineering for the transaction;
• the determination of the amount and nature of the capital to be raised;
• the documents for the Company’s presentation to the securities market authorities and investors;
• the choice of financial institutions to present the operation;
• the communication plan;
• the coordination of the participants in the transaction.
• IBI’s Objectives:
• To create value for entrepreneurs who decisively contribute to the country’s wealth and dynamic growth;
• To provide investors (individual shareholders, private and institutional investors) and the General Public with access to ambitious companies with quality management;
• To contribute to the development of the Stock Exchange while respecting the ethics inherent to raising funds publicly in the financial markets.
• Which stock exchange is right for your company?
| OTC Market | Alternext | Euronext | |
|---|---|---|---|
| Activity sector | All | All | All |
| % Minimum of capital stock to be issued | No Minimum | No Minimum | 25% |
| Nature of the transaction | Transfer and/or increase in capital | (i) Public Offer through transfer and/or increase in capital (ii) Direct admission without Public Offerring | Transfer and/or increase in capital |
| Revenues | € 5M Minimum recommended |
€ 10/15M Minimum | € 50M Minimum |
| Net profit | + / - € 500,000 | > € 750,000 |
> € 5,000,000 |
| Minimum capital to be raised | No Minimum | (i) € 2,5 million at the first quotation or (ii) € 2,5 million within the year precedind the first quotation | € 20 / 25 million recommended at the first quotation |
| Document to be drafted (IBI) | Simplified Prospectus | (i) Prospectus (ii) Offering Circular |
Basic Document + Transaction Memo |
| Accounting History | 3 years certified if in existence for 3 years | 3 years certified if introduced by a public offering, last FY certified if introduction by direct quotation | 3 years certified |
| Participants in the transaction | IBI + broker | (i) Listing sponsor + broker (IBI is Listing sponsor) (ii) IBI sole Listing sponsor |
IBI + broker |
| AMF approval | Necessary if transaction > € 2,5M Not necessary if transaction < € 2,5M
|
Necessary Not necessary if there was a private placement unit transaction for new shares that took place during the previous year for an amount of at least € 2,5M with a number of persons considered sufficient under the condition set by the NYSE Euronext |
Necessary |
| IMF term of investigation | 8 to 10 weeks if transaction > € 2.5M | (i) 8 to 10 weeks (ii) No investigation |
10 to 12 weeks |
| Admission Committee | No | Yes | Yes |
| Accounting Standards | Local (not IFRS) | Local (not IFRS) | IFRS |
| Financial Reporting | Only legal information under corporate law | Only un-reviewed certified annual and half-yearly accounts Published on the Alternext website and the Company's website |
Annual audited accounts published in BALO Half-yearly accounts reviewed Quaterly sales on the company website |
| If a change of ownership | Stock price guarantee (joint divestment) optional for minority shareholders |
Stock price guarantee (joint divestment) requirement for minority shareholders |
Stock price guarantee (joint divestment) requirement for minority shareholders |
| Crossing of threshold to be declared | None | 50% or 95% of capital | 5%, 10%, 15%, 20%, 25%, 1/3, 1/2 + 1, 2/3, 90% and 95% of capital and / or voting rights
|
| Stock price guarantee | Impossible, only pick up of shares possible |
Required if change of control | Required if holding > 1/3 of shares and / or voting rights |
| Transfer to another market | Possible thereafter on Alernext or Euronext | Possible on Euronext |
