Numerous professional advisors are involved throughout the listing process. These advisors can help with a variety of issues including financial, legal, accounting, due diligence, underwriting, and marketing of the IPO.
Of course the company itself plays an integral part in the listing process. It must prepare and produce all necessary information and data that is required, and is ultimately responsible as the issuer of the shares.
Key participants in an IPO include:
- Stockbrokers / Underwriters. Brokers or underwriters agree to purchase the shares that are not taken up by investors in the IPO process. This ensures the company receipt of sufficient capital by placing the risk of under subscription on the underwriters. In addition, stockbrokers offer advisory services that can assist with the management of the listing process.
- Australian Securities Exchange (ASX). The ASX is a primary player in the IPO listing process as it provides a market for the shares, and is heavily involved with the regulation of listed companies.
- Lawyers assist primarily by offering legal advice as it relates to the IPO to ensure that all ASX listing rules and laws are adhered to.
- Accountants provide professional advice on such aspects as financial, taxation, and valuation issues for the company.
The IPO process will generally take this team several months to complete.