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Steps to Getting Listed
Starting the process
- Company determines if the decision to go public is consistent with their business objectives
- Review business plan and policies
- Determine if external financing is required to further business plan
- Review financials using 5 years of statements
- Consider the tax implications of going public
- Management determines if they are ready to go public
- Develop a public company mind set
- Determine how the company will tell its story
- Organize the company’s internal documentation to ensure the prospectus and due diligence are completed efficiently
- Determine if the current board of directors is suitable and meets the regulatory requirements of a public company
- Management interviews and selects:
- Professional advisors
- Sponsor (underwriter/investment dealer)
- Auditor
- Securities lawyer
- Investor relations professional
- Management, professional advisors and the exchange decide whether the company will meet minimum listing requirements
- Speak with TSX Business Development Manager and Corporate Finance professional
- Professional advisors commence the listing process
- Prepare comparative financial statements
- Start due diligence of deal and people involved in the deal
- Determine which is the best listing vehicle to use
- Approach TSX for a pre-assessment of the transaction
- Company and lawyer prepare legal documents
- Management files legal and supporting documents, including financials, with the TSX and applicable securities commissions
- TSX and/or securities commissions review legal documents, noting any deficiencies and communicate these to the company and professional advisors
- The company receives conditional approval
- Company and professional advisors address all the deficiencies to the satisfaction of the regulatory authorities
- Company receives approval and begins trading on the exchange
