In an equity offering, the sell side is usually represented by different agents. But, despite having a common main goal, which is the completion of the transaction, in many occasions such agents have different specific needs and internal objectives. Since we have a clear understanding of all their respective roles and the implications for the transaction, we know how to proceed in every single case.
The management of the company is responsible for the transformation from a private institution to a private company and the delivery, to all the surrounding stakeholders (from the regulator to the market), of the multiples relevant pieces of information needed during the going public process. And, at the same time, to keep focus and avoid any disruption on the running business.
It is a tough and time-consuming project which, unless a primary offering, does not bring any proceed to the company and, in many cases, is being imposed by the shareholders. Therefore, they are usually driven by transaction completion and aftermarket performance rather than price maximization.
As owners, are usually the key supporters of the equity offering. Their goals can differ significantly depending on their profile (private equities behave differently than industrial or family owners) but also their share ownership and exposure to the company (both before and after the offering)
This group usually join an offering led by major shareholders or companies, but very often do not have any visibility out of the process. Therefore, their main objective is to have some insights and make sure they can be aligned with the process