Unlocking liquidity: Preparing for PISCES events

Frequently asked questions

• Is PISCES the same as an IPO?

  No. Companies using PISCES remain private.

  Unlike an IPO, shares are not continuously traded on a public market and companies retain significant control over who can buy shares, when trading occurs, and how trading events are structured.

  There's nothing stopping companies that previously held PISCES events from pursuing an IPO later down the line.

• Can employees sell shares through PISCES?

  Potentially, yes.

  One of the most significant opportunities presented by PISCES is that employees may be able to realise value from shares or share options without waiting for a traditional exit event.

  Eligibility and participation will depend on the company’s arrangements and the specific trading event.

• Is PISCES suitable for every private company?

  Not necessarily. PISCES is likely to be most relevant for companies with an established shareholder base, growing demand for liquidity, and the governance structures needed to support periodic trading events.

  Early-stage businesses with simple ownership structures may find other priorities take precedence.

• How can companies prepare for PISCES?

  Preparation typically starts with governance and data quality.

  Companies should ensure their cap table is accurate, shareholder records are up to date, share rights are clearly documented, and key legal and governance processes are in good order.

  The Unlocking Liquidity guide outlines the practical steps involved in becoming PISCES-ready.