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IPO Transaction Advisor & Project Management for a Leading Industrial Gases Manufacturer
A leading industrial gases manufacturer and supplier with over 50 years of operational history, needed an experienced partner to navigate the complexities associated with an Initial Public Offering (IPO) and ensure seamless execution. We were onboarded to provide end-to-end support, and function as a single point of contact and an extended arm of the management to drive the IPO project from inception to successful listing.
Business Background
A rich operational history spanning over 50 years.
Family-owned, driven by highly supportive and sharply focused founders.
Prior experience with capital markets, having undergone a voluntary delisting in the past.
Ask
Serve as the single point of contact for all IPO-related activities (strategic and operational).
Free up internal resources by taking over the operational burden of the IPO process.
Advise founders and management on critical IPO-specific decisions, e.g., intermediary & counsel appointments, pre-IPO funding strategies, promoter holding structure, etc.
Provide a dedicated and experienced team to lead the project with a hands-on approach.
Guide and mentor internal teams on all aspects of the IPO project.
Manage all aspects of the data room.
Ensure timely milestones of Draft Red Herring Prospectus (DRHP) filing, Red Herring Prospectus (RHP) filing and listing (9 months from kick-off).
The Raadhi Impact
Overcame multiple complexities through strategic insights, meticulous planning and practical problem-solving, ensuring the company remained well-positioned and in full control of the project and its listing goals.
Execution
Centralised Leadership
Set up a dedicated, experienced team to function as the single point of contact for all intermediaries and internal stakeholders, ensuring seamless communication and coordination.
Structured Project Management
Developed a robust project plan, timelines, and clear deliverables.
Identified long-lead items and deployed upfront plans to address identified bottlenecks and risks.
Created a leadership group to address critical decisions and implement course corrections swiftly.
Stakeholder Alignment
Aligned all stakeholders, including bankers, Book Running Lead Managers (BRLMs), legal counsel, and auditors to the project's goals and timelines.
Facilitated open discussions and resolved queries raised by intermediaries and regulators, ensuring a unified, actionable approach.
Practical Problem Solving
Offered practical & actionable insights and resolved disputes effectively, fostering clarity and alignment among all parties.
Document Preparation & Review
Collaborated closely with all stakeholders to review and finalise key sections of the DRHP, RHP, and Prospectus.
Ensured drafts were completed within set timelines, meeting regulatory standards.
Impact & Outcome
Examples of insights & solutions
Assisted the management in tackling complexities related to disclosures of entities within the group, and ensuring full compliance while maintaining transparency.
Identified and curated relevant KPIs through in-depth analysis of industry standards, peers, etc., while avoiding unnecessary disclosures and maintaining a competitive edge.
Developed a promoter holding framework and estate planning strategy aligned with IPO requirements and commercial realities.
Provided solutions for appropriate accounting treatments to maximise value representation in financials & thereby optimising value.
Drove prompt, clear and complete responses to all regulator queries, facilitating timely regulatory approvals
Guided the management in the preparation for the road show, overall strategy and positioning of the business.
Provided strategic and operational support for the pre-IPO placement driving a substantial enhancement in company valuations.
Resolved critical roadblocks, compliance bottlenecks, and differing perspectives on financial reporting standards.
Outcome
- Achieved DRHP filing on schedule (4 ½ months from kick-off).
- The project is on track to achieve listing within just 9 ½ months of project initiation and remains on schedule.