The last stage starts with an investor education phase in which individual institutional investors are interviewed about their assessment of the share, the planned order volume and their views of the valuation and price targets. The aim is to derive a price spread within which the placement of the share may be assessed as realistic.
The kick-off press conference and the announcement of the key transaction data initiate the subscription period and bookbuilding phase. Within this timeframe, investors may place their orders. To this end, the company holds presentations for national and international investors. Subsequently, the order book is evaluated and the final offer price is determined.
The process involves the following steps:
- Meeting with analysts and preparation of research report
- Investor education
- Bookbuilding, road shows
- Share placement
After the initial public offering, the Vienna Stock Exchange continues to support the issuer, which includes ongoing assistance for IR officers, publicity in publications and events of the Vienna Stock Exchange as well as participation in regular road shows.
Details on the initial public offering process
The preparatory phase
The implementation phase
The placement phase
