IPO Preparation & Listing
The journey from private company to listed company: restructuring, governance, prospectus, valuation and investor relations. Getting it right from the start.
Signs your company should prepare for IPO
A successful IPO typically needs a standardisation window of roughly 18–24 months before listing. The following situations are strong signals that it is time to begin.
Growth needs major capital
A clear growth trajectory that needs large-scale capital from public markets.
Needs transparency & governance
Wanting to raise governance standards, financial transparency and credibility with partners, banks and investors.
Shareholders want liquidity
Founders or existing investors seeking liquidity and value realization through listing.
Not yet IPO-ready
Financials, ownership or internal controls not yet at listing standard and need early standardization.
5 preparation phases
A successful IPO requires a flexible standardisation roadmap, typically running 18 to 36 months before the official listing date, depending on the company's current state and readiness.
The 18–24 month range applies to businesses with a sound governance foundation; 18–36 months covers deeper standardisation, while comprehensive restructuring may take 3–5 years.
Phase 1
IPO Readiness Assessment
Comprehensive assessment of financial, governance, legal, HR and business model readiness. Identifying gaps and roadmap to meet listing standards.
T-24 to T-18 monthsPhase 2
Restructuring & Governance Upgrade
Legal and financial restructuring, establishing independent board, audit committee and internal controls, standardizing financial reporting per VAS/IFRS.
T-18 to T-12 monthsPhase 3
Valuation & Underwriter Selection
Building IPO valuation models (DCF, P/E, P/BV sector comparison), determining offer price range, selecting and working with underwriters.
T-12 to T-9 monthsPhase 4
Registration Documents & Prospectus
Drafting the prospectus, listing registration documents, working with SSC and HOSE/HNX, handling additional document requests from regulators.
T-9 to T-3 monthsPhase 5
Roadshow & Investor Relations
Preparing investor relations materials, organizing institutional investor roadshow, supporting management in investor meetings and book building management.
T-3 months to listing dayEXCHANGES
Basic requirements to IPO on HOSE
- •Charter capital ≥ VND 120 billion
- •Net profit for 2 consecutive years
- •No accumulated loss at registration date
- •≥ 15% shares held by at least 300 shareholders
SPECIALIST IN CHARGE
Ms. Le Thi Mai Hanh
Chief Advisor
IPO Advisory · Valuation · Capital Markets
About IPO preparation
There is no fixed duration. It depends on where the business starts. With a sound governance foundation, expect roughly 18–24 months. Where comprehensive restructuring is needed (legal, financial, organisational), the roadmap can run 3–5 years. The specific timeline is set after the IPO Readiness Assessment.
Yes. Core Ventures supports IPO preparation on HKEX and SGX in addition to Vietnamese exchanges. This is particularly suited for businesses with cross-border ownership structures or wanting to access international investors.