IPOs: A how-to guide for tech startups
After a decade-long drought, there has been a rush of tech IPOs in the U.S. and Europe, and Index Ventures has been able to observe this at close hand through our investments in companies like Arista Networks, Criteo, Etsy, Hortonworks, Just Eat, King and Zendesk
A few weeks ago, we invited a number of these startups-turned-public-companies and their advisors to our London offices to share their experience and best practices with the next generation of companies. Members of our finance, operations, and communications communities heard top tips from CFOs and general counsels as well as practitioners from the London Stock Exchange, leading investment banks, law firms and PR advisors.
We’ve decided to share some of the key learnings in this article with everyone who’s considering or already actively planning for an IPO.
この記事では、IPOを考えている、あるいは積極的に計画中のすべての人たちと、重要な学習ポイントをシェアしたいと思う。
Gearing up for IPO
Going public is like a marriage —
The wedding is a really important event, but the marriage is far more important. Similarly, what matters most about an IPO is not the transaction, but living life as a public company afterwards.
Don’t get distracted from running your business —
The IPO is an event, and the most effective IPOs are the ones where the management teams focus on it as a project but don’t take their eyes off running their businesses.
Start thinking of yourself as a public company well ahead of the IPO —
You almost can’t think too far ahead with IPOs. Too many are rushed to market because suddenly the market is ready and there is an opportunity to be seized, etc. Instead, you should take your time and start to think of yourself as a public company well in advance of the transaction. Not everyone in the company needs to do that, but certainly the members of your management team, your accountants, and one or two of your trusted advisors should. Start preparing for IPO early and ensure you have very clean financials and have formed an audit committee as early as possible.
IPOについて、あまり先までは考えられないものだ。すぐに市場の用意ができたとか、逃したくないチャンスがあるとかいう理由で、市場に慌てて飛び込む人が多過ぎる。それよりも、取引する前に、時間をかけて公開会社としての自社についてよく考えておくべきだ。全社員がそうする必要はないが、経営陣や会計士、信頼できる1～2人のアドバイザは確実にそうする必要がある。早めにIPOの準備を始め、財務諸表をごく明瞭にしておき、そしてできるだけ早く監査委員会をつくっておこう。
![[削除済みユーザ]](https://secure.gravatar.com/avatar/695023b4efd563721d13716b1457bc73.png?d=identicon&mode=crop&r=PG&s=42)
この話をしているうちに、株式公開が自分から遠いものではないと感じてきたかもしれません。多くの人は、マーケットに上場する機会が突然やってきたりして、その機会を捉えて公開してしまいます。でも、まず株取引が始まる前に、会社を公開するという自覚を持たねばなりません。もちろん、会社で働くすべての人が、というわけではありませんが、少なくともあなたのマネージメントチーム、会計士、そして１人か２人の信頼できるアドバイザーは、そうすべきです。まず前もって財務がクリーンになっているか確認し、できる限り早く監査委員会を構成します。
Get to know the bankers and selected public market investors before you start the process —
Speak to bankers early on. Having good, friendly relations with a few of the bankers is important; it is an advantage to do that a couple of years ahead. It allows the buy side to see your performance over time, which instills trust. At the same time, maintain optionality and don’t assume you’re going to be with one particular syndicate early on.
However, don’t “dance” with the market if you’re not sure you are going to follow through. You have got to know you are on the path to IPO before you start. A few issuers have danced with the market and then they haven’t gone forward. Investors get bored with that and feel like their time has been wasted; then the next time you do come around, they won’t take you seriously.
The IPO Process
Picking the right advisors is key —
One of the most critical factors of the entire transaction is picking the right advisors – first the lawyers, and second the bankers. Be very clear about what you need from your advisors. For example, if you need lawyers with tech experience and a strong understanding of your industry, then that narrows the field of possibilities considerably. Ensure there’s chemistry between you and your advisors. You have got to get on with the advisors you pick – you don’t want to be working late nights with people you don’t like.
慎重なアドバイザ選びがカギ －
すべての取引の中で最も重要なファクターのひとつに、よいアドバイザ（まずは弁護士、次いで銀行家）を慎重に選ぶことが挙げられる。アドバイザに何を求めるのかをごく明確にしておこう。たとえば、テック経験をもち、業界に深い理解のある弁護士が必要なら、選択範囲はかなり狭められてくる。そして、アドバイザにも相性というものがあることを忘れずに。あなたが選んだアドバイザには、仲良く付き合う必要があるのだ－好きでもない人と一緒に、夜遅くまで働きたくはないだろう。
適切なアドバイザーを選ぶのがカギ
手続き全体を構成する要素の中で最も重要なことの1つが、適切なアドバイザーを選ぶことである。第1に弁護士、第2に銀行家だ。アドバイザーから得なければならないことは何なのか、極めて明確にしよう。たとえば技術経験があり、自分の業界を良く理解している弁護士が必要となると、可能性はかなり低くなる。あなたとアドバイザーの相性を確認しよう。あなたは自分が選んだアドバイザーと仲良くしなければならない。自分が好きではない人たちと深夜まで働きたくないだろうから。
The analysts are as important as the banks you choose —
Few people realize that while choosing the banks is important, arguably choosing the analysts is even more so, because they will be the ones who are out and about selling; the last thing you want is to choose analysts that don’t know the space. So half of choosing the banks is also making sure that they have a good analyst that will support you.
When you are public, you will have a love/hate relationship with KPIs —
The more you give to analysts, the more likely they are to get their consensus right, and that’s a good thing. They feel comfortable, and everyone feels comfortable. The negative with KPIs is the more you give, the more chance you have to fall short on one of them. There’s always this fine line you have to tread between giving them good insight into your business so they can build their models, but not giving them so much that you set yourself up for failure.
