{"id":44013,"date":"2017-11-26T16:20:32","date_gmt":"2017-11-26T14:20:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/rediscovering-old-financing-channels-for-smes-the-ipo\/"},"modified":"2017-11-26T16:20:32","modified_gmt":"2017-11-26T14:20:32","slug":"old-financing-ways-for-medium-sized-businesses-re-discover-the-boersengang","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/old-financing-ways-for-medium-sized-businesses-re-discover-the-boersengang\/","title":{"rendered":"Rediscovering old financing channels for SMEs: The IPO"},"content":{"rendered":"

Barbara Georg<\/strong> \u2014 Head of Listing & Issuer Services Deut\u00adsche B\u00f6rse AG, Frank\u00adfurt \/Main<\/p>\n

Michael Rie\u00df<\/strong> \u2014 Key Account Mana\u00adger Listing & Issuer Services Deut\u00adsche B\u00f6rse AG, Frank\u00adfurt \/Main<\/p>\n","protected":false},"excerpt":{"rendered":"

The after\u00admath of the finan\u00adcial crisis and new requi\u00adre\u00adments for the gran\u00adting of loans by banks present young and medium-sized entre\u00adpre\u00adneurs with new chal\u00adlenges in finan\u00adcing. An IPO may become more attrac\u00adtive during this period. A look at the factors that often prevent entre\u00adpre\u00adneurs from going public shows: Banks\u2019 covenants are often no less strin\u00adgent than the requi\u00adre\u00adments of a stock market listing.<\/strong><\/p>\n

Small and medium-sized enter\u00adpri\u00adses need a strong capi\u00adtal base to finance growth. This also makes it possi\u00adble to respond better to diffi\u00adcult market condi\u00adti\u00adons. As a result of the finan\u00adcial crisis, banks\u2019 lending prac\u00adti\u00adces are beco\u00adming more rest\u00adric\u00adtive, partly due to the decis\u00adi\u00adons taken by the Confe\u00adrence of Central Banks and Banking Super\u00advi\u00adsors in Septem\u00adber 2010 (Basel III). This puts many compa\u00adnies in a tight spot, also against the back\u00addrop of expi\u00adring subs\u00adidy programs. It is time to look at an estab\u00adlished finan\u00adcing chan\u00adnel: the IPO.<\/p>\n

No fear of going public<\/strong><\/p>\n

Quite a few entre\u00adpre\u00adneurs under\u00adstand the term IPO as a spectre of entre\u00adpre\u00adneu\u00adrial anti-free\u00addoms: Too much trans\u00adpa\u00adrency towards inves\u00adtors, co-deter\u00admi\u00adna\u00adtion and loss of inde\u00adpen\u00addence via gene\u00adral meetings and high finan\u00adcial expen\u00adses before going public. These concerns often keep foun\u00adders and CEOs from taking to the floor. Howe\u00adver, when the above points are compared with the terms of today\u2019s lending, the ques\u00adtion arises as to whether these concerns about a listing are tenable.<\/p>\n

Mostly, the first argu\u00adment is the high trans\u00adpa\u00adrency obli\u00adga\u00adtion towards inves\u00adtors and the capi\u00adtal market in gene\u00adral. Natu\u00adrally, inves\u00adtors demand a high degree of open\u00adness and scru\u00adti\u00adnize exactly which company they are making their invest\u00adment in. But the picture is the same on the debt side: Banks also demand considera\u00adble trans\u00adpa\u00adrency from borro\u00adwers when gran\u00adting loans in order to be able to make their assess\u00adment. Capi\u00adtal market-orien\u00adted compa\u00adnies (KapMU) are also subject to the statu\u00adtory requi\u00adre\u00adment to post finan\u00adcial state\u00adments in the elec\u00adtro\u00adnic Fede\u00adral Gazette, where they can be acces\u00adsed by a broad inte\u00adres\u00adted public.<\/p>\n","protected":false},"featured_media":40980,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2506,2526],"product_tag":[1761,1766,1774,1780,1783],"class_list":{"0":"post-44013","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2011-en","8":"product_cat-barbara-george","9":"product_tag-barbara-george","10":"product_tag-michael-riess-en","11":"product_tag-aftermath-of-the-financial-crisis","12":"product_tag-growth-financing","13":"product_tag-lending-practices","14":"pa_sprache-english-3","15":"pa_sprache-german","17":"first","18":"outofstock","19":"taxable","20":"shipping-taxable","21":"purchasable","22":"product-type-variable"},"yoast_head":"\nRediscovering old financing channels for SMEs: The IPO - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/old-financing-ways-for-medium-sized-businesses-re-discover-the-boersengang\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rediscovering old financing channels for SMEs: The IPO - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The aftermath of the financial crisis and new requirements for the granting of loans by banks present young and medium-sized entrepreneurs with new challenges in financing. An IPO may become more attractive during this period. A look at the factors that often prevent entrepreneurs from going public shows: Banks' covenants are often no less stringent than the requirements of a stock market listing. Small and medium-sized enterprises need a strong capital base to finance growth. This also makes it possible to respond better to difficult market conditions. As a result of the financial crisis, banks' lending practices are becoming more restrictive, partly due to the decisions taken by the Conference of Central Banks and Banking Supervisors in September 2010 (Basel III). This puts many companies in a tight spot, also against the backdrop of expiring subsidy programs. It is time to look at an established financing channel: the IPO. No fear of going public Quite a few entrepreneurs understand the term IPO as a spectre of entrepreneurial anti-freedoms: Too much transparency towards investors, co-determination and loss of independence via general meetings and high financial expenses before going public. These concerns often keep founders and CEOs from taking to the floor. However, when the above points are compared with the terms of today's lending, the question arises as to whether these concerns about a listing are tenable. Mostly, the first argument is the high transparency obligation towards investors and the capital market in general. Naturally, investors demand a high degree of openness and scrutinize exactly which company they are making their investment in. But the picture is the same on the debt side: Banks also demand considerable transparency from borrowers when granting loans in order to be able to make their assessment. 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