Interactive Tool

IPO readiness
scorecard.

25 questions across five dimensions — corporate, financial, governance, employee equity, operational. Indicative readiness against the pre-IPO standard. Anything below 80 indicates material work needed before banker engagement.

25 questions across the five IPO-readiness dimensions: corporate, financial, governance, employee equity, and operational. Anything below 80 indicates material work needed before banker engagement.

Corporate & Structural (5 questions × 4 pts)
Listing vehicle entity hierarchy designed and confirmed with target exchange
Pre-IPO restructure (if required) completed at least 6 months before filing
Cap table fully documented; all historical equity issuances verified
Shareholders\' agreements amended for IPO; drag-along / tag-along, ROFR handled
Founder share class / dual-class structure (if applicable) locked at incorporation level
Financial (5 × 4 pts)
3 years of audited financial statements available (IFRS or US GAAP per exchange)
Big-Four or top-tier auditor engaged
Quarterly financial close discipline established
Internal controls over financial reporting (ICFR) framework in place
MD&A / management discussion framework drafted
Governance (5 × 4 pts)
Independent board members appointed (typically majority at listing)
Audit committee, remuneration committee, nominations committee in place
Insider-trading and disclosure policies drafted
Related-party-transaction policy and approval framework
Whistleblower mechanism operational
Employee Equity (5 × 4 pts)
Formal equity plan (ESOP / RSU) documented and operating
All historical equity grants documented and verified
Vesting terms standardised; informal grants resolved
IPO acceleration / lock-up provisions agreed
Tax position of equity plan understood across all employee jurisdictions
Operational (5 × 4 pts)
Legal counsel team selected and engaged
Target exchange selected; pre-meetings completed
Draft prospectus / offering memorandum work commenced
Data room organised and populated
12-24 month timeline locked with all advisers
IPO readiness score
0
Out of 100

About this scorecard.

This is an indicative pre-IPO readiness assessment across five dimensions: corporate & structural, financial, governance, employee equity, and operational. Each dimension carries 20 of the 100 total points.

A score of 80+ indicates banker-ready position. 70-80 indicates 3-6 months of focused work needed. 50-70 indicates 6-12 months. Below 50 indicates the pre-IPO structuring process should commence in earnest.

The 2-3 year pre-IPO window is the critical period for clean architecture, employee equity discipline, and governance scaffolding. Read the full Pre-IPO Structuring article.

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