2026企业上市指南：首次公开募股(IPO)前、中、后战略思考

Guide to Strategic considerations before,during and after IPO 26How can you structure your IPO? EY teamsare made up of professionals withextensive, proven experience with domestic andinternational capital markets. EY professionalshave deep knowledge of your industry, which companies prepare, grow and adapt to life asa public entity, EY teams are well positioned totake you on your IPO journey, providing tailored What is an IPO? allows us to create multidisciplinary teams that willsteer you onward, through and beyond your IPO,after your IPO. An initial public offering (IPO) is the sale of a company’s shares to the public and the listing ofshares on a stock exchange for the first time. Through the issuance of new shares to the public and support your plans for growth.EY IPO leaders in your region and the EY globalnetwork will serve you from evaluating strategic options pre-IPO to setting you on the right pathto support growth post-IPO, while anticipating ThisGuide to going publicwill give you an initialoverview and checklists of the key phases in goingpublic from a global perspective.the expectations of different stakeholders — It is based on EY insights from many IPOtransactions, to help you begin your IPO valuejourney, so that you are well prepared to transformyour private company into a successful publiccompany that continually delivers value to itsfrom regulators, board of directors, employees,investors and media — along the way.Irrespective of your market or region, EY teamslook forward to exploring with you the variousstrategic options and each facet of your IPO value Companies that have completed a successfulIPO know the process involves the completetransformation of the people, processes andculture of the organization from a privateenterprise to a public one. Preparation iscritical. Successful IPO candidates often spendtwo years or more building business processesand infrastructure, recruiting executive and ringing of the bell — but also for a whole newphase of corporate life after the IPO takes place.That’s why those that outperform the markettreat the IPO as a long-term transformational The EY team is a key member of your externalIPO team. EY teams have worked withbusiness owners and management teams offamily businesses, scaled up and high-growthcompanies as well as private equity- (PE-) advisory talent, getting in front of financial andreporting issues, and mastering the essential board of directors’ commitments to go public.During the journey to become a public company, Typical contexts for companies Some typical IPO cases PE- and VC-backed companies:To exit andfurther fund growth of portfolio companies ■Family business — the company:To raiseoutside capital and enhancecorporategovernance Why are you going public? ■Family business — the owner:To unlockvalues, diversify risks and succession Situations, cases and motivations ■Scale-up companies:To attract talent andincentivize management■Conglomerates:To carve out and maximizevalues from different businesses■State-owned entities:To access capitalmarket and enhance corporate governance For private companies seeking to raise capitalor provide exits for their shareholders, an IPOcan be a superior route and strategic option tofunding growth, and to access deep pools ofcapital. While challenging markets will comeand go, the companies that are fully prepared There are many situations when companiesstart to evaluate an IPO as one of theirstrategic options. Funding or exit motivations,growth, internationalization and changes inthe industry landscapes are some triggers Motivations for going public For many companies thathave just started to considergoing public, the keyquestion is: Could an IPO be A successful listing can helpyour company unlock accessto financing to completea strategic acquisition,create opportunities toexpand your business intonew markets or provide an The preparation starts withthe careful evaluation ofthe pros and cons of anIPO, the potential use ofproceeds and examinationof alternatives. This is inline with the first questionsfrom investors at an IPO While not all businesses aresuited for life in the publiceye, for many fast-growingprivate companies, an IPOcan raise the capital neededto accelerate growth and Cofounder of apharmaceutical company Do you have an alternative financing strategy toexecute instead of an IPO? It is difficult to guarantee that equity marketconditions will be right once the preparationis complete. To help ensure that the rightoption is available at the crucial moment, morecompanies are taking a dual- or multitrackapproach where they pursue a trade saleor other funding source, and prepare for apossible IPO at the same time. The multitrack If the capital markets are volatile with fallingvaluations (IPO windows closing) and you canafford to wait, you may elect to hold off untilthe market conditions improve. It is imperativethat you have the flexibility to executealternate financing s