The 18-Month IPO Project Plan: Workstreams and Dependencies

A structured IPO project plan organises the work into five parallel workstreams, each with clear milestones and dependencies. Workstream 1 — Legal Restructuring (months 1-6): corporate structure design, VIE agreements if needed, cap table cleanup, related-party transaction resolution. Workstream 2 — Financial Preparation (months 1-12): engaging the reporting accountant, completing the track record audit (3 years of IFRS financials), implementing internal controls, resolving tax issues. Workstream 3 — Sponsor Engagement and Due Diligence (months 3-9): beauty parade and selection of sponsors, kick-off due diligence, drafting the Accountants’ Report. Workstream 4 — Prospectus Drafting (months 6-12): drafting the prospectus, responding to sponsor comments, preparing the application proof. Workstream 5 — Regulatory Process (months 9-18): A1 filing, HKEX/SFC review and comment letters, Listing Committee hearing, post-hearing prospectus, bookbuilding and pricing, listing. The critical path typically runs through the financial workstream — the track record audit is usually the longest-lead item and should begin as early as possible.