Search Contact Select Language English euronext.com Raise capital How to go public The IPO Journey The key steps in a stock market listing explained, from preparation to IPO results. Going Public with Euronext: The IPO Journey How can you truly turn your big dreams and ideas of a listing operation into a success? Learn more from Sarah’s experience through the key steps of going public on Euronext. English IPO timeline The IPO process is best understood through two simultaneous timelines: marketing and documentation. Process of choice for Oslo listings Euronext offers three alternative processes for the admission to listing of shares on Oslo Børs and Euronext Expand (Oslo Axess): Normal, Flexible and Fast. NORMAL PROCESS FLEXIBLE PROCESS FAST NORMAL DURATION: 8 weeks 8 weeks 4 weeks TIMING OF THE START OF THE PROCESS: Fixed timetable Flexible, but at least 8 weeks before the preferred date for the application to be considered by the Listing Committee / Board of Oslo Børs Flexible TIMING OF INDIVIDUAL ELEMENTS OF THE LISTING PROCESS: Fixed timetable determined by the date on which the application will be considered in a regular meeting of the Listing Committee / Board of Oslo Børs Timing determined by the date agreed for the application to be considered by the Listing Committee / Board of Oslo Børs Flexible TIMING OF THE SUBMISSION AND PUBLIC DISCLOSURE OF THE FORMAL LISTING APPLICATION: Fixed timetable, 4 weeks before the Listing Committee / Board of Oslo Børs is due to decide on the listing application 3 trading days before the Listing Committee / Board of Oslo Børs is due to decide on the listing application 3 trading days before the Listing Committee / Board of Oslo Børs is due to decide on the listing application LISTING FEE: Normal fee Normal fee x 2 Fixed fee, in accordance with the current price tariff The processes for admission to trading on Euronext Growth Oslo (Merkur Market) are fast and flexible. The ordinary process only takes 10 working days to complete, while the fast process can be completed in five working days. ORDINARY PROCESS FAST PROCESS NORMAL TIMEFRAME: 10 working days 5 working days START OF THE ADMISSION PROCESS: Flexible Flexible DEADLINES FOR THE INDIVIDUAL MILESTONES IN THE ADMISSION PROCESS Fixed deadlines. Calculated from when the application form and draft admission document are submitted, and the desired date of admission to trading. Flexible deadlines INTRODUCTION FEE: Dependent on the company's market cap Fixed fee Structuring the deal & preparing regulatory documents The first step to any IPO project is to meet with potential IPO advisors to create a working group that will support the project and follow the company on the market after its listing. READ: SELECT YOUR IPO ADVISORS 1/Appointments of advisors Your advisors will discuss the details of the listing process formally with the board of directors, give initial views of market potential and issue administrative documents. They will also support you in defining your business plan with clear objectives. Together you will decide on the mix of fresh capital and existing shares to be placed on the market. 2/Kick-off meeting and prospectus drafting The kick-off meeting brings advisors together to define their roles and responsibilities. Key metrics, including the projected timetable, are introduced during this session. Initial workshops for drafting the prospectus follow. The prospectus is a formal legal document in two major parts. It enables to build a bridge between private and public information. The first part discloses core information about the company: business and risk factors, financial information, management and corporate governance. The second part is related to the offer: risks related to the offer, information related to securities offered and conditions of the offer. 3/Due diligence Due diligence sessions ensure that all information about the company is appropriately disclosed in the offering prospectus for future investors. Throughout the IPO process, additional due diligence sessions may be planned at each key milestone. At this stage, the deal remains completely confidential. 4/Regulatory review The financial regulator conducts a thorough review to ensure that the prospectus contains the information investors need to decide whether to take part in the offering. Once the regulator and Euronext grant final approval, A company press release and a Euronext market notice announce the offering’s timing and details to the market. This kicks off the marketing/investor phase. Financial communication While the prospectus is being drafted, a marketing strategy aimed at generating investor interest and momentum is drawn up. Preparation of investor meetings Your marketing presentation is the your key tool for investor meetings. Content is drawn exclusively from prospectus content. Investor meetings are usually conducted by the CEO and the CFO. You will meet potential institutional investors and start to build crucial relationships, based on these main phases: early-look investor meetings pre-deal investor education management roadshow media presentation The offer period opens after regulatory approval and with management roadshow. As investor meetings are held, banks record investor interest in the book within your pre-established price range. This demand is flexible and the final price is set based on demand at various points in the price range. If your IPO is oversubscribed, you can exercise flexibility clauses as an opportunity to aggregate gross proceeds or to allow shareholders interested in selling to cash out part of their investments. Go further with the IPO GUIDE The IPO explained simply to entrepreneurs DOWNLOAD Company stories YouTube Data API Error The request cannot be completed because you have exceeded your quota. Contacts Location Amsterdam Brussels Dublin Lisbon London Oslo Paris Country France Ireland Italy Norway Portugal Spain Switzerland The Netherlands United Kingdom Ground Bond Listing IPO/Listing Market operations Regulation Susana de Antonio Head of Listing Spain +34 (0)9 15 72 65 35 sdeantonio@euronext.com Camille Leca Head of listing France Portugal and Spain cleca@euronext.com Benoit van den Hove Head of Listing Belgium and Luxembourg +32 (0)2 620 15 20 bvandenhove@euronext.com Alain Baetens Head of Large Caps listing France +33 (0)1 70 48 27 32 abaetens@euronext.com Frédéric Boiffin Director – France West Region +33 (0)6 20 99 37 69 fboiffin@euronext.com Mathias Borge Bye Listing Advisor - Norway +47 98 42 37 33 MBBye@euronext.com Liv Ingebjørg Grønlien Senior Manager Listing Bonds Equities - Norway +47 99 27 92 91 ligronlien@euronext.com Jérôme Hervé Director Small & Mid Cap – France Ile-de-France & Nouvelle Aquitaine +33 1 70 48 30 62 jherve@euronext.com Eirik Høiby Ausland Head of Listing Nordics +47 90606301 ehausland@euronext.com Alexis Janin Director – France East and Central Regions +33 (0)6 84 35 99 17 ajanin@euronext.com Niall Jones Head of Listing - Ireland & UK +353 (0)1 6174243 njones@euronext.com Léonard Meier Director Small & Mid Cap - France Ile-de-France & Hauts-de-France +33 1 70 48 28 87 lmeier@euronext.com Pagination 1 2 Next COMPANY ESG | Empowering Sustainable Growth About Investor Relations Careers Media Regulation MARKETS Amsterdam Brussels Dublin Lisbon Milan Oslo Paris LinkedIn Twitter YouTube Footer Small Print Menu © 2021 Euronext Privacy Statement Terms of Use More info Strictly Necessary Cookies Performance Cookies Save preferences Accept all cookies Withdraw consent