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  "documentTitle": "Ready to go public? Initial Public Offering (IPO)",
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      "text": "It is imperative that correct expectations are set during the IPO and that the company can meet or, preferably, slightly exceed them with its first set of results and beyond.",
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      "text": "Setting and beating expectations\nIt is important to understand that, as part of the IPO process, research will be published which will establish consensus expectations as to what the business will deliver – from turnover through to earnings per share, plus dividends where they are paid. It is imperative that correct expectations are set during the IPO and that the company can meet or, preferably, slightly exceed them with its first set of results and beyond. To achieve this requires transparent and very detailed modelling work with the banks to ensure that appropriate guidance is provided to research analysts and, in turn, to investors.",
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      "text": "Investor relations\nIn addition to results announcements, thought needs to be given to managing and developing the new public investor base which has bought shares in the IPO. The banks' equity research analysts will also need to be kept up to speed on developments, including ensuring their expectations are managed. With these aspects in mind, most companies hire a dedicated investor relations officer, possibly in advance of going public.",
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      "text": "The rhythm of corporate reporting\nFor many companies, there will be a degree of adjustment to the pattern of regular public corporate reporting – which means awarded results at the year end, and quality results at the three-month period. These will need to be carefully drafted, usually with the advice of corporate brokers and financial PR advisers and will generally be supported by a management presentation or conference call. You may need to consider any enhancements which may be required to meet the demands of the reporting calendar.",
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      "text": "Living with KPIs\nFor most businesses, there will be a set of KPIs established with analysts and investors at the time of the IPO, which will give a fuller picture on the drivers of the business – these will also help them to model future performance. It is important to spend time early in the preparation to ensure that KPIs are chosen which authentically reflect how the business is managed, and which you will be happy to continue to provide once listed.",
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      "text": "Whilst the IPO process can at times be all-consuming for companies and their management teams, it is important to remember that becoming listed is only the beginning and the business will need to adjust to life as a public company.",
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