Page 5 - Initial Public Offering - An Introduction to IPO on Wall Street
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3.3.6 F-1 ...................................................................................................................................... 36
3.3.7 Reg A+ ........................................................................................................................... 37
3.3.7.1 Changes from Old Regulation A................................................................................. 37
4. Requirements ...............................................................................................................40
4.1 What is ‘Going Public’? ........................................................................................................ 42
4.2 What is ‘Being Public’? ........................................................................................................ 42
4.3 Areas to Evaluate as Part of IPO Readiness Evaluation ....................................................... 42
4.3.1 Accounting and Financial Reporting ............................................................................. 42
4.3.2 Finance Effectiveness .................................................................................................... 45
4.3.3 Internal Controls ............................................................................................................ 47
4.3.4 Tax ................................................................................................................................. 48
4.3.5 Executive Compensation and Human Resource ............................................................ 51
4.3.6 Governance and Leadership ........................................................................................... 52
4.3.7 Financial Planning and Analysis .................................................................................... 57
4.3.8 Treasury ......................................................................................................................... 58
4.3.9 Legal .............................................................................................................................. 59
4.3.10 Internal Audit .............................................................................................................. 60
4.3.11 Engage With Investment Banks .................................................................................. 61
4.3.12 Media Relations .......................................................................................................... 61
4.3.13 Enterprise Risk Management ...................................................................................... 62
4.3.14 Corporate Strategy and Development .............................................................................. 63
4.3.15 Wealth Management and Planning ............................................................................. 64
4.3.16 Technology ................................................................................................................. 64
4.3.17 Project Management, Change Management, and Communication ............................. 66
4.4 Building a Going Public Team ............................................................................................. 67
4.4.1 The SEC ......................................................................................................................... 67
4.4.2 Company Personnel ....................................................................................................... 68
4.4.3 Securities Counsel .......................................................................................................... 68
4.4.4 Investment Banker or Underwriter ................................................................................ 68
4.4.5 Capital Markets Advisor ................................................................................................ 69
4.4.6 Underwriters’ Counsel ....................................................................................................... 71
4.4.7 Independent Auditors ..................................................................................................... 71
4.4.8 Advisory Accountant ..................................................................................................... 72
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