Paths to a public listing

There is more than one way to become a public company. The right path depends on the business, its stage and its goals.

Direct listing

For most real operating businesses, the most direct route: the company qualifies and lists its own shares. A typical timeline is around ten months.

Initial public offering

For larger, fast-growing companies in timely sectors that can realistically raise substantial capital in the offering.

Capital pool company

A regulated reverse merger structure, such as a TSX Venture Capital Pool Company, that can suit earlier-stage or resources companies that need to move quickly.

Reverse merger into a shell

Generally not the best path for a real business, because of contingent liabilities, unknown history and the equity retained by shell holders.

How the process typically unfolds

Strategy

Decide whether going public fits your goals and which path makes sense.

Foundation

Build the governance, reporting and financial foundation a public company needs, often alongside one or more private placements.

Listing

Prepare the filings, work with the exchange and complete the listing.

Life as a public company

Use disclosure and the four levers to grow.