Module III· ECM — IPO ProcessIntermediate
Question

How does BaFin approval work for a German IPO?

Answer

BaFin reviews the securities prospectus for completeness, consistency, and comprehensibility, not investment attractiveness. The issuer and advisers submit drafts, receive comments, revise, and obtain approval before publication. Timing depends on document quality and complexity. BaFin approval is a legal disclosure step, not a recommendation to invest.