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      For ambitious Ukrainian companies, an initial public offering (IPO) has traditionally meant accessing foreign capital markets. Many of the country’s most visible listings have taken place on international exchanges, historically in London and Warsaw, and it is likely that Europe will remain the primary destination for future flotations.

      At the same time, Ukrainian issuers can and should think more broadly. Depending on their sector, scale, investor base, and strategic ambitions, some businesses may ultimately target other European exchanges than those traditionally chosen for listing, or even consider listings in the US or selected Asian venues. Our role is to help you keep these options open and make an informed choice when the time is right.

      Experience shows that preparing for an IPO typically requires at least 12–18 months of focused work before investment banks even come on board. With the support of an independent advisor, this time should be used to address financial reporting, governance, structure, and your equity story, so that you are ready to move efficiently and credibly when you do select a bank to issue your IPO mandate.

      Our IPO readiness services are designed to assist Ukrainian businesses use this period productively. Whether you are ultimately aiming for a European exchange (such as London, Warsaw, or another EU market), considering a listing in the US or Asia, or simply want to keep the IPO option open for the future, we’re here to help.

      We’re with you every step of the way, from exploring an IPO for the first time or re-opening a previously considered option. An early, structured IPO readiness programme means that leadership benefit from more flexibility, fewer surprises, and greater confidence when engaging with investors and regulators.

      We help Ukrainian companies use those initial 12–18 months to get ready so that when that window of opportunity opens, your business is prepared to list on the right market, at the right time, and on the right terms.

      Yuriy Fedoriv
      Yuriy Fedoriv

      Partner, Advisory, Head of Turnaround and Restructuring, Head of Financial Services

      KPMG in Ukraine

      Request for proposal

      What an IPO is about

      An Initial Public Offering (IPO) is the process through which a company offers its shares to public investors for the first time and seeks admission to trading on a stock exchange. In practice, an IPO is a tool to:

      • raise long-term equity capital to fund growth, investment, acquisitions, or deleveraging
      • create a liquid market and potential exit route for existing shareholders and future investors
      • establish an objective, market-based valuation of your business
      • enhance your company’s visibility and credibility with customers, partners, employees, and regulators.

      An IPO is more than just a financing event, it is a structural step in your company’s development.

      Why IPO readiness matters

      Taking a company public is one of the most significant strategic decisions a company’s leadership will ever make. It can unlock new capital, raise your market profile, and support long-term growth. However, an IPO also opens your business up to intense scrutiny from investors, regulators, and the media.

      Companies also often underestimate the time, scope, and depth of change required to operate as a listed business. Those who start early and prepare systematically are better able to:

      • evaluate whether an IPO is the right option vs alternative routes (strategic sale, private capital, dual-track, etc.)
      • protect and maximise valuation by reducing any surprises in the due diligence and investor education process
      • meet listing, reporting, and governance requirements without overloading management
      • build investor confidence in strategy, governance, ESG, and performance.

      Any IPO candidate that wants to be successful needs to begin acting like a public company well before listing by setting and reporting against targets, strengthening their teams, and sharpening their equity story.

      Key questions for leadership

      As you consider an IPO, we can help boards and executives work through questions such as:

      • Is an IPO on an international exchange the right strategic route compared with other options?
      • Which market within Europe best fits our strategy, peer group, and investor base… and should we also explore options in the US or Asia?
      • Is our equity story clear, credible, and supported by evidence for global investors?
      • Do we have the right management team, board, and advisors in place?
      • Is our financial house “in order”, with systems and controls ready for public reporting?
      • Are capital markets conditions, sector dynamics, and investor appetite aligned with our timing?

      How we support your IPO journey

      We combine experience in capital markets, accounting and reporting expertise, governance know-how, and project management to support clients through every stage of IPO preparation: from the initial diagnostic through to execution and post-listing.

      1. Capital markets & IPO readiness assessment

      A structured readiness assessment is often the starting point for any IPO.

      We perform a pragmatic review of your current position against market and listing expectations, typically covering:

      • strategic rationale and IPO feasibility
      • capital markets positioning and peer benchmarking (for European, US, and selected Asian venues)
      • financial and non-financial reporting (including IT and ESG)
      • corporate governance, risk, and internal controls
      • compliance, legal, and tax aspects
      • organisation, people, and resourcing.

      The output is an objective view of your company’s “IPO maturity” and a prioritised roadmap that highlights key gaps, quick wins, and critical path items for the next 12–18 months.

      2. Equity story & market positioning

      A compelling equity story is at the heart of a successful IPO, especially for international investors who may know little about Ukraine or your sector.

      We work with leadership to clarify and articulate:

      • how your company creates value, as well as its long-term growth drivers
      • competitive advantages and market positioning vs peers
      • your track record of performance, scalability, and resilience
      • your ESG narrative and how sustainability supports your IPO strategy.

      We translate this into investor-ready materials, from the core narrative and key messages to inputs for the prospectus business section, analyst presentation, and early investor discussions.

      3. Financial reporting & capital-markets disclosure

      Public companies face demanding reporting and transparency expectations which are often stricter on international exchanges than in the local environment.

      We help you build a robust “public company” reporting environment by:

      • assessing financial statement readiness (IFRS/US GAAP or local GAAP-to-IFRS conversion, segment reporting, pro-forma information, etc.)
      • identifying required historical and interim financial statements for the prospectus
      • supporting upgrades up to close, including consolidation and planning processes
      • designing KPI frameworks and management reporting that aligns with investor expectations
      • laying the groundwork for internal control over financial reporting (ICFR) and related documentation
      4. Governance, risk & internal controls

      IPO listing often requires a step-change in governance and control.

      Drawing specialists in both capital markets and governance, we support you to:

      • design board and committee structures, including independent oversight and audit committee requirements
      • review and enhance key policies (disclosure, insider dealing, related-party transactions, conflicts of interest, etc.)
      • assess and strengthen risk management, compliance frameworks, and internal audit coverage
      • prepare your management team and board for their responsibilities as directors of a public company.
      5. Tax, legal & structuring considerations

      IPO preparation frequently triggers the need to revisit corporate structure, tax profile, and incentive design, especially when listing abroad.

      Working alongside your legal advisers, our teams can:

      • analyse IPO and listing structure options from a tax and legal perspective
      • support group reorganisation, carve-outs, and separation projects where required
      • advise on management and employee incentive structures aligned with market practices
      • help anticipate and address the tax, legal, and regulatory implications of going public.
      6. Post-IPO readiness & life as a listed company

      IPO readiness does not end on the first day of trading. We help you both prepare for – and transition into – life as a public company by:

      • designing a sustainable financial and non-financial reporting calendar
      • supporting guidance practices, capital markets messaging, and investor-relations routines
      • reviewing post-IPO governance and control enhancements
      • providing ongoing access to specialists in accounting, tax, ESG, and capital markets as your needs evolve.