12 key roles to fill when kickstarting an IPO registration

3 minute read
12 key roles to fill when kickstarting and IPO registration


Filing an IPO registration statement is a significant undertaking involving various individuals and entities. Regardless of size or scale of the IPO, there are 12 key roles involved in this complex transaction.

Filing an IPO registration statement is a significant undertaking involving various individuals and entities. Regardless of size or scale of the IPO, there are 12 key roles involved in this complex transaction.

1. Sponsors

A sponsor is an investment bank or financial institution that assists the company in navigating the IPO process. The sponsor serves as the central point in the process, interacting with the filing company, regulators and professional parties. Sponsors ensure the successful completion of the other key tasks by the deadline, whether they perform the job or delegate responsibility.

2. Underwriters

Underwriters have several responsibilities, including pricing and valuation, conducting due diligence to assess the company’s suitability for an IPO, purchasing shares, allocating shares to investors, marketing the IPO and positioning the offering to investors worldwide.

3. Legal Advisors

This team of legal advisors provides guidance on securities law throughout the IPO process. They are responsible for preparing registration statements and ensuring compliance with disclosure requirements. They also handle filings with regulatory bodies, address comments and resolve legal issues.

4. Reporting Accountants

The reporting accountant team is responsible for preparing the company’s report of historical financial information. They assist with financial reporting and verification, ensuring accuracy and compliance with accounting standards.

5. Tax Advisors

Tax advisors review the company’s tax provisions and provide guidance on tax-related matters during the IPO process. They play a critical role in addressing tax issues, particularly in complex situations involving multiple jurisdictions and cross-border operations.

6. Internal Control Consultants

Internal control consultants review the company’s corporate governance and internal control system for Sarbanes Oxley compliance. Their objective is to identify weaknesses, gaps and/or areas for improvement. They assess the company’s financial processes, operational procedures, risk management practices and governance structures. If any weaknesses are identified, these consultants design and implement controls to strengthen the company’s internal control system and enhance overall governance.

7. Industry Experts

Multiple industry experts write independent reports based on diverse research. When these reports reach the same conclusion, they add professionalism to a company’s IPO process. It also enhances stock liquidity, attracts quality stock coverage and provides peace of mind for fund managers considering an IPO.

8. Property Valuer

The property valuer assesses the value of the company’s properties, which are included as assets in the prospectus.

9. SEC Filing Agent

The SEC filing agent is responsible for stock exchange filings at various stages of the IPO process. Often, the SEC filing agent’s office is a central location where all parties involved in the IPO come together to work on the prospectus and other related documentation.

10. Public Relations

Public relations firms assist companies in generating positive press interest, to maximize coverage of the company and the IPO. They also monitor public statements and news releases to ensure a favorable public image.

11. Share Registrars and Transfer Agents

These parties provide comprehensive solutions for securities registration and manage corporate issues during the IPO process. They handle the registration and transfer of shares and ensure relevant regulatory compliance.

12. Receiving Banks

Receiving banks collect and verify IPO subscription application forms and manage the associated finances.

Access Expert Support

Toppan Merrill is a full-service SEC filing agent with a team of knowledgeable skilled in-house specialists prepared to handle all aspects of the IPO process. With decades of experience working with the SEC and handling thousands of filings each year, we are prepared to assist you throughout this process. For more information, visit ToppanMerrill.com. We can also be reached at [email protected] or 800.688.4400.

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