David Galper
Managing Director and Head of Equity Capital Markets Advisory
New York
Equity Capital Markets Advisory
Kroll is a leading independent financial advisor to companies seeking to access the public equity markets.
Contact UsExplore Financial Advisory Services
Kroll advises private equity backed companies, family-held businesses and public companies across multiple verticals and helps them build the right foundation for strong post-transaction performance and a successful IPO.
Through a bespoke service model, we provide clients with the guidance and expertise necessary to navigate the market and achieve liquidity objectives.
Comprehensive Transaction Management Services for
- IPOs
- Marketed Follow-Ons
- Block Trades
- Confidentially Marketed Public Offerings
- PIPEs
- Convertibles
- Multi-Track Processes
IPO READINESS
Preparing for an initial public offering can be a daunting undertaking with an overwhelming number of stakeholders, workstreams and deliverables. As a leading independent capital markets advisor, Kroll delivers technical and industry expertise to assist clients in managing the complex macro and company specific challenges they may face as they embark on the transition from a private organization to a public company.
We provide comprehensive and seamless accounting support that combines technical accounting expertise with practical and commercial experience to help clients solve a broad range of issues, including:
- Business combinations
- Lease accounting
- Revenue recognition
- Goodwill impairment
- Inventory accounting
- Complex debt and equity instruments
- Stock-based compensation
- Derivatives and hedging
- Accounting for income taxes
We represent our client’s interests during each phase of the IPO, providing valuable counsel and advocacy.
Customized Approach to Address Client-Specific Objectives Throughout the Deal Continuum
Planning | Preparation | Underwriter Selection | Execution | Marketing and Pricing |
|---|---|---|---|---|
Assist in development of positioning/equity story | Assist in creation of initial investor presentation | Assess underwriter credentials/capabilities through customized “bake-off” process | Support organizational meeting activities | Confirm valuation with bookrunners (prior to public flip) |
Stress-test financial model | Hold informal “early look” meetings with influential research analysts and investors | Challenge valuation methodology and assumptions of prospective underwriters | Engage in underwriter due diligence activities and S-1 drafting | Assist with roadshow presentation, script and Q&A document |
Identify IPO objectives | Collect feedback and gain insight into areas of focus/pushback | Evaluate industry
| Assist with analyst day content and logistics | Assist in targeting & prioritizing accounts for roadshow |
Assess market windows | Determine universe of qualified banks | Recommend potential syndicate structures and incentive fees | Manage research analysts due diligence and model development | Track and evaluate investor feedback |
Develop detailed timeline mapping key milestones | Prepare and distribute due diligence info pack to educate banks | Communicate roles and responsibilities to underwriters | Compare/align analyst models | Provide independent views on pricing strategy |
Assist with selection of company counsel, underwriter counsel and other necessary service providers | Develop and distribute customized RFPs | Negotiate economics | Assist with IR/PR firms and stock exchange selection | Scrutinize order book |
Advise on offering structure, size, listing venue and timing | Advise on stock allocations |
Critical Questions to Ask Your IPO Advisor
- Will the advisor devote a senior team to all aspects of the process to ensure efficient execution?
- Who are the relevant peers/comps and why?
- How will the company be valued?
- What controllable factors contribute most to an enhanced valuation multiple?
- Does the advisor understand the trends, drivers and metrics of your industry?
- Does the advisor possess the modeling expertise to assist with the financial forecast?
- Who are the most respected and influential equity research analysts in your sector?
- How regularly does the advisor talk to thought-leading buy-side accounts?
- Can the advisor gather feedback from investors prior to launching the IPO?
- Can the advisor provide real and incremental value to pricing and allocation discussions?
Connect with Us
Corporate Finance and Restructuring
M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.
Mergers and Acquisitions (M&A) Advisory
Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage.
Transaction Structuring and Accounting
Technical accounting expertise across the entire deal life cycle from designing deal structures during the diligence phase through to post deal integration and dispute services.
Private Capital Markets – Debt Advisory
Kroll has extensive experience raising capital for middle-market companies to support a wide range of transactions.
Kroll is headquartered in New York with offices around the world.
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285 Fulton Street, 31st Floor
New York NY 10007
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