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Previous IPOs

How does a company go public?

  1. Choose your Underwriter
  2. Develop the IPO story
  3. Secure SEC* and PSE** approvals
  4. Public Offer and Investor Briefing
  5. Listing of the IPO shares

*Securities and Exchange Commission
**Philippine Stock Exchange

Frequently Asked Questions
  1. What does it mean for a company to go public?Going public refers to a private company’s first sale of stock to the public (called an initial public offering or IPO), thus becoming a publicly-traded entity. Companies go public for a number of reasons, commonly to raise capital for expansion, create brand equity, and realize the value of the current shareholders’ investments in the company.
  2. How does IPO pricing work?The mathematics of an IPO hinges on numerous factors – intrinsic value of the business (i.e. size of the company, brand equity, reputation of the owners, quality of management, track record), growth potentials, market position, desirability of the industry, and the reputation and credentials of the underwriter.

    It is SB Capital’s responsibility as your underwriter to allow the favourable interplay among these variables with the objective of preserving the interest of both the existing shareholders and the investing public.

  3. What are the requirements before a company goes public?There are several prerequisites or requirements from the Securities and Exchange Commission and the Philippine Stock Exchange, Inc., respectively, the company must satisfy before going public. Usually, to start off the process, key parties are appointed (e.g. underwriters, legal counsels, auditor) to help you in fulfilling or complying with these regulatory requirements.
  4. When is the right time for a company to go public?SB Capital considers these three attributes a must have before going public – i) a good story/track record, ii) underlying growth potential and iii) issue size. If these are present, your company might be ready to go public.
  5. Why is it important to choose the right investment bank?Size and reputation alone are not the only things that a company should consider when choosing an investment bank. The more an investment bank understands your particular industry, business model and niche the more likely your IPO will be successful.

    As Ricky Galang, President of SB Capital mentioned in an interview, “In this day and age, ‘one size fits all’ just doesn’t cut it anymore. We take time to understand our clients’ particular requirements, analyze their particular situation, and provide solutions that address their particular needs.”