Building a strong IPO team: Taking into consideration internal stakeholders and external advisors who are competent to transform a private company to a public company. The team will have expertise in managing SEBI standards and market expectations

Building a compelling story: There needs to be a clear communication of the business and its long term viability. There has to be a clear translation of the same to profit, growth and returns. Potential investors should be able to comprehend and a[appreciate the value and prospects of the business they are buying into.

Financial metrics: Historical track record as per applicable accounting standards, segmental reporting, disclosures as required by regulatory authorities and ensuring the same complements the equity story.

Internal controls, internal audit, risk and compliance management: Robust control systems attract long term capital and build credibility. A culture of self assessment and correction of discrepancies helps to build trust. At this stage, need for independent directors with requisite credentials can also be evaluated.

Legal and capital structure: Determining whether the existing or a newly incorporated company will be the issuer, the leverage and financial ratios on the balance sheet of the issuer and any cross holdings which exist may need to be considered.

Engaging with prospective investors: Knowing the target investors and addressing their early concerns, broaden the understanding of the equity story, selection of digital and offline communication tools. The management needs to engage effectively with the target investor audience on a regular basis to develop an interest in the IPO.

Valuation of the IPO: Both financial and non financial metrics are to be taken into consideration to ensure that the IPO is at a sustainable valuation. The corporate profile as well as long term growth potential has to be substantiated for the same. Differentiation with industry peers also has to be brought about at this stage.

Filing prospectus and engaging with regulators: Prospectus drafting to bring out the financial and business proposition while at the same time balancing regulatory requirements. Engagement with regulatory authorities and adhering to time lines is critical at this stage.