ABSTRACT
The first point to note is that the flotation process is not really a ‘finance’ issue. Although the decision as to whether listing is appropriate is one that should be driven by financiers (based ultimately on the company’s corporate strategy), the actual process of listing is a marketing issue. Back in Figure 1.2 in this book we stated that investment is a two-stage process: investors invest in the company; the company invests in projects. Arranging the sale of the company’s products to its target market is widely accepted as an issue for marketers, who advise on the most appropriate positioning and methods of sale. Similarly, arranging the sale of the company’s shares to its target market of investors is also a marketing issue: much of what follows will make more sense if you keep this in mind.
