Fabian Gerber, responsible for attracting and supporting potential candidates for listing on the Swiss stock exchange, explains how to prepare for a listing, maximize the process, and drive business growth.
In Switzerland, the number of initial public offerings (IPOs) averages about five per year. Start-ups often prefer private financing to going public. Yet an IPO can provide fresh capital, enhance credibility, and increase visibility, provided the company undertakes thorough preparation, particularly in governance, finance, and communication. Fabian Gerber, Head of Origination at SIX Swiss Exchange, outlines the key steps to ensure a smooth transition to the capital markets.
Why do Swiss start-ups generally take longer to go public than in other countries?
Fabian Gerber: One reason is Switzerland’s strong culture of private financing. Many companies can count on long-term support from family offices, venture capital firms, or other private investors, allowing them to grow privately first. Added to this are Switzerland’s high standards of quality, governance, and transparency, which call for careful preparation before an IPO.
What are the key steps in an IPO?
Gerber: Preparation essentially covers three areas. First, finance, governance, and internal controls must be brought to a level suitable for the stock exchange; clear accounts, reliable processes, and a professional board of directors are indispensable prerequisites. At the same time, it is vital to develop a convincing and clear argumentation and communication strategy for investors, analysts, and the media. Finally, companies need to establish structures and reporting systems that meet regulatory requirements and heightened transparency obligations.
What are the most difficult requirements to meet?
Gerber: The biggest challenges often lie not in individual rules but in the cumulative demands of the process. Adapting to semi-annual or quarterly reporting, strengthening governance, and shifting corporate culture toward greater transparency and discipline are particularly demanding. All this takes time, clear processes, and strong commitment at every level.
How does such a transition change the founders’ role?
Gerber: Going public brings a major change in the founders’ role. They move away from daily operations and act increasingly as strategic leaders of the company. At the same time, they face greater public scrutiny: analysts, media, and investors follow their decisions and communications closely. This calls for more discipline and a steady routine in managing investor relations, roadshows (series of events where the company presents its commercial development to investors, editor’s note), and public appearances. Founders must also learn to cope with increased share price volatility and actively manage market expectations – for example, by providing transparent guidance and consistent messaging. Dialogue with a diverse shareholder base and close cooperation with the board of directors become more important as well.
How can the IPO Academy support companies in this process?
Gerber: The program offers practical insights into what an IPO involves – from legal requirements to financial market communication. Founders and CFOs receive direct guidance from experts, investors, and seasoned practitioners who have successfully guided companies through the listing process. Each session hosts up to fifteen companies, and all participants are members of senior management. The program also provides an excellent networking platform. Companies interested in joining can register until the end of the first quarter of 2026 for the next edition.
What advice would you give to a start-up considering an IPO?
Gerber: The key is to start early: allow at least 18 to 24 months to build the necessary structures, reporting, and governance. In parallel, it is essential to assemble the right team – people with experience in CFO roles and investor relations who can manage the complex demands of an IPO and maintain effective dialogue with investors, analysts, and the media. Finally, the equity story must be carefully refined: the company should articulate clearly and convincingly how it is achieving sustainable growth, is profitable or on the path to profitability, and how it creates long-term value for investors. Addressing these points early lays a strong foundation for a successful stock market listing.
