Pre-IPO market research
Independent industry research that can stand up to investor, underwriter and regulator scrutiny
Companies preparing to list need an industry view that defines their market clearly, sizes it with traceable sources and tests the growth assumptions in their business plan. Credence Research prepares independent industry research for offer documents, investor presentations and due diligence, and documents how each figure was derived.
How market claims map to evidence
| Claim in the growth story | Evidence behind it | How it is labeled |
|---|---|---|
| Our segment is a defined share of the wider industry | Market definition reconciled across sources, with inclusions and exclusions stated | Documented definition |
| The segment is worth a stated amount today | Bottom-up estimate cross-checked against published data | Estimate with range |
| We rank among the leading players | Peer revenues from filings, on the same segment definition | Observed, dated |
| The segment will grow faster than the industry | Drivers, capacity and demand assumptions tested in scenarios | Assumption-based projection |
When companies commission pre-IPO market research
Drafting the industry section of an offer document
Your draft prospectus or draft red herring prospectus needs an industry overview with sourced market data.
Choosing how to define your market
Published estimates use different definitions, and you need one that matches what you actually sell.
Supporting growth projections
Your business plan assumes segment growth and share gains that investors will question.
Positioning against listed and private peers
You need a like-for-like comparison with companies that report differently.
Answering due diligence queries
Lead managers, auditors or investors ask where a figure came from and how it was calculated.
Explaining the use of proceeds
You need market evidence for the capacity, product or geographic expansion the listing will fund.
Questions the research can investigate
Market definition and size
- Which market definition fits our products and customers?
- How large is that market today, and how do published estimates compare?
- What share of the wider industry does our segment represent?
Growth
- What has driven historical growth, and which drivers are likely to persist?
- Are our growth assumptions consistent with capacity, demand and pricing trends?
- What would slow the segment down?
Competition
- Who are our listed and private peers on the same definition?
- How do we compare on revenue, growth, margins and capacity where data is available?
- Where do we have a supportable claim to leadership, and where not?
Risk
- Which regulatory, input cost or demand risks should the offer document describe?
- How sensitive is the growth story to a few key assumptions?
- Which claims lack sufficient evidence to publish?
What public sources can support, and what needs further work
| Topic | Public sources can often establish | What often remains unresolved | How it can be tested |
|---|---|---|---|
| Market size | Several published estimates for the wider industry | Size of the specific segment you serve, and why estimates differ | Definition reconciliation and bottom-up modeling |
| Market share | Revenues of listed peers | Private peers' revenues and segment-level splits | Company registry filings, expert interviews and ranges |
| Growth projections | Headline growth rates | The assumptions behind them and whether they apply to your segment | Driver-based model and scenario analysis |
| Customer demand | End-market trends | Buying criteria and switching behavior in your customer groups | Customer or expert interviews |
AI tools can speed up the collection and summarization of filings and published data. For an offer document, every figure still needs a traceable source and a documented method, because it may be questioned by underwriters, auditors and regulators.
How we keep the research independent
An industry report is useful to investors only if it is independent of the company's narrative. We test the growth story rather than write it. In practice that means we:
- define the market before estimating it, and state what the definition includes and excludes,
- label each figure as observed data, an estimate or an assumption-based projection,
- keep a source trail for every figure we publish, and
- tell you when a claim cannot be supported with available evidence.
We provide industry research, not legal, securities or investment advice. Disclosure, consent and citation requirements for offer documents vary by exchange and jurisdiction. Confirm them with your legal counsel and lead managers.
What you receive
Deliverables depend on scope and on your listing timetable. We agree on them at the start.
Industry report
Market definition, size, segments, drivers, risks and competitive landscape, written for inclusion in or reference by an offer document.
Use it to source the industry overview and support the business section.
Source and method documentation
A data book listing each published figure with its source, date and calculation.
Use it to answer due diligence questions quickly.
Peer benchmarking
Listed and private peers compared on a common definition, with evidence dates.
Use it to support positioning claims.
Growth assumption review
An assessment of your plan's market assumptions, with scenarios and flagged weaknesses.
Use it to align projections with market evidence before investors test them.
How an engagement works
- 1
ScopingWe agree on the market definition, geographies, deliverables and your filing timetable.
- 2
Research and modelingWe collect and reconcile sources, build estimates and test growth drivers.
- 3
Draft reviewYou, your lead managers and legal counsel review the draft for accuracy of company-specific facts. Market findings remain our independent view.
- 4
Final report and documentationWe deliver the report with its source trail.
- 5
Due diligence supportWe respond to questions about sources and methods during review.
Published IPO case studies
- FCML Distributors Limited
Industry analysis, competitive mapping and growth-projection validation for a draft red herring prospectus.
- H.R. Hygiene Products Limited
Industry report supporting growth story and segment strategy ahead of an SME listing.
- SpectraA Technology Solutions Limited
Market report used to validate the growth narrative, segment focus and use-of-proceeds plan.
Is pre-IPO research right for you now?
You are likely ready if:
- You have appointed, or are selecting, lead managers or advisers.
- You can describe the products and customers your market definition should cover.
- You have a target filing window.
- You can share your business plan assumptions for review.
If you are further from listing, a published market research report may be a better first step for strategy or fundraising.
Discuss your listing plansFrequently asked questions
Discuss your listing plans
Tell us about your company, your market and your timetable. This helps us propose a scope that fits your filing.
What happens next
A member of our research team reviews your brief and contacts you to discuss scope, market definition and timing.