Whatever stage of the IPO lifecycle you’re at, our Capital Markets Advisory Group can support you every step of the way.

We work with businesses of all sizes and ownership structures, from fast-growing startups and large private businesses looking to fund their next growth through an IPO, to global public companies looking to undertake significant M&A transactions. We have worked on some of the most complex IPOs and public company transactions in recent years, and we can bring this experience and expertise to your management team.

Some of the capital market transactions we can advise you on include:

IPOs;
Significant transactions – M&A transactions executed by public companies, including acquisitions, divestments, mergers & demergers, reverse takeovers, equity raises;
SPAC transactions; and
Comfort letters on Bonds and share issues.

With significant global experience our capital markets specialists can support you across a number of the major capital markets, including stock exchanges in London (Main Market and AIM), USA, Hong Kong, South Africa, Euronext, Sweden and India, to name a few. Our global network of member firms enables us to provide clients with the right local expertise to suit your market.

Svetlana Marriott

Head of UK Capital Markets Advisory Group

KPMG in the UK

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Expert support at every stage of the IPO lifecycle

An IPO is often the most complex and strategically important transaction a company and management team can undertake. Working closely and collaboratively alongside your team, we take a client-centric approach to deliver a smooth and efficient process throughout every stage of the transaction.

Decision to IPO ( -24 to -12 months )
Pre-IPO ( -18 to -12 months )
IPO Execution ( -9 to 0 months )
Post-IPO ( As required )

IPO workshop

A half-day workshop designed as a collaborative session with senior management to provide information and highlight key considerations for you. The workshop can be tailored to cover aspects of the IPO process most relevant to your circumstances, and can be expanded to cover wider strategic options, such as dual-track considerations.

Following this initial workshop, many clients move into our IPO Readiness & Equity Story Development Services, where we help leadership teams assess preparedness, refine governance, and craft a compelling equity story that resonates with investors.

IPO readiness assessment

We perform a tailored but comprehensive gap analysis to provide our clients with an outside-in view of the readiness of their business compared to the listing requirements of their target market. Key focus areas include (but are not limited to) Governance; Financial Reporting; Financial Planning; Systems & Controls; Human Resources; Tax; and Technology.

We understand that management teams may wish to maximise optionality throughout the process. For some businesses, the IPO or exit journey may also involve exploring alternative listing routes through our SPAC & Reverse Takeover Advisory Services , or accessing global pools of capital via Cross-Border Capital Raising. We help leadership teams evaluate these options alongside IPO readiness to determine the most effective strategy for their objectives.

Key questions for anyone thinking about an IPO

groups

Will we attract investors?

Have we got a compelling equity story?

Have we chosen an appropriate listing venue?

Do we have a clear and credible growth potential?

How do we measure against our public peers?

checklist

Will we meet the requirements?

What is the structure of our offer?

Have we got appropriate financials?

Do we need to refinance before the IPO?

Have we got a suitable legal and tax structure?

Do we understand the impact on the existing shareholders?

Do we satisfy the requirements for FTSE indexation?

Are we ready for the due diligence process?

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Can we produce quality financial information on a timely basis?

Do we have systems which produce quick and reliable financials for the board?

Do we have the right financial skill set to meet the reporting requirements?

Are we able to comply with the rules for ongoing disclosure and transparency?

Have we aligned our external reporting with our peer group?

How robust is our budgeting and forecasting process?

balance

How do we measure up on corporate governance?

What is our post-IPO board structure?

Do we have a broad skill set at the board level?

Do we need to recruit a SID and additional independent non-executives?

Do we need to put in place investor relations and internal audit functions?

Reporting accountant

We are one of the market leaders in IPO Execution & Reporting Accountant support, and our team is hugely experienced across all sectors. We provide a comprehensive suite of services and support necessary for the IPO process. These include accountant’s reports over historical and pro forma financial information, long form, working capital and financial position and prospects due diligence reports, plus a wide range of private comfort letters.

IPO support

An IPO process is often time-consuming, complex, hectic and stressful, with conflicting requests at every stage. We can ease the burden on management teams through our IPO Support Offering where we act in an advisory capacit y, providing technical guidance and co-ordinating the full range of execution workstreams - including preparation of financial information for diligence, financial model build , tax structuring, implementation of robust processes and controls, technology reviews, documentation, and project management.

We also advise on Equity Capital Raising & Placement to ensure financial strategies align with listing objectives and support a successful transaction.

SPAC transaction support

SPAC (‘Special Purpose Acquisition Company’) are companies formed to raise capital in an IPO with a purpose of using the proceeds to acquire an existing operating business.

SPAC transactions are a common means by which companies achieve a listing. Our SPAC services team, in conjunction with specialists from Accounting Advisory, Tax, Internal Controls, Technology, ESG, and Financial Modelling (amongst others) can help companies execute a SPAC transaction in the most pragmatic, flexible and responsive way.

Transaction assurance

When you are planning for any transaction, the historical financial information (HFI) requirements can be complex and differ according to the transaction type and the capital markets that are relevant. It is frequently one of the most time-consuming and complex work streams when preparing for your transaction and finding an Audit firm with both the capacity to deliver in the timeframe and, who are independent under the required standards, can be a real issue for companies.

Our Transaction Assurance & Integration Services help address these challenges directly - providing specialist support to meet HFI requirements efficiently, reduce execution risk, and give leadership confidence that regulatory obligations will be met on time.

Ongoing support

The challenges don't end once the listing is complete. Boards and executives must maintain market confidence through transparent reporting, consistent communication, and strong governance. Our Post-IPO Governance & Investor Relations Services help leadership teams meet regulatory obligations, manage investor expectations, and build long-term credibility in public markets. By providing continuity beyond execution, we enable management to focus on strategy, while sustaining valuation and stakeholder trust.

Post-IPO reporting accountant services

For both audit and non-audit clients, if you’re already a public company and are looking to raise funds or undertake a reverse takeover or, demerger, we can provide reporting accountant services designed to facilitate the most efficient transaction possible.

Our Post‑IPO Reporting Accountant Services include reports prepared under the Standards for Investment Reporting (SIRs) and diligence reports, addressing client and investment bank requirements in various documents, such as prospectuses, circulars, offer documents and admission documents.

Transaction support

Post-IPO transactions, such as cross-border or reverse takeovers or demergers, can be extremely complex. Our experienced IPO Transaction Support team has worked on some of the largest and most complex deals in recent years and can bring substantial expertise and insight to the process, including a comprehensive suite of integration and separation services, as required.

We work globally across disciplines, tailoring the team depending on the type of transaction and services you need to provide the maximum level of support and enable you to meet your objectives.

Our areas of support include:

Preparation of financial information (e.g. historical financial information and pro forma)
Financial model build and development
Tax and remuneration planning and structuring
Governance and internal control review and enhancements
Technology related reviews and enhancements
ESG reporting
Integration and separation support
Preparation of listing documentation and board memorand
Project management