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Going public is big step for a company. What would be a good analogy for an initial public offering? Giving birth; Nah that doesn't really work, because a public company would have existed in private form for a while.

I think Steve Lawrenson, partner with Deloitte nailed it, when he likened doing an IPO to "getting married." He was speaking Thursday at an event put on by BMO Nesbitt Burns Inc., Bennett Jones and Deloitte that looked at how, why and the process through which, companies go public.

There are Mr. Lawrenson said "certain liberties" you won't have any more as a public company. Public companies can forget about going out drinking on the weekends with their pals. It'll be serious, grown-up stuff from now on, like filing financial reports every three months, continuous disclosure and so on, or as Mr. Lawrenson calls them "chores." Downer.

But it turns out the fun actually stops well before the actual IPO date (akin to the wedding day). Private companies must start getting their houses in order, up to a year before the big day. Gary Solway, managing partner of the technology, media and entertainment group with Bennett Jones acknowledged that period, akin to the engagement, is "a lot of work." That's when a private company is gathering materials for the all-important "prospectus," a thick, voluminous document details all the information an investor needs to know, in order to make an informed decision on whether to invest.

For a private company, that could mean disclosing hitherto confidential, competitive information. So for companies with outstanding intellectual property issues, tricky compensation arrangements (a spouse on the payroll, weird stock option plans), boats – all that must be "cleaned up," Mr. Solway says. What if you don't want to tell about the time you accidentally smashed up your dad's car, or got fired from that job at Tim Hortons? "If you can't share, you can't be public," Mr. Solway says. "The prospectus will describe the company's story in a compelling way, but may include some things they might not want to tell."

If all goes to plan, the prospectus is filed about a month before the IPO date.

The filing I picture as a nervous fiancé meeting the future in-laws for the first time, and hopefully getting the stamp of approval. One has to make sure the house is spic and span.

Once the prospectus is in the bag, the deed is more or less done, and you are at the mercy of the Gods in terms of how the big day actually goes down. If you are a resource company, you are obviously hoping that oil doesn't tank in the interim. And to keep the analogy alive right until the bitter end, if you're the bride, you are praying that it doesn't rain.

With a bit of luck the whole thing goes down without a hitch. Then you actually get hitched.

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