IPO, Capital Markets and Financial Advisory Services

IPO and Transaction Services

RSM's IPO, Capital Markets and Financial Advisory Services team has developed significant experience in Assurance and Consulting activities related to listing processes (IPO, Initial Public Offering) and Reverse Take-Over on capital markets, with a particular focus on the AIM Italia segment, a market managed by Borsa Italiana, and Euronext

IPO AND CAPITAL MARKETS

The activities of RSM's IPO and Capital Markets team are aimed, in particular, at small and medium-sized Italian companies that want to support their development and growth projects, including international ones, with alternative financing instruments to the banking channel, thus reducing their dependence on the classic credit system. The IPO and Capital Markets team also offers support in Accounting and Financial Due Diligence activities (buy or sell side), preparation of Business Plans, assistance in the preparation and review of pro-forma financial statements, including consolidated ones.

Our Services

IPO, Capital Markets

We support our clients through every stage involved in accessing or remaining in the capital markets, including, by way of example, listing processes (IPOs), reverse take-over (RTO) transactions, bond issuances, and capital increases (public offerings).

In these circumstances, we offer:

Assurance services aimed at the issuance of Comfort Letters, including:

Comfort Letters on Working Capital (financial due diligence and business plan review);
Comfort Letters on the Admission Document (review of accounting and financial statements and circulating procedures);
Comfort Letters on the Management Control System (verification procedures on the reporting system);
Comfort Letters on forecast data and the issuance of opinions on consolidated pro forma financial information.

Consulting services, including, by way of example:

feasibility studies relating to stock exchange listings;
assistance during the listing process;
support in the preparation of the Business Plan;
preparation of the Memorandum on the Management Control System;
preparation of consolidated pro forma financial statements.

Extraordinary Finance Transactions

We support our clients with the aim of analysing the financial statements and accounting documentation of the target company.

In these circumstances, we offer:

Financial Due Diligence services aimed at restating accounting and financial information in order to provide the potential acquirer with all the elements necessary to make an informed investment decision;
assistance with the preparation and review of Business Plans through analysis of business models and key assumptions, implementation of extraordinary transactions, and preparation of Sensitivity Analyses;
assistance with the preparation of Consolidated Pro Forma Financial Statements in order to analyse the effects of mergers, acquisitions, or incorporations of other companies;
Purchase Price Allocation (PPA) services in order to allocate the purchase price and reflect the related accounting impacts.

GAAP/IFRS Conversion and Management Control Systems

We support our clients in the implementation of new accounting standards and in GAAP conversions.

In the process of conversion to IAS/IFRS, which for many companies represents an important step towards greater internationalisation and market openness, we make available to our clients a team of professionals with strong expertise in the impacts that such a process may have. We operate through a tailored approach, planning the various stages of the conversion according to the client’s needs, timing, and specific characteristics.

In these circumstances, we offer:

activities aimed at identifying the financial statement areas that allow for a correct and effective conversion process to International Financial Reporting Standards (IAS/IFRS);
assistance to control functions;
support for clients in the transformation and evolution of Internal Audit Functions, offering co-sourcing and out-sourcing services aimed at testing the proper functioning of internal control systems and their tools.