The run-up to the flotation is generally described in terms of a timetable counting down to admission. The following timetable outlines the steps usually taken during each period.
24-36 months before admission
- Develop a robust business plan
- Ensure contracts are in place with customers/suppliers
- Review management information systems, operational and compliance controls
- Consider ownership and tax issues
12-24 months before admission
6-12 months before admission
- Consider investor relations strategy
- Ensure independent audited financial accounts for 3 year period
- Consider commissioning an independent expert's report
- Make any necessary changes to the executive board
- Appoint non-executive directors
- Ensure company is incorporated under relevant laws
- Consider pre-flotation fund-raising
- Decide on method of flotation
- Hold a beauty parade of advisers
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12-24 weeks before admission
- Appoint advisers
- Instruct all advisers
- Agree timetable
6-12 weeks before admission
- Review problem areas
- Produce draft prospectus
- Produce other documents in first draft
- Initial review of pricing issues
- Hold first drafting meetings
- Submit draft documents to the UKLA
- Hold initial meeting with the Exchange
- Review PR presentations
- Host analyst presentations
1-6 weeks before admission
- Continue drafting meetings
- Carry out due diligence
- Hold PR meetings and roadshow
- Submit documents to the UKLA
- Bulk print pathfinder prospectus
1 week before admission week
- Approval of all documents by the UKLA
- Pricing and allocation of the offer
- Register prospectus
- Sign subscription agreement
- Bulk print final prospectus
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- Submit 48 hour documents
- Make the formal application for listing and admission to trading
- Pay UKLA and Exchange fees
- Listing and admission to trading granted
- Trading begins
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