Capital Markets & IPO
Public listing of your company is a major milestone. It positions your company on a higher platform for growth with significant advantages to the company and its shareholders, including the following:
- Access to capital-raising opportunities with a lower cost of capital relative to debt financing to fund growth, capital expenditures, strategic acquisitions, and reduce existing debts
- Increased corporate transparency and efficiency in the overall operations of the company
- Enhanced company stature of being listed with a major stock exchange, with higher levels of brand prestige to attract top talent and open doors to increased business opportunities
- Provides a potential exit strategy and liquidity for investors, owners and employee shareholders
- Potential to achieve higher valuations than private enterprises
Supporting Your IPO from Start to Launch
Transparency in financial reporting, strong corporate governance, and robust internal control systems, among other critical areas, are key requirements for becoming a publicly listed company.
With an experienced team of specialists possessing a diverse range of skill sets and backgrounds, Baker Tilly is well-positioned to help you anticipate and address potential issues across financial reporting, tax, legal matters, internal controls, and risk management—both before and during the audit process. We work closely with your management team to deliver timely, practical solutions throughout every stage of the IPO journey.
If your company is ready to embark on a major growth milestone, speak to a Baker Tilly Capital Markets Specialist today to learn how we can support your listing journey, from pre-IPO planning through IPO advisory and execution.
Baker Tilly's Reporting Accountant Services:
Accountant’s Report on Historical Financial Information
The company is required to present audited historical financial statements (usually covering three years) prepared in accordance with SFRS(I), IFRS, or US GAAP. In certain circumstances, interim financial information may also be required.
The Reporting Accountant will provide an opinion on the financial statements through the Accountant’s Report, delivering the work efficiently while offering valuable insights and practical recommendations.
- Opinion on Pro Forma Financial Information
Pro forma statements of financial position and comprehensive income will be prepared to account for the impacts of certain transactions on the company’s latest financial results and position.
We will provide an opinion on whether these pro forma financial statements have been properly compiled on the basis stated, and whether such basis is consistent with the company’s accounting policies.
- Pre-IPO Internal Control
IPO Sponsors are required to perform reasonable inquiries on the listing applicant’s established corporate governance policies and procedures, accounting and management systems, and internal controls. We can assist sponsors in performing an internal control review to determine the listing applicant’s readiness state.
We will act as an independent internal control and corporate governance consultant, providing recommendations on internal control processes and corporate governance structure.
- Memorandum of Audit Observations and Recommendations & Comfort Letter
These reports are addressed to the Company and its Sponsor. The Memorandum of Audit Observations and Recommendations captures the key findings identified during our audit of the Company’s financial statements. Our recommendations are provided as constructive suggestions for Management’s consideration, as part of the ongoing process of strengthening and enhancing accounting controls, as well as other financial and administrative procedures.
The Reporting Accountant is also required to issue a Comfort Letter commenting on whether the matters noted have been adequately addressed by the Company.
- Comfort Letter on Prospective Financial Information
Directors are required to issue a statement concerning the company's prospective financial information and the adequacy of its working capital for a post-transaction period of 24 months.
- The forecast/projection will typically include:
- Basis of preparation of the projections
- Profit and loss projections
- Cash flow projections
- Balance sheet projections
We will issue a Comfort Letter on these forecasts/projections in accordance with the stipulated requirements.
- Agreed Upon Procedures on Offer Document and Comfort Letter
Directors have the legal responsibility to ensure the integrity and accuracy of the information
disclosed in the offer document.
We will perform verification procedures in accordance with SSRS 4400, Engagements to Perform Agreed‑Upon Procedures Regarding Financial Information, on the financial and related information included in the offer document. A Comfort Letter will be addressed to the Company and its Sponsor, setting out our findings from the procedures performed.
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