By Philippe Espinasse
Former banker Philippe Espinasse, bargains recommendation for the interview, choice and appointment of lead banks, in addition to for the execution of an IPO. The booklet contains case stories from worldwide and explains negotiation ideas by which issuers can shop significant time, attempt and prices, and likewise restrict their power liabilities.
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Additional resources for IPO Banks: Pitch, Selection and Mandate
It therefore results in higher fees than other legal adviser roles in the transaction, so it would be perfectly conceivable for an issuer and/or its adviser to negotiate a fee waiver or a lower fee with a law firm. The confidentiality agreement should in particular specify and/or include, among other clauses: (a) that the investment bank agrees to hold in trust and confidence certain confidential information to be disclosed by the issuer; (b) a definition of what constitutes such confidential information.
In addition, to provide them with a sense of which issues most particularly matter to the issuer and its shareholders, assigning separate weightings to each section will indicate constituents they should focus on, and which areas will be scored higher than others when assessing the relative merits of one particular house against its competitors. To that end, separately devising simple single or double page score sheets – perhaps one version for any written submissions and a shorter one for oral presentations – mirroring these categories can assist management when reviewing the various proposals.
The key consideration here is that each of these proposals will have to be reviewed and assessed over a fairly short space of time. Deciphering several dozen pages of an eight-point font size document can take its 23 24 IPO Banks toll on the reader, especially when a double-digit number of pitch books has to be examined. For that reason, making it clear that the maximum number of pages requested should include any appendices also usually constitutes best practice. Dividing the RFP into several broad categories or sections (all of which will be discussed in greater detail over the next chapters), and each comprised of a number of defined elements or questions, will provide the banks with enough flexibility to address all issues within a format they are familiar or comfortable with.