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Advice on capital transactions and IPO
Afi advises companies and investors on capital transactions, providing comprehensive support throughout the process, which includes strategic advice, financial analysis and valuation, modelling and analysis of synergies, the development of financial structures and advice during the funding process (search, negotiation and signing). The capital transactions on which Afi regularly advises are:
  • Incorporation of partners
  • Acquisitions and sales of companies/businesses
  • Corporate divestitures
  • Mergers and strategic alliances
  • Search and structuring of the financing required

In Afi we have recent experience in providing advice to several corporations and financial institutions in the analysis of their potential stock exchange flotation, which is divided into two phases:

Pre IPO phase:
  • Analysis of the company's suitability for the stock exchange: advantages, requirements, obligations and impacts on the company
  • Analysis of the market's momentum: outlook for financial markets
  • Equity story
  • Business plan and preliminary objective valuation
  • Preliminary design of the capital structure and dividend policy: recommendations
  • Review of the financial requirements for listed companies: formal (supervisors) and market (investors' demands)
  • Advice in the selection of the underwriting bank
  • Monitoring of the calendar
  • Regular reporting to shareholders and resolution of specific tasks requested
  • Regular management of relationship with supervisors

IPO phase:
  • Assistance in the coordination of all the parties involved (underwriters, lawyers, due diligence teams)
  • Implementation and advice throughout the process: design of the offer structure, support in developing the equity story, financial valuation, coordination and review of the prospectus, advice on pricing, etc.
  • Regular production of financial markets analysis to incorporate in the prospectus and in presentations
  • Advice and attendance at the various roadshow presentations
  • Approaches to potential investors
  • Regular reporting to shareholders and resolution of specific tasks requested
  • Regular management of relationship with supervisors

Afi is a Registered Advisor at Spain's Alternative Investment Market (MaB), aimed at smaller companies than those traded on the Continuous (i.e. main) Market, with less demanding membership requirements. Afi was the Registered Advisor of the first company floated on MaB. As a Registered Advisor, Afi's services include:
  • Study phase: suitability of the company for the MaB, impact on the company, proposal to the Board, analysis of the market momentum, etc.
  • Business plan and valuation
  • Flotation process: design of structure, fixing of price range, preparation of the prospectus, search for underwriters, presentation to investors, etc.
  • Listing phase: management of the relationship with investors and supervisors, contact with the liquidity provider, etc.
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