2026 Batch

• Introduction to IPOs: This introductory module is dedicated to questions about what an IPO entails and how the various phases of an IPO look like. We look at the issues of “why go public?” and the advantages of an IPO, examine the question of where and when to list, and discuss which partners are involved.
• Exit in Public Equity: This module addresses how founders and new investors in the Sparks segment can ultimately exit from its listed shares. There are various options, each coming with pros and cons. We will look into these exit strategies in light of the current framework.
• Equity Story: The "equity story & communications" module deals with how a company presents itself and its investment case to the capital market and the various stakeholders who have an interest in the company, and more generally, how it prepares its communications for the public stage. The module will reflect on corporate communication and investor relations in general. Then the module will analyze how a company's equity story can be seamlessly integrated into its relations practices and it will also highlight addressees and important ingredients for a successful equity story. Moreover, the workshop will discuss insights from a practitioner's point of view.
• IPO Readiness: An IPO readiness assessment consists of several modules designed to identify fields of improvement to guide a company through a successful pre-IPO transformation. Getting IPO readiness right means implementing change throughout the business, organization, corporate governance and legal structure, making a company ready for going and being public. The outcome of the IPO readiness defines action items to be addressed and readiness checkpoints to be achieved.
• IPO Success Factors & IPO Transaction Structure: The first section of this module addresses the critical success factors of an IPO which must be taken into account during an IPO project, from the preparation phase to the first trading day and beyond. The second section explains in detail the various building blocks of a potential IPO transaction structure. This includes i) the IPO process, ii) the offer size, iii) the importance of anchor/cornerstone demand and iv) the syndicate structure.

• Rules Governing the IPO and Life as a Listed Company: This module familiarizes participants with the Sparks framework governing prospectuses, offerings and roadshows as well as the do’s and don'ts leading up to the IPO. In addition, essential regulations governing life as a listed company will be covered, such as ad hoc publicity, management transactions, share ownership disclosure, as well as say-on-pay.
  
• Buy-Side Investors: This module deals with the perspective of investors and what role they play in an IPO phase. Using examples of “good” IPOs in the past, the key factors for a successful IPO will be defined as well as what is needed for a successful presentation of the company and how this should be done with regard to investors.
• Corporate Governance: This module addresses the supervision and control around pre-listed and listed companies planning to operate within the Sparks segment. We will focus on the board of directors, its selection and retention, as well as how it stays compliant within a regulated environment.
• Testimonial: An IPO entails significant changes for most companies and the run-up to the first day of tradi    ng is a very intense time for the company's management team. A C-level representative of a listed company will share their experiences during this phase and participants will gain exclusive advice and insights based on a real case study.
• Valuation Consideration: This module provides participants with an overview of the key methodologies used to perform detailed valuations of companies in different life cycles (growth vs. maturity). In addition, it will focus on how valuations may differ substantially for different transaction types such as IPO vs. M&A and discuss respective key challenges.
• Research Coverage & Liquidity Providing: This module is advising how to transfer the equity story into a dedicated, independent  research report to be  marketed to potential investors. Important for the marketing is the existence of a liquid market by providing competitive bid and ask prices and a good trading volume to enable buying and selling of the shares.
• How to Govern a Pre-Ipo Company Towards Public Listing: A case study is used to show how to update the corporate governance for IPO readiness. He will address four key pain points: (1) clean-up of the share history, (2) compliance with IFRS 2 share based payments (3) professional shareholders’ meetings and (4) regulatory filing requirements regarding the shareholder base post IPO.
• Tax Considerations around the IPO: This module addresses the most important taxation aspects around the IPO. What is the right tax structure for an IPO, what are the potential direct and indirect tax implications of an IPO, and how can effective tax controls and processes mitigate risk?
• Do’s & Don’ts of Share-Based Incentives Pre-& Post-IPO: This module addresses how a company can transform its reward program and prepare it for an IPO. It covers the importance of share-based payments, the steps from the design of a post-IPO equity program to its actual implementation and best practices and common pitfalls in administrating the program after the IPO. 
• Sustainability as a Value Driver: This module explores how companies can successfully transform in response to sustainability challenges to meet shareholder expectations and remain competitive. It covers how companies can unlock value from ESG by linking operational excellence with future-proof business models, integrating non-financial factors into their business performance and strategy, and incorporating material sustainability factors into their equity stories.

• Draft your own Prospectus: In this module, participants will start to create their own Sparks listing/offering prospectus on the basis of a template. The document can subsequently be further developed for sharpening the company's presentation or used as a basis once the company intends to go public.
• How to Access Public Capital Markets as an SME: In the IPO Academy, participants receive a lot of information. Many things are important in IPO preparation, but what is most important? What are the special features of small IPOs? How and when should a company start preparing?
• Enhancing communication setup for going public: In this module, you will become familiar with different aspects from the communication perspective, including the role of communication within a company's strategic framework, handling communications before, during, and after an Initial Public Offering (IPO), understanding Environmental, Social, and Governance (ESG) communication principles, emphasizing effective media relations, and addressing crisis communication.
• Executive Compensation and Incentive Plans post-IPO: A compensation framework for listed companies is significantly different. On the one hand, it offers pay opportunities with shares having a market value and being traded. On the other hand, disclosure requirements, “say-on-pay” and the various stakeholders’ views on compensation matters require a comprehensive, consistent and well-explained compensation strategy. This module addresses critical aspects when establishing incentive plans and its related governance for the time post-IPO.
• Fireside Chat: A C-Level representative of a SIX-listed company will share insights into his experiences moving up to and during the IPO, and what has changed since then for the company but also for him personally.

You won’t be surprised to hear that a listing is not for free. “Nothing of value is free” after all. But going public is not as insurmountably complicated, expensive, and time-consuming as you may think.

Are you worried that a listing will take too much time for your SME’s key people? Don’t be. You can always mandate an expert to manage your listing project from start to finish.

Have you heard that a listing can take anywhere from three to four months to a year or more? You heard right. Some companies are readier than others. But don’t let this hold you back. You can make small adjustments starting from today that will substantially reduce complexity and duration when you later launch your IPO project.

Are you unsure about where to start? Don’t be, we have you covered. We recommend you contact our experts to discuss the next steps. Through a quick call, we can guide you through the requirements and the plan for listing your SME, and help you transition and adjust to life as a listed company. 

To reap the advantages of being a listed company – from faster capital raising, to a stronger profile, and more resilience – some further work is required from your SME after its successful listing. Some of this is legally required, while other tasks are highly recommended to get the most out of being a public company. But like the listing itself, they are not as insurmountably complicated, expensive, and time-consuming as you may think.

Most notably, your listed SME will have to make some adjustments in terms of what and how it communicates with the market. Besides regular reporting obligations, your SME needs to inform the market when certain events occur. Additionally, your SME may also need to spend some time explaining the rationale of its strategy to investors.