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.
As a pure capital markets advisor, STJ is unique in this process and 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.
The best price discovery process is a function of competitive tension between the tracks. Separation of roles ensures maximum competition is generated between each track and between all potential buyers, both public and private. This will ensure competitive tension and optionality are maintained throughout the sale process.
STJ has extensive experience of advising on the IPO track of several dual track sale processes, and all have resulted in a successful sale. 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 sale result