IPO and stock market strategy

AWR Lloyd advises clients who are planning initial public offerings (‘IPOs’) in relation to the pros and cons of different stock market listing venues – such as the London Stock Exchange main market, the London AIM market, the ASX, the Hong Kong Stock Exchange and the Singapore Stock Exchange. We can also advise companies who are already listed on cross-listings or other listing options.

For stock exchange listing methods we can advise in relation to listing by way of ‘introduction’, primary offer (via share issuance on a new exchange), secondary offer (sell-down by existing shareholders), subsidiary listings, reverse takeovers, dual-listed company structures and unbundling or spin-off mechanisms.

AWR Lloyd advises clients preparing for IPOs on offer structure (e.g. primary versus secondary shares), pricing, equity capital market conditions, timing and positioning and process management. We can help in the process of beauty contests and appointment of investment banks, lawyers and engineering advisors (e.g. for JORC-based ‘Competent Persons Reports’). AWR Lloyd advises on fund manager, analyst and business press ‘targeting’ – and helps plan for and manage domestic and international roadshows (in conjunction with the appointed brokers).

Based on interviews with management and Market Signals Analysis we help prepare the company’s ‘growth story’ and ‘value proposition’. We provide prospectus support and review (in conjunction with lawyers and other advisors), investor and analyst presentation composition, website improvements, news releases and results presentation support. We also help clients planning IPOs to develop an IR team with training workshops, IR guidebooks and standard operating procedures.

For example

AWR Lloyd prepared an Indonesian coalmining company for a $2 billion IPO on the Indonesian Stock Exchange.

We advised first on the rationale and plan for the IPO. Then we focused on the investor communication strategy and materials. We then advised on financial structuring, IPO offer structure and pricing.

We co-ordinated and organized the beauty contest to appoint the investment bank for the IPO and then worked closely in liaison with investment bankers, engineers and lawyers throughout the process. The client’s share price rose significantly on the first day of trading and has tripled over the past four years.

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