Three stages of ipo listing?

IPO is the initial public offering, which refers to the process of the company issuing shares to the public for the first time and listing on the stock exchange. The process of IPO can generally be divided into the following three stages:

1, the preparation stage usually takes about one year. At this stage, the company should first standardize the corporate governance structure, adjust the business model and financial situation, and determine the listing objectives and strategies. It is also necessary to cooperate with intermediaries, including sponsors, accounting firms, law firms and asset appraisal institutions, and file them with the Securities Regulatory Bureau. These intermediaries will assist the company in internal rectification, due diligence, legal consultation, financial reporting and asset evaluation. , and prepare the prospectus and other declaration documents.

2. The application review stage usually takes 3-6 months. At this stage, the company needs to submit declaration documents and disclose relevant information as required. For example, reply to the audit inquiry put forward by the CSRC or the Exchange, modify or supplement the application documents, attend the audit meeting or municipal party committee meeting, introduce the company to the audit committee members or listed members, and answer on-site questions. If it passes the audit, it will enter the next stage. If it is suspended or rejected, it is necessary to re-declare or abandon the IPO.

3. The issuance and listing stage generally takes 1-2 months. At this stage, the company needs to formulate the issuance plan and negotiate with the sponsor to determine the issuance price, issuance quantity, issuance method and placement arrangement. And form official documents such as prospectus. Conduct roadshows and inquiry, introduce the company to potential investors, collect investors' feedback on the issue price, and determine the final issue price range or price. Then make online and offline subscription, publicly offer shares to online investors and offline investors, distribute shares according to certain rules, and announce the winning results. Finally, the company officially went public, chose a suitable listing date and held a bell ringing ceremony at the exchange, which marked that the company officially became a listed company and began to buy and sell stocks.