New edi­ti­on of the brochu­re “Suc­cess­ful IPO” by Dr. Kon­rad Bösl

The com­ple­te­ly revi­sed new edi­ti­on of the brochu­re “Suc­cess­ful on the Stock Exchan­ge” is now avail­ab­le.

In this brochu­re, Dr. Kon­rad Bösl bund­les his expe­ri­ence of around 60 per­so­nal­ly accom­pa­nied IPOs. The rea­der will be given a wealth of expe­ri­ence, which is some­ti­mes reflec­ted in small – other­wi­se rather unno­ti­ced – details, which are cru­cial for the suc­cess of the IPO and for the share pri­ce deve­lo­p­ment after the lis­ting.

Below is a pre-rea­ding sam­ple. You are wel­co­me to order the com­ple­te prin­ted edi­ti­on free of char­ge via our con­ta­ct form.

Pre­face

Entre­pre­neurs­hip means making decisi­ons that pre­pa­re the com­pa­ny for chan­ging envi­ron­men­tal con­di­ti­ons ear­ly and sys­te­ma­ti­cal­ly. An important entre­pre­neu­ri­al decisi­on is equi­ty capi­ta­liz­a­ti­on. This must keep pace with the company’s growth and growth poten­ti­al. Only a strong equi­ty base gives the com­pa­ny sta­bi­li­ty and opens up fur­ther credit scope at attrac­ti­ve con­di­ti­ons. The­se con­si­de­ra­ti­ons should be enough of an incen­ti­ve for entre­pre­neurs to think inten­si­ve­ly about how they can impro­ve their equi­ty base and their abi­li­ty to rai­se equi­ty. IPOs stand out as the ide­al way to rai­se equi­ty capi­tal becau­se, unli­ke other sources of finan­cing, they can pro­vi­de the com­pa­ny with con­si­der­ab­ly more tax-free equi­ty capi­tal.

In many medi­um-sized com­pa­nies, going public is not even con­si­de­red as an alter­na­ti­ve to rai­sing equi­ty capi­tal becau­se the­re is a lack of know­ledge about it. And even in com­pa­nies that are con­si­de­ring or have deci­ded to go public, the­re is a rela­tively lar­ge lack of infor­ma­ti­on about the pro­cess and the cen­tral decisi­on-making para­me­ters. This brochu­re has the­re­fo­re set its­elf the goal of pro­vi­ding medi­um-sized entre­pre­neurs with well-foun­ded and objec­ti­ve infor­ma­ti­on about this important, usual­ly uni­que step.

The brochu­re bund­les the expe­ri­ence of around 60 per­so­nal­ly accom­pa­nied IPOs. The rea­der can the­re­fo­re be pro­vi­ded with a wealth of expe­ri­ence which is some­ti­mes reflec­ted in small — other­wi­se rather unno­ti­ced — details, but which are of decisi­ve impor­t­ance for the suc­cess of the IPO and for the deve­lo­p­ment of the share pri­ce after the lis­ting.

 

1. IPO — why?

One of the pri­ma­ry issu­es of Ger­man SMEs is the insuf­fi­ci­ent equi­ty base. Alt­hough the IPO (also known as going public) is an excel­lent oppor­tu­ni­ty to rai­se equi­ty capi­tal, it is only hesi­tant­ly used by medi­um-sized com­pa­nies. In addi­ti­on to the lack of infor­ma­ti­on about an IPO, ano­t­her rea­son is the pre­do­mi­nan­ce of fami­ly-owned or owner-mana­ged com­pa­nies among SMEs. Such com­pa­nies find it dif­fi­cult to inclu­de a lar­ge num­ber of new share­hol­ders in the pre­vious (rather clo­sed) cir­cle of owners, to publish infor­ma­ti­on on busi­ness deve­lo­p­ment on a regu­lar basis and to give exter­nal accoun­ta­bi­li­ty.

Des­pi­te the­se argu­ments, a num­ber of medi­um-sized com­pa­nies that are still fami­ly-owned are lis­ted on the stock exchan­ge. Obvious­ly — as sur­veys of lis­ted com­pa­nies show — the aspects of an IPO that are per­cei­ved as nega­ti­ve are (clear­ly) over­esti­ma­ted. Of cour­se, the capi­tal incre­a­se for the IPO requi­res an expan­si­on of the cir­cle of share­hol­ders. Howe­ver, the influ­ence of the for­mer owners on the com­pa­ny is not end­an­ge­red as long as they hold the majo­ri­ty of shares. On the con­tra­ry, streng­t­he­ning the equi­ty base ensu­res the con­ti­nui­ty and inde­pen­dence of the com­pa­ny for the pre­vious owners. The infor­ma­ti­on obli­ga­ti­ons ari­sing from the stock exchan­ge lis­ting and the reac­tions of inves­tors reflec­ted in the share pri­ce deve­lo­p­ment repre­sent an effec­ti­ve cor­rec­ti­ve for a sus­tainab­le value-enhan­cing cor­po­ra­te poli­cy. And it is the for­mer owners who bene­fit most from this.

Irre­spec­ti­ve of this, the entre­pre­neu­ri­al aspects should be in the fore­ground when deci­ding on an IPO. The (signi­fi­cant) impro­ve­ment in the equi­ty base asso­cia­ted with an IPO streng­t­hens the company’s abi­li­ty to adapt to chan­ging envi­ron­men­tal con­di­ti­ons. This is necessa­ry becau­se the majo­ri­ty of medi­um-sized com­pa­nies today are faced with the pro­blem that tech­no­lo­gi­cal leaps, shor­ter pro­duct life cycles or necessa­ry stra­te­gic invest­ments requi­re high finan­cial input. At the same time, SMEs can no lon­ger rely on exten­si­ve loan finan­cing from banks, as they used to, espe­cial­ly when their equi­ty capi­tal base is weak. As a result, equi­ty capi­ta­liz­a­ti­on and the abi­li­ty to rai­se equi­ty capi­tal are decisi­ve fac­tors in deter­mi­ning the com­pe­ti­ti­ve oppor­tu­nities of com­pa­nies.

.….…..

 

 

 

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