How to do an IPO

An initial public offering, or IPO, is a company’s first offering of its equity to public investors; its main objective is for the company to raise capital. It is generally an intensive process that requires a number of regulatory authorizations and processes that may be quite burdensome, as well as the necessity of obtaining professional advice and support in many areas, including legal, technical, financial and marketing. Lebanon has one securities market, the Beirut Stock Exchange (BSE), currently the only stock exchange in the country. There are relatively few Lebanese and foreign companies currently listed on the BSE compared to other stock exchanges in the region. This situation is due to a number of reasons, ranging from political instability, the economy and a lack of incentive for companies to seek new sources of financing through IPOs. The Lebanese Capital Markets Authority (CMA) was formed by virtue of Law 161 of