5. The Going-Public Process 35

Typical 100 day timeline
Before effective date
2 Years
4-5 Months
3 Months
20 Days
1-10 Days
Offering Day
(100 Days)
Company
Act like
Select the
“Quiet period” begins;
“Cooling off” period
Execute
a public
team; Hold
Hold “all hands” meet-
begins; Executives
underwriting
company
organizational
ing; Execute letter of
perform “road show”
agreement;
“all hands”
intent: Select printer
Issue press
meeting
& transfer agent;
release
“Clean up” financial
statements and ensure
their compliance with
Regulation S-X
Company
Perform “house-
Clear SEC comments
Pricing amend-
Counsel
keeping” of company
ment filed;
records; Draft S-1;
Acceleration
File w/the SEC; File
requested; File
NASDAQ listing
final registration
application
statement
Independent
Complete audit of
Accountant
annual and review
of interim financial
statements; Review
registration statement
Audit/review updated
Deliver draft
Deliver final
financial statements, if
“comfort letter”
“comfort letter”
necessary; Respond to
SEC comment letter
Investment
Assess market; Make
Distribute “red
Form syndicate;
Execute
Banker
presentation to board;
herring”; Orchestrate
Place “tomb-
underwriting
Continue due diligence
“road show“; Solicit
stone ad”
agreement; Run
expressions of interest
tomb-stone ad
Investment
Begin due diligence;
Clear NASD Regulation
Continue due
Banker’s
Prepare NASD
comments
diligence
Counsel
Regulation filing;
Undertake “Blue Sky”
filings
Financial
Print preliminary
Print final
Printer
registration statement/
registration
prospectus (red
statement/
herring); Produce SEC
prospectus
& NASD Regulation
“filing packages”
SEC
Conference
Review
Declare offering
regarding
preliminary
effective
“problems”,
registration
if necessary
statement; Issue
comment letter
NASD
Request prefiling
Review preliminary
Resolve
Declare no
Regulation
advice, if necessary
registration statement;
comments
objections
Issue comment letter
(See Appendix B — Detailed Going-Public Timetable for more information)
PricewaterhouseCoopers LLP Roadmap for an IPO
35

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