An IPO is not merely a financing event; it is a complete institutional transformation. The companies that list successfully are those that began work on governance, financial statements and legal structure well before the offering file was opened.
Eighteen months out
- Three consecutive years of audited financial statements under international standards.
- A clean ownership structure free of undisclosed obligations.
- A complete board with audit, remuneration and nomination committees.
- Related-party transactions separated and documented.
- A documented, testable internal control system.
Why companies start late
Because the decision to list is usually taken in response to a favourable market window, whereas readiness is built over years. An early readiness assessment surfaces gaps while they can still be closed at reasonable cost.
