Tightening up processes can help to “speed up the time of closing of the books” and “manage the numbers better” which supports in managing the company’s financial results with better visibility and control, he says. “It is not necessarily a time to stop, it is a time to be thoughtful about the investments you are making into your business and an opportunity for companies that were rushing to do an IPO to really make sure their back-office infrastructure, such as reporting systems, can operate much more seamlessly with more accuracy and speed,” he says. In the meantime, this is an opportunity for finance teams to evaluate their processes to prepare for new financial reporting requirements they will face under being a listed company, says Tony Tiscornia, CFO at Coupa. “Certainly, larger companies that have not commenced an IPO process, and for whom the IPO process would be fairly intensive, are probably now looking at 2024 and therefore beginning the preparatory work now and going at maybe a slower pace than they would have done if they’d had confidence in the markets in 2023,” Olsen says. Similarly, Georgon Willoughby – chief executive of European internet-based file transfer platform WeTransfer – said at the beginning of the year that the company was cancelling its IPO on the Euronext Amsterdam exchange due to “volatile market conditions.”Ĭompanies are currently weighing up their options and exploring whether there are private equity or strategic buyer routes available – as well as a potential IPO in the future, says Deloitte’s Olsen.įurthermore, companies that have not yet started their IPO journey are looking at whether they aim for 2023 or hold off till 2024 when there is a hope of greater stability, he says. The law firm’s plans have since been put on hold “for the foreseeable future”.
Law firm Mishcon de Reya spent £11.715m on “the preparation for a potential listing on the London Stock Exchange”, according to its annual accounts filing on Companies House. “Most of those have now deferred their IPO into 2023 or are pursuing alternative options or are taking on multiple options at the same time.”
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