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How to IPO on IPSX

Joining a public market is an important decision for prospective issuers. It requires careful consideration by the asset owners, its management team, and professional advisers.

A prospective issuer will take expert advice and identify the objectives of a commercial real estate IPO before considering whether trading on IPSX meets its needs.

Download IPSX Practitioners Guide to IPOs

Process to IPO your commercial real estate

For a prospective issuer seeking to execute a real estate IPO on IPSX Prime, it is anticipated that the admission process will take approximately 8-12 weeks from the prospective issuer taking the decision to IPO and having appointed advisers to the date of admission. The key stages of a real estate IPO, including the preparation of a prospectus, are set out in the timetable below:

Process to IPO your commercial real estate

For a prospective issuer seeking to execute a real estate IPO on IPSX Prime, it is anticipated that the admission process will take approximately 8-12 weeks from the prospective issuer taking the decision to IPO and having appointed advisers to the date of admission. The key stages of a real estate IPO, including the preparation of a prospectus, are set out in the timetable below:

IPO Process & Timeline

Total execution time between 8-12 weeks; legal and accounting complexity determine the speed.

Teaser and soft sounding
  • Engage IPSX Lead Adviser
  • Engage Approved Valuer
  • Engage bookrunners
  • Prepare equity story
  • Prepare roadshow presentation
  • Agree target anchor investors
Decision to IPO
Mandate advisors
Preparation of marketing materials
  • Engage bookrunners
  • Prepare equity story
  • Prepare roadshow presentation
  • Agree target anchor investors
Early look
  • Conduct early look meetings with potential investors
  • Collect early look feedback
Corporate structuring
  • Corporate & tax structuring
  • Board Structure
    (and relevant committees)
  • Articles of Association
Legal, financial and due diligences processes
  • Prospectus drafting and verification
  • UKLA prospectus approval, IPSX admission documents and eligibility review
  • Legal and financial due diligence
  • Placing/underwriting agreement
Decision to proceed based on feedback
Roadshow
  • Intention to float announced
  • Sales desk briefing
  • Investor education
  • Ongoing feedback to issuer
Public offer
  • Target retail/private wealth managers
  • Regional meetings to maximise demand
Book build and settlement
  • Corporate & tax structuring
  • Board Structure
    (and relevant committees)
  • Articles of Association
Admission 8-12 weeks

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