Capital Markets

We provide services for domestic and international companies interested in conducting a public or private offering of securities in the Czech Republic. We also work with the Czech firms planning to offer or list their securities on international markets, including the US.

What we can help with

We support our clients in each phase of the transaction. We provide comprehensive financial advisory services, from support in developing the business and financial strategy and in determining the optimum financing option (including the market for listing), through assistance in selection of the other advisors and in preparation of the prospectus, to support in the roadshow and in the placement of securities. We also provide assurance services, including audit, review and examination of financial information in prospectuses.

We support both small companies acting as issuers of securities for the first time as well as large international corporations utilising the financing opportunities offered by local and global capital markets on a regular basis.

We also help our clients to adapt their internal processes and reporting systems to meet the requirements and expectations applicable to public companies. As part of those activities, we assist companies in the conversion of their financial statements to International Financial Reporting Standards (IFRS) or US Generally Accepted Accounting Principles (US GAAP).

Our key assets are: our knowledge of best practices worldwide and the extensive experience of our specialists. Thanks to our expertise we are able to prepare comprehensive and effective capital markets solutions, tailored to the individual profiles and specific needs of our clients.

IPO - support with initial public offering

It is a structured way of analysing and reporting on a company’s readiness for going public.

Key areas of a diagnostic include:

  • Financial reporting procedures and internal controls

  • Corporate structure and tax considerations

  • Financial track record

  • Corporate governance

  • The scope is always tailored to the Company’s needs

  • The output is a roadmap of what needs to be addressed during the IPO preparation process. The project does not take long; depending on each particular case, it takes about 3 weeks from start to finish.
  • We will evaluate all factors that will impact a company's ability to carry a successful public offering and later functioning as a public company. As a result of our work you will receive a report that sums up requirements that your company has to meet, analysis of the current situation and our recommendation concerning the following activities.

Our IPO services

Audit & Assurance

  • Audit and review of financial statements, including carve-out/combined financial statements
  • Accounting advice
  • IFRS conversion
  • Comfort letters
  • Reports on prospective financial information
  • Reports on pro forma financial information

Capital Markets

  • IPO diagnostic
  • IPO/Iisting project management
  • Choosing listing venue
  • Stock exchanges listing and ongoing reporting requirements
  • Strategy and equity story
  • Presentation of pro forma financial information
  • Drafting Operating and Financial Review and other sections of the prospectus
  • Selecting and working with investment banks
  • Working with regulators
  • Long form reports
  • Working capital reports
  • Reports on financial reporting procedures

Finance & Accounting

  • Smart close" of financial reporting

  • Streamline management reporting and budgeting process

  • Design and streamline manual and ERP internal controls

  • Set-up shared service centres


Information Technology

  • ERP selection

  • Project management of data migration

  • Project management of information systems integration/ separation

  • Data security assurance


Governance, Risk & Compliance

  • Corporate governance requirements of stock exchanges

  • Implementation of corporate governance framework (structure, policies, reporting)

  • Identification of board of directors and committees members

  • Establishment/transformation of internal audit function

  • Implementation of investor relations function


  • Company valuation

  • Financial business modelling

  • Presentation tools for sensitivity and scenario analysis

Corporate Finance & Debt Advisory

  • Strategic options analysis (IPO vs. private equity vs. debt)

  • Financial strategy development and implementation

  • Cash flow modelling

  • Arrange transactions with strategic and financial investors, negotiate debt financing and derivatives and hedging programmes

  • Rating advisory

  • Debt restructuring and creditor negotiations


  • Tax health checks

  • Analysis of group pre and post IPO effective tax rate

  • Tax structure of group, including domicile of listing vehicle

  • Tax aspects of management

  • Tax structure of capital raised, use of proceeds and deductibility of transaction related costs

  • Transfer pricing structuring

  • Opinions on tax income and costs

  • Opinions on generic tax risks

  • Correspondence with tax authorities


  • Legal structure of group, including foreign laws implications

  • Set-up of domestic and foreign SPV & JV

  • Legal due diligence

  • Draft loan & collateral agreements

HR Management

  • Remuneration schemes for top management and board members

  • Stock option plans

  • Disclosure of remuneration schemes in annual reports

Training, Workshops & Open Seminars

  • IPO workshops

  • Executives and managers workshops and open seminars (strategy, governance, finance, logistics and project management)

  • IFRS/ other GAAPs training

  • Training on management of investor relations

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Olga Cilečková

Olga Cilečková

Partner, Accounting advisory leader, PwC Czech Republic

Tel: +420 724 593 568

Miroslav Šmíd

Miroslav Šmíd

XBRL leader, Accounting Consultancy, PwC Czech Republic

Tel: +420 724 706 981