Independent Financial Consultancy

Specialist in IPO Project Management

About

Libra Partners was founded by David Myers in 2010 to offer clients senior level experience and leadership during IPO projects. The objective being to help relieve the already hard-pressed executives in charge by managing the process - its multiple work streams, parties and timetables.

At the time of starting the business there were not many individuals providing this service to management teams. Nowadays the role of IPO project manager is a recognized requirement for most IPO’s. Experience as a former CFO who has been through through the IPO process uniquely sets David apart from IPO project manager peers.

The skills needed be a successful IPO project manager include an ability to communicate effectively with the board and all levels internally, the presence to handle external adviser relationships with bankers, lawyers and accountants, as well as experience with strategy and business planning and financial modelling, corporate restructuring, corporate governance, financial statements and accounting standards, and the regulatory aspects of going through the listing process.

David is a qualified accountant and experience before Libra Partners includes serving as CFO for an international, multi-cultural engineering services business that listed on AIM.

Contact David

What Does an IPO Project Manager Do?

Many clients are told by their advisors that they will need an IPO project manager without explaining the role. In our experience the role encompasses the following fundamentals:

To oversee project activities from a holistic and detailed level;
To coordinate and act as liaison between the company and the numerous advisors;
To help bridge the internal knowledge gap in the execution of the process and support management as required

Coordination and Liaison

Coordinate and act as liaison between the company and the numerous advisors; manage and route requests.

There is a risk with this type of project that members of the management team end up attending project meetings when their time would be better spent elsewhere. The PM should ensure the correct level of management attendance at project meetings while balancing achievement of deliverables. The governance structure should ensure key stakeholders are kept up to date of all workstreams and deliverables throughout the process.

Bridging the Knowledge Gap

David’s style is not to act as consultant/project manager only. Typically, David would become an integral member of the internal team and decision-making processes, available to provide support where needed, from junior staff to the board. The goal is to ensure successful project execution. Therefore, support is provided to internal delivery teams on a hands-on basis where skills and experience permit.

There are many examples of this such as addressing pre-project tax issues, managing FPPP remediations, managing shareholder comms, even managing production of corporate videos.

Project Oversight

Oversee project activities from a holistic and detailed level, monitoring and tracking status, key deliverables, due dates, responsible parties.

The PM would expect to have day-to-day oversight of all aspects of the execution process. Based on previous experience of similar projects, the PM may become the company’s main point of co-ordination for some of the workstreams and a support to the workstream leader in others.

Our Services

Since becoming an independent consultant David has helped clients in IPO readiness and execution, transaction preparation in advance of trade sale. These services are discussed in more detail below.

Readiness for going public

Before beginning the IPO execution process there are a great many issues that need to be prepared. You’ll need to have a well-thought-out business plan and corporate structure, a compelling equity story supported by independent industry experts, appropriate governance, financial and IT systems in place.
All of this, of course, while continuing to run your day-to-day business against the stretching objectives that make an IPO attractive in the first place.
Having someone on your team with the knowledge and experience of these readiness steps before has a huge impact on the efficiency of the process, identifying problems early and reducing execution risk, while also minimising distraction to the management team.

IPO Execution

Your listing will require orchestrating many key players; from existing shareholders, board members and management team; to a project team of bankers, lawyers, accountants, among others. We have a proven track record of working cohesively and effectively on both international and domestic IPOs. Acting as project manager to ensure smooth running of the process to ensure the deadlines are met and the IPO window is not missed. Our experience extends to all areas of the transaction such as; offer structure and valuation; prospectus drafting and diligence; accounting work streams such as IFRS conversion, working capital review, long form reports and financial processes and procedures report; analyst and investor presentations.

Being Public

A successful IPO is just the beginning of the story. Once listed, your company will be under far greater public scrutiny than ever before, with a vastly expanded universe of stakeholders—and a significantly larger portfolio of new risks, and obligations, to manage. In practical terms the transformation into a public company begins well before IPO. You’ll need to be ready to address the new requirements placed on the business around regulatory compliance, risk management, external reporting, and investor relations. Experience in this area includes development of company secretariat, establishing and running investor relations functions, producing the first Annual Report and Accounts as a plc, and rolling out employee share schemes.

Previous Projects Include:

IPO Project Manager - CAB Payments plc - 2023

CAB Payments is a market leader in B2B cross-boarder payments and foreign exchange. Headquartered in London, CAB Payments connects traditionally hard-to-reach regions to global infrastructure through its network, technology and expertise. Initiated as a dual track project, the IPO was completed in July 2023 when its shares were admitted to trading on the premium listing segment of the Official list of the London Stock Exchange. The market capitalisation on IPO of £851.4 million with a fund raising of £335 million.

IPO Project Manager - Mishcon de Reya LLP - 2022

City law firm Mischon de Reya ultimately put its IPO plans on hold in June 2022 against a backdrop of poor market conditions. Joined the project team in August 2021 to help the firm prepare for life as a listed entity. Previous experience with DWF was helpful with the unique cultural, accounting, regulatory and corporate structuring of the project.

IPO Project Manager - Dr. Martens - Airwair International Ltd - 2021

Iconic brand Dr. Martens completed its IPO in January 2021 via a placing to institutional investors following a successful transformation and growth strategy executed in the years since its acquisition by Permira funds in 2014. Dr. Martens market capitalisation on IPO was £3.7 billion with a fund rising on £1.2 billion.

IPO Project Manager - DWF - 2019

DWF is a global legal business, supplying complex legal, managed and connected services to its clients in the growing international legal market, with a focus on three global sectors: insurance, financial services and real estate. Listing a law firm uniquely involves significant cultural, accounting, regulatory and corporate structuring aspects making the project very complex.

IPO Project Manager - Helios Towers - 2017-2018, then 2019

Helios Towers is an independent telecommunications tower infrastructure company, and owns and operates tower sites in Sub-Saharan Africa. The Company initially applied for admission to trading on the main market of the London Stock Exchange in March 2018 and did not proceed due to market conditions. Re-join the Helios Towers team in April 2019 for the IPO process that was ultimately successful in November 2019.

IPO Project Manager - GYG plc - 2017

Listing on AIM of Global Yachting Group a Superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States.

IPO Project Manager - Brakes Group - 2016

Brakes Group is an example of a dual track process, that ultimately resulted in a trade sale. Brakes is a leading foodservice distributor in Europe, owned by Bain Capital since 2007.

The project involved, among other things, selection of advisors, development of business plans, the day to day aspects of working with the reporting accountants, lawyers and bankers to achieve the on-time completion of the regulatory, legal and accounting components of the listing process, and the development of events and presentations for the IPO marketing process.

IPO Project Manager - Auto Trader UK - 2015

Auto Trader sits at the heart of the UK’s vehicle buying process and operates the UK’s largest digital automotive marketplace. The Company is a 100% digital business, since successfully transitioning from print classified business founded in 1977 to autotrader.co.uk becoming one of the busiest websites in the UK. Auto Trader completed its IPO in March 2015 with an initial market capitalisation of £2.35bn, and a fund raising of £1.6bn.

IPO Project Manager and Company Secretary - AO World plc - 2014

On 26 Feb 2014 AO completed its successful IPO on London Stock Exchange. Engaged to project manage the IPO process and as Company Secretary during the transition from private company to public company.

IPO Project Manager - Graff Diamonds - 2012

Retained to manage the Hong Kong IPO process reporting to the CFO.

In May 2012 shortly after the launch of its roadshow global stock markets deteriorated significantly leading Graff to postpone its proposed $1 billion fund raising (at a price range that valued the Group at $3.2 - $4.0 billion).

The project involved a re-organisation of group assets into those required to support the diamond retail business; the selection of global co-ordinator and joint book runner banks, financial PR and registrars and the recruitment of additional staff to support the project. As the project progressed, among other things, the activities included development of business plans, the day to day aspects of working with the reporting accountants, lawyers and bankers to achieve the on-time completion of the regulatory, legal and account components of the listing process, and the development of presentations for use in marketing Graff to potential investors.

Deputy CFO/IPO Project Manager - AZ Electronic Materials - 2010-2011

This was the first project for Libra Partners, engaged to act as project manager for the IPO process and act as deputy to the CFO, liaising with the reporting accountants, bankers and lawyers. As part of the journey from private equity ownership to a publicly owned business the project involved corporate re-organisation, overhaul of corporate governance framework, recruitment of certain staff, selection of partners for financial PR, registrars and annual reporting agency, development and roll-out of long term incentive schemes, as well as the documentation associated with the transaction itself.