An IPO preparation project should leave the company easier to understand and better equipped to operate, even if the listing is postponed. The work starts with reliable financial information, clear responsibilities and a business plan that management can defend. A checklist is useful only when each item has an owner and evidence of completion.

Start with the issuer and the intended market

Before setting the reporting workplan, determine which company is expected to issue shares, how subsidiaries fit into the structure and which market is being considered. Requirements depend on the jurisdiction, issuer and transaction. It is not accurate to prescribe one accounting framework or one set of listing conditions for every company.

Legal counsel and auditors should confirm the applicable framework, financial-statement scope and audit requirements. Management can then assess gaps in records, systems, consolidation and staffing. Addressing these questions early reduces the risk of producing information that later needs substantial rework.

Use an evidence ledger, not a list of aspirations

The exhibit assigns a concrete output to each workstream. The finance team owns reconciled information and a repeatable close. The legal team organizes ownership and contract issues. The board defines authority and oversight. Management connects capital needs with the growth plan. The assignments are illustrative; the actual project needs named people and agreed deadlines.

Make financial information traceable

Every significant number in a presentation should connect to a controlled source. Revenue by product should reconcile to the accounts; customer metrics should use consistent definitions; adjustments to earnings should be supported. A spreadsheet that can only be explained by its original author is a fragile foundation for a demanding process.

Prepare a register of significant judgments and open questions. Record the issue, the available evidence, the adviser responsible and the resolution. This avoids losing decisions in email chains and allows management to distinguish completed work from assumptions that remain under review.

Explain how capital produces operating results

A growth plan should show the resources required to achieve it. If new capital funds a production line, connect capacity, utilization, sales assumptions, staffing and working capital. If it funds expansion, explain how customers will be acquired and served. The use of proceeds needs to match the financial model rather than remain a general statement about growth.

Test a slower ramp and lower proceeds. Which spending can be staged, and which commitments are unavoidable? A credible plan makes trade-offs visible. It also shows management understands that raising capital and deploying it successfully are separate challenges.

Build governance around real decisions

Clarify who approves budgets, related-party transactions, significant contracts and external statements. Establish a process for reviewing board materials and escalating unexpected developments. Governance should be capable of operating when the company is under time pressure, not only when advisers are present.

Investor communication also needs discipline. Define the source and owner of operating metrics, ensure consistency across materials and avoid claims that cannot be supported. Management should be able to discuss risk, uncertainty and performance changes with the same clarity as the growth opportunity.

Keep a decision-ready alternative

Preparation does not guarantee a successful offering. Market demand, transaction terms and company performance can change. Agree what would cause the board to pause and how the business would be financed in that case. A private investment or strategic transaction may remain a relevant alternative.

Lev Partners supports financial preparation, investment-case development and the coordination of relevant advisers. A useful engagement produces a prioritized workplan and clear decision materials, helping management assess both the proposed listing and the business it will need to run afterward.

Explore IPO advisory. Regulatory background: SEC: Public Companies.

Your public-markets advisory contacts

Atilla Esen — Board Advisor, Lev Partners. Atilla brings capital-markets management experience, including a former General Manager role at Ahlatcı Yatırım. At Lev, he is a contact for assessing public-market preparation alongside the company’s broader financing priorities.

Erim N. Kargacı — Founding Partner and Head of M&A, Lev Partners. Erim leads Lev’s M&A advisory and helps coordinate the strategic and financial preparation for a potential transaction. He is listed among Endeavor Türkiye’s mentors.

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