Initial Public Offering (IPO)

Driving growth, securing your future

Higher inflation, tighter monetary policies and global supply chain disruptions may create further volatility in the equity markets. However, with new initiatives being introduce to boost the activities and liquidity in the SGX, businesses can be optimistic about IPO activity as we shift towards living with COVID-19.

Navigating the challenges in moments of exceptional change

Going public is a monumental decision that will truly transform the way your company operates. Ensuring that it is the right strategy for funding the next stage in your organisation’s growth is critical. The process can be very time-consuming, complex and costly if not efficiently executed.

Is now the right time? What can your company expect after going public? What are the costs of being public? What is your plan after the bell rings? This requires careful consideration on whether your company is prepared to accept the additional disciplines that come with being a public company, and if so, which market will provide the best valuation and access to capital at the right time.

Explore our roadmap to IPO

The IPO is not the end of the story - it is only the beginning. Once listed, a company will be under far greater public scrutiny and will have a range of continuing obligations. Failure to comply with regulations could publicly embarrass management, damage the company’s reputation and potentially result in liability. It is important for companies to prepare meticulously through each phase of an IPO.

Our Capital Markets team will guide you to navigate every phase of the complex IPO process.

Reporting auditor

As your independent auditor, we understand the transformation you are going through and the time pressure to get the best valuation of the company. Above all, we understand the challenges arising from the new requirements of the regulations and standards. With our extensive experience as auditor of newly listed companies and with a technology driven smart approach, PwC can provide you with the following services:

Issuance of audit report on the historical financial statements of the company and its subsidiaries (the 'Group')
Issuance of assurance report on the compilation of pro forma consolidated financial information of the Group, if required

Attestation report on the internal controls over financial reporting of the Group, if required
Issuance of comfort letter to your underwriters
Review and report the profit forecast of the Group

Assistance with the review of filing documents
Assistance with handling regulator review comments

IPO advisory

We understand where deals go wrong and how mistakes in the IPO process can impact IPO valuation. We bring in a senior and experienced IPO team combining Capital Markets Advisory capabilities for your IPO. Our IPO Advisory approach is very flexible, with the company in control, ensuring that our involvement leverages and complements the capabilities of the company’s team. The involvement of PwC may be light or extensive based on the company’s requirements.

IPO preparation

'Which market' analysis
IPO readiness assessment
Project management support
Accounting and reporting advice and assistance with preparation, presentation, and disclosure of capital markets compliant financial statements and related reporting matters
Finance effectiveness advice and assistance during the audit process by preparing breakdowns and other supporting documentation
Internal controls advice and assistance from design to implementation
Advice and assistance with the design and implementation of risk and compliance management
Tax and legal structuring advice and assistance for the IPO vehicle
Advice and assistance in design and implementation of required IT-related processes and systems
ESG strategy: Advice and assistance on (i) current standards, frameworks, and requirements, (ii) stakeholder identification and materiality analysis, (iii) strategy alignment with material topics, (iv) target setting and ESG roadmap and (v) governance and potential sustainability reporting
Any service offering will be subject to PwC independence and risk management assessment

IPO execution

Project management support
Capital market advice
Registration statement-related support:
- Advice on company’s preparation of analyst presentation
- Advice and assistance on company’s compilation of KPIs
- Advice and assistance on company’s statement of capitalisation and indebtedness
- Advice and assistance on company’s preparation MD&A
- Advice and assistance on company’s preparation of a profit forecast
- Advice and assistance on document drafts prepared in connection with the transaction (e.g., draft financial statement disclosures, presentation formats and drafts of registration document)