IPO process

Company

Submission &
Marketing

Filing Preparation

Preparation

Preparation

Issuer has
credentials to go
public:
- Strong
management team
- Business model
- Vision
- Investment story
clear and
compelling

Establish Corporate
Governance structure

Due Diligence

Conduct Financial,
Legal and
Commercial Due
Diligence

Doc / Valuation

Documentation
(prospectus,
application forms)

Valuation and pricing
of offer shares

Submission

Submit file to SECP

Address SECP
comments

Agree valuation and
offering terms

Marketing

Market sounding with

institutional investors

Public relations

Floatation

Book Building

Book Building with

institutional investors

Post IPO

Post IPO Phase

Ongoing company
obligations

Investor relations

Floatation

Offering to public

Share allocation and
refunds

Listing & Trading

Listing on KSE

IPO process: advisory phase

1

Preparation

Appoint Financial Advisor

Assess business strategy
Execute strategic
acquisitions/divestures, if any
Refine business plan and develop
investment case
Transaction structuring legal, financial
and business
Define the Offering Structure
Re-Audit or Review of financials by a
top tier Audit Firm, if required

Due Diligence
Financial
Historical financial performance
Financial forecasts and underlying
assumptions
Legal
Compliance with all regulatory
requirements
Shareholders rights, guarantees,
articles, by-laws
Commercial
Management presentation to
Shareholders
Market size & share, demand & supply,
industry dynamics, etc.
Expert
Property, industry and other expert or
technical reports

Documentation/Valuation
Initial liaison with SECP
Appoint management team to support
prospectus drafting
Set financial historical and forecast
disclosure periods
Prepare financial model and value the
business
Present financial projections and
valuation to the shareholders and set
the preliminary IPO price range
Commence drafting of Prospectus

Reports submitted to Shareholders

IPO process: submission, floatation and post IPO phases

4

5
Submission & Marketing

Submit the Filing along with
valuation price range and
proposed Offer Structure to
SECP

Method/Structure of float
finalised with SECP

Conduct the PR/Marketing
Campaign

Appoint Floatation Manager,
Receiving Banks &
Underwriter(s)

Book Building
Print Prospectus & Other
Marketing Materials
Institutional road show
Investor selection
Presentation
Teaser
Prospectus
Company Media Kit

Floatation

Listing & Trading

Pricing confirmed

Issue and allot shares

Lodge Final Prospectus for

registration with SECP

Start trading in the secondary

market

Print & Distribute the Final

Prospectus
Lodge application for listing
with KSE

Book building Exercise

Floatation Period
Determine institutional versus
retail weighting and
participation of strategic
investors

Share Allocation & Refunds by

Banks
Receive IPO proceeds

Notify SECP of the

subscriptions

Post IPO Phase

Assist the Company with

regards to its obligations
under the Listing Regulations

Send Shareholder File to KSE

Request the desired Ticker
Symbol with KSE

Advise on Continuous
Disclosure requirements
Support the Company in
establishing IR Function

Typical IPO timeline

1
M1
1

Preparation

Due Diligence

Documentation / Valuation

Submission & SECP Review

Marketing

Book Building

Flotation

Listing & Trading

Post IPO

M2

M3

M4

M5

M6

M7

M8

M9

M 10

SECP approval could extends to up

to approximately 6 months