IPO SERVICES
                     

INITIAL PUBLIC 
OFFERING (IPO) 
SERVICES
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What is IPO Support?
Going public is an important step 
for unlisted companies to pursue 
future growth. Getting listed helps 
in accessing to capital markets and
for procuring funds directly. 
This thereby enables the company 
to enhance its financial position as 
well as its visibility and credibility, 
also improving its ability to recruit 
talented human resources.
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PNJ Group provides services of a CFO as an advisor to the 
management and the owners of the organization 
functioning as an independent financial officer thereby 
providing assistance relating to complete IPO process. 
Thereafter the services like undertaking public company 
compliances shall also be provided. In the process of pre 
and post IPO, PNJ Group, helps in providing an efficient 
team of experienced advisers for appropriate steps 
required in IPO support, to meet a diverse range of clients’ 
needs.
We assist our clients with extensive support in preparing of 
public offerings from devising optimal capital policies and 
installing internal management systems to complying 
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Complete Assessment and 
Identification of Advisors
Upon commencement of IPO preparation, a 
complete assessment to analyze the 
company’s business, financial position, 
management framework is done. There 
shall be a proper identification and selection 
of legal advisors, investment bankers, 
lawyers, tax auditors, registrars, 
accountants etc. therefore a proper 
assessment and selection of team is 
necessary for a company to achieve a 
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Due Diligence
Due diligence in IPO process is a 
detailed process and the most 
significant one, which requires time 
consuming aspects, including the 
legal, business, financial and 
accounting due diligence. Thus it 
requires gathering and verifying of 
all the material information 
required for IPO process to be 
executed.
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Financial Forecast
The preparation of sensitivity analysis is 
done, in order to generate a detailed 
financial forecast model for the 
investors, bankers, and financial 
advisors. Stream ling of the functions is 
done, for the process of financial 
forecasting.
Assistance in Documentation
From the prospective of management, 
the documentation is prepared, as 
companies should have a strong base in 
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Investor Presentations
There is complete assistance that is provided as investors 
play the most eminent part in IPO process, the impact on 
them should be positive and convincing.
Investors Road Show. Investor road shows are a mode of 
presentation by the issuer of securities to the potential 
buyers, thus assistance relating to issuing securities by 
way of presentations, etiquettes, suggested actions etc. 
are provided for a successful road show.
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Reporting and 
Compliances
Investor road shows are a 
mode of presentation by the 
issuer of securities to the 
potential buyers, thus 
assistance relating to issuing 
securities by way of 
presentations, etiquettes, 
suggested actions etc. are 
provided for a successful road 
show.
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Book  building  process  : 
Book  Building  is  essentially  a  process  used  
by  companies  raising capital  through  Public  
Offerings-both  Initial  Public  Offers  (IPOs)  and  
Follow-on  Public Offers ( FPOs) to aid price and 
demand discovery. The  process  is  directed 
towards  both  the  institutional  as  well  as  the  
retail  investors.  The  issue  price  is  determined 
after the bid closure based on the demand 
generated in the process.This process is an 
interactive and exciting one. It is the process 
ofprice discovery, i.e. there is no predetermined 
price  for the shares.As an alternative, the firm 
issuing the shares declares aprice band.The 
offer/issue  price  is  then  determined  after  the  
bid  closing  date  based  on  certain  evaluation 
criteria.
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The Process:
1.The issuer who sets up an IPO will elect a lead merchant banker as a “Book Runner”.
2.The issuer spells out the no. of securities that are to be issued and also the price band for 
orders.
3.The issuer also nominates associate members with whom investors can place orders.
4.Investors  make  their  order  with  an  associate  member  who  keys  in  the  orders  in  
the “electronic book”. The process is called “Bidding” and is akin to an open auction.
5.A book must stay open for at least 5 days.
6.One can’t submit bids that are lower than the floor price.
7.Bids can be altered by the bidder prior to the closure of the issue.
8.On  the  completion  of  the  book  building  phase,  the  book  runner  assesses  the  bids  
on the basis of the following criteria:-Price Aggression,Investor Quality,Earliness
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Why Are IPOs Underpriced?
IPO underpricing continues to be a global phenomenon 
despite a vast amount of research that attempts  to  
explain  it.  Theories  based  on  information  asymmetry  
suggest  that  high-quality issuers deliberately 
underpriced their IPOs to signal their quality to outside 
investors, hoping that  it  will  be  too  costly  for  low-
quality  issuers  to  mimic.      Underpricing  also  helps 
to overcome  adverse  selection  problems.  Since  
uninformed  investors  tend  to  get  a  higher allocation  
of  overpriced  shares,  they  will  stop  participating  in  
IPOs  if  issues  are  not,  on average,  underpriced.  In  
the  book-building  framework,  the  theory  of  partial 
adjustment suggests  that  investment  banks  only  
partially  adjust  IPO  offer  prices  upward  when  they 
receive positive information about the value of the issue. 
They purposely leave money on the table to reward 
investors who truthfully reveal their informationabout 
the issue and threaten access to future deals for those 
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advantages
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An IPO accords several benefits to the previously private company:
• Enlarging and diversifying equity base
• Enabling cheaper access to capital
• Increasing exposure, prestige, and public image
• Attracting and retaining better management and employees 
through liquid equity participation
• Facilitating acquisitions (potentially in return for shares of stock)
• Creating multiple financing opportunities: equity, convertible 
debt, cheaper bank loans, etc.
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disadvantages
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There are several disadvantages to completing an initial public offering:
• Significant legal, accounting and marketing costs, many of which are 
ongoing
• Requirement to disclose financial and business information
• Meaningful time, effort and attention required of management
• Risk that required funding will not be raised
• Public dissemination of information which may be useful to competitors, 
suppliers and customers.
• Loss of control and stronger agency problems due to new shareholders
• Increased risk of litigation, including private securities class actions and 
shareholder derivative actions
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thank you
www.pnjhub.in we are aggregator platform where you can list yourself as professional and get leads, you can list for chat with customers and also list empty office space. 
www.licensehub.in we are providing more than 150 license and approval services on one platform. Contact Paras Mittal, Mb 9971002715.