IPO eligibility requirements: thresholds for assets, profit and net worth; book-building and special rules for superior voting shares. Issuers must satisfy minimum thresholds for net tangible assets, operating profit and net worth on a restated and consolidated basis for each of the three preceding full years, with limits on monetary assets and a revenue test where name changes occurred. Failure to satisfy these conditions permits an IPO only via book-building with a substantial institutional allocation and refund obligation if allocation commitments are not met. Additional constraints govern issuance and characteristics of superior voting SR equity shares, including technology-intensive business requirement, holding and authorization requirements, single class and voting-ratio limits, face-value parity, and prescribed net-worth limits for SR shareholders.
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Provisions expressly mentioned in the judgment/order text.
IPO eligibility requirements: thresholds for assets, profit and net worth; book-building and special rules for superior voting shares.
Issuers must satisfy minimum thresholds for net tangible assets, operating profit and net worth on a restated and consolidated basis for each of the three preceding full years, with limits on monetary assets and a revenue test where name changes occurred. Failure to satisfy these conditions permits an IPO only via book-building with a substantial institutional allocation and refund obligation if allocation commitments are not met. Additional constraints govern issuance and characteristics of superior voting SR equity shares, including technology-intensive business requirement, holding and authorization requirements, single class and voting-ratio limits, face-value parity, and prescribed net-worth limits for SR shareholders.
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