Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA.
- $8-10MM in Revenue (run rate)
- 20-30% growth p.a. demonstrable historical growth track record
- Positive EBITDA or clear path to Profitability
- 20% Minimum Initial Sale with Free Float of approx. 40-60% . 12 month Lock-up Period for Initial Investors/Management
- Pre-IPO West African HNWI/Family Office Private Placement that converts at a discount to the IPO price is possible. Offering shares to Iroko subscribers could be contemplated as well
- 1-2 NEDs with one as Chair. Committees, eg. Audit, Remuneration, are also required
- Launch 6 months prior to IPO—investor feedback on valuation, etc. via Early Look Meetings with potential investors