IPO Case Study: Communication Strategy Supports Multi-Billion Dollar IPO

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The Situation

Our client is revolutionizing financial services as the largest neobank in its region and, with more than 80 million customers, also one of the largest in the world. The Company was established in 2013 and in 2021 executed a simultaneous dual listing on the NYSE and its local market exchange at a valuation which exceeded US$50 billion, making it one of the most valuable financial services companies in its market only eight years after it was founded.
The Company is widely known for its outstanding global management team, culture of challenging the status quo and obsessive focus on best-in-class practices. It therefore chose to partner with InspIR almost a full year prior to its public listing to ensure it established a truly best-in-class Investor Relations practice and to partner on the IPO journey. While a financial advisor was also in place, the underwriting banks had not yet been selected. InspIR and the Company’s other IPO advisors partnered closely on a myriad of related workstreams.

Our Approach to a Best Practice IPO Communications Process

InspIR worked with the Company to establish an Investor Relations infrastructure including policies, goals, KPIs and action plans based on global best practice benchmarking while leveraging our considerable experience. We conducted training workshops for the finance and IR team members, many who had no prior public markets experience, as well as a Quiet Period workshop for the Board prior to the IPO. We partnered with our client’s communications teams to establish internal communications processes related to the listing and established an InspIR task force to monitor extensive weekly marketing and PR communications, published in three languages, to ensure Quiet Period rules were not breached.
InspIR senior team members participated in weekly calls with management, bankers and lawyers collaborating on roadshow materials including presentations, scripts, Q&A and videos. We also provided comments and edits to the SEC filing documents.
InspIR also partnered with our client’s internal IR team related to IPO Analyst Education. Over a period of two days, the Company’s management team presented via virtual meetings to more than 185 participants including almost 25 sell side analysts. InspIR managed all aspects of logistics, including the platform, invitations, and materials dissemination. We also worked with the presenting teams on their individual presentations and developed related Q&A with one of the underwriting banks. Finally, we supported the IR team and CFO’s office hours including review and responses to the covering analysts.

InspIR contributed to and edited the founders’ letter within the filing document and continues to provide relevant advice on potential market reaction and positioning as well as disclosure of key material communications from the Company.
The InspIR team also managed the IR website development on behalf of our client and established templates for earnings materials which entailed an in-depth benchmarking exercise to appropriately structure the earnings report and presentation ensuring global best practices. InspIR continues to support our client’s earnings cycles since its IPO, including theme development, script and quote drafting, financials review and overall disclosure support.

Tangible Results

The Company successfully raised US$2.8 billion in one of the year’s largest IPOs, despite the majority of its operations are based in emerging markets. It had a heavily oversubscribed book and garnered support from global Tier 1 investors.

Six months after the IPO, InspIR conducted an in-depth Perception Study of the Company’s global investor base and sell side analysts. The resulting Perception Study findings have informed our client’s communications to appropriately recalibrate its messaging and positioning and to establish a foundational roadmap for its ongoing Investor Relations strategies. The Company remains one of its region’s most recognized success stories.

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