Abstract
Offering shares for the first time to third-party investors is probably one of the most important decisions that can be made during the life of a company. There are a variety of reasons for listing a company in an initial public offer on regulated markets, but these generally come down to two reasons: wish of the company to raise additional equity capital, and selling stakes in the business. Becoming a public company can bring many advantages, but also is costly exercise because involves services of accountants, underwriters, additional disclosure requirements and regulatory compliance. The most important task facing the initial public offer is development of prospectus, a document that basically serves as a brochure for the company. The prospectus obligations within Europe are the subject matter of a specific piece of legislation – Prospectus Directive.
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