Click here to download the Initial public offerings 2020 report, published by Getting the Deal Through.

Jurisdictions covered

The following 14 jurisdictions are covered in this report:

Belgium; Germany; Hong Kong; Ireland; Italy; Japan; Luxembourg; Malta; New Zealand; South Africa; Sweden; Switzerland; United Kingdom; United States

Questions

The set of questions relating to the topic of initial public offerings and answered by the guide for each jurisdiction covered include:

Market overview

• • What is the size of the market for initial public offerings (IPOs) in your jurisdiction?
• • Who are the issuers in the IPO market? Do domestic companies tend to list at home or overseas? Do overseas companies list in your market?
• • What are the primary exchanges for IPOs? How do they differ?

Regulation

• • Which bodies are responsible for rulemaking and enforcing the rules on IPOs?
• • Must issuers seek authorisation for a listing? What information must issuers provide to the listing authority and how is it assessed?
• • What information must be made available to prospective investors and how must it be presented?
• • What restrictions on publicity and marketing apply during the IPO process?
• • What sanctions can public enforcers impose for breach of IPO rules? On whom?

Timetable and costs

• • Describe the timetable of a typical IPO and stock exchange listing in your jurisdiction.
• • What are the usual costs and fees for conducting an IPO?

Corporate governance

• • What corporate governance requirements are typical or required of issuers conducting an IPO and obtaining a stock exchange listing in your jurisdiction?
• • Are there special allowances for certain types of new issuers?
• • What types of anti-takeover devices are typically implemented by IPO issuers in your jurisdiction? Are there generally applicable rules relevant to takeovers that are relevant?

Foreign issuers

• • What are the main considerations for foreign issuers looking to list in your jurisdiction? Are there special requirements for foreign issuer IPOs?
• • Where a foreign issuer is conducting an IPO outside your jurisdiction but not conducting a public offering within your jurisdiction, are there exemptions available to permit sales to investors within your jurisdiction?

Tax

• • Are there any unique tax issues that are relevant to IPOs in your jurisdiction?

Investor claims

• • In which fora can IPO investors seek redress? Is non-judicial resolution of complaints a possibility?
• • Are class actions possible in IPO-related claims?
• • What are the causes of action? Whom can investors sue? And what remedies may investors seek?