A listing application (and all other listing relevant documents) must be submitted by a Recognized Representative. For the initial listing of equity securities, the Recognized Representative must have an authorization as a bank or a securities firm. The Regulatory Board of SIX Exchange Regulation makes the final admission decision, after which the company can go public. This normally happens no later than 20 business days after the listing application and all relevant documents have been filed . However, an IPO project typically starts much earlier than with the filing of the listing application with the regulator. At least, a timeframe of 3-4 months needs to be considered from “kick-off” to “first trading day” in case of a fast-track IPO.