In the course of an IPO, certain requirements must be met in order to comply with the legal requirements. These consist of: Legal form – The prerequisite for an IPO is the legal organization structure of a German stock corporation (AG) Accounting form – Balance sheet accounting in accordance with the K3 or IFRS standards Requirements for the composition of the supervisory board – At least four persons and at least one of these persons must be independent of the company, the company management and the company´s major owners; A majority of the directors shall be independent in relation to the company and the company management.