Often a sales process involves more than one path, where both private buyers and an IPO are pursued at the same time. The IPO process has a set timetable and the widest form of price discovery, and hence this path should receive apparent prioritisation in a dual track. This is why the STJ approach to such a sale process is so effective and differs from all other major advisors – by ensuring the IPO track is optimally executed to deliver the best competitive result for the combined process, regardless of whether the IPO or M&A is the eventual preferred outcome.
As a pure capital markets advisor, STJ does not face any internal conflicts between the two tracks. No single advisor offers “best in class” capability in both M&A and IPO execution, and using one advisor for both tracks will undoubtedly lead to conflicts. Moreover, STJ provides independent advice on which type of dual track is best suited to the particular situation, as well as the selection of the best M&A advisor. We are best positioned to align and create the necessary competitive tension between the two tracks, and will provide you with the greatest transparency to drive key decisions throughout the process.
Having STJ as your “best in class” IPO advisor will provide pricing and market transparency to inform and strengthen trade sale negotiations and optimise the final sale result.