Steps for converting Private Joint Stock Company to Public Joint Stock

Company
Pre-IPO Steps before hiring Protiviti
1. BoD to discuss with Securities and Commodities Authority (SCA)to seek principal
approval
2. Conduct extra ordinary meeting
3. Forming founders committee
4. Hiring Accountant firm, legal advisor, Banks, Rating Agency, PR Company and
Financial Advisor (Protiviti)
Steps to be done by Protiviti
5. Feasibility Study
6. Asset Valuation report
7. Prospectus
8. Founders depositing the proportionate share capital in authorized bank
9. Submit the application (Couldnt find the application link)
10.Submitting the application with following documents and getting approval from
SCA
a. Minutes of extraordinary meeting
b. Articles of Association
c. Undertaking by Chairman of Board of Directors
d. Audited Financial statements
e. Valuation report
f. Feasibility study report
g. Draft prospectus
h. Covering letter to prospectus signed by BoD
i. Acknowledgement from Founders regarding amount equivalent to share
capital depositing in bank
j. Trade license
k. Certificate of Registration
l. Board of Directors details with their designations
m. Existing Shareholding details
n. Auditors and legal team contact details
o. Original receipt of payment of fees
Post SCA Approval
11.Subscription Memorandum (signed Prospectus and the bank details) are to be
distributed
12.Offer period less than 10 days
13.Allocation of shares and informing the shareholders

Key Doubts

1. Difference between LLC and Private Joint Stock Company is the only difference
is the initial list of shareholders?
2. Difference between First Class and Second Class shares
3. Why are there 2 fees (AED 2k and AED 25k)