The eting recessed for a thirty-minute break. The executives dispersed in small groups, so heading to the lounge across the hall, others stretching their legs by the glass windows overlooking Marina Bay. The hum of conversation softened, leaving only the faint chanical hum of the air conditioner and the rhythmic click of i Ling’s heels as she walked toward the coffee bar near the corner of the boardroom.
Timothy remained seated for a while, lost in thought. The presentation still glowed faintly on the screen, the numbers, the charts, the tilines, and though everyone had seed confident, he knew the weight of what lay ahead. Going public wasn’t just a financial move; it was a commitnt to transparency, exposure, and vulnerability.
He stood, adjusted his suit jacket, and walked toward i Ling. "Ms. Tan," he said quietly, "do you have a mont?"
She turned, holding a porcelain cup of espresso. "Of course. Shall we talk here or sowhere more private?"
"Let’s step out," Timothy replied.
They walked into the adjoining conference lounge, a smaller, quieter space with panoramic views of the skyline. A few assistants lingered outside, but once the glass door slid shut, the room was sealed in silence.
i Ling placed her cup on the table and sat down. "You want to talk about the IPO, I presu?"
Timothy nodded and sat across from her. "Yes. I need to know everything, the process, the risks, and what it’ll an for us in the long run. I trust your judgnt, but I want to understand it fully."
Her expression softened slightly. "That’s wise. Most founders rush in once they hear the word ’IPO.’ But you’re right to be cautious. It’s not just about raising capital, it’s about how much control you’re willing to give up, and how much scrutiny you can handle."
She tapped her tablet, pulling up a new set of data. "Here’s the basic outline," she began. "First, the preparation phase. It’ll take around six to nine months to structure our financials and governance for listing. That includes audited statents, reclassification of our assets, and compliance adjustnts for both Singapore and Philippine regulations since we’re doing a dual listing."
Timothy leaned back, listening intently.
"Next," she continued, "the underwriting and valuation phase. We’ll appoint two lead underwriters, one from Singapore, likely DBS or Standard Chartered, and another from the U.S. or Hong Kong for international reach. They’ll assess TG Motors’ fair market valuation, projected between $45 to $50 billion USD, depending on global sentint and pre-listing demand."
"Which determines our offering price," Timothy said.
"Exactly. We’ll release roughly fifteen percent of shares to the public. The goal is to raise around seven billion dollars. But here’s the key part" she paused, locking eyes with him, "we’ll retain majority voting control through a dual-share structure. Class A for the public, Class B for us. Each of our shares carries ten tis the voting rights. No major decision can be made without your approval, even after we go public."
Timothy nodded slowly. "So we stay in control while using the IPO to fund expansion."
"Correct. It’s a balance of liquidity and power. Investors get a piece of the company’s success, but they don’t dictate its direction."
She sipped her coffee before continuing. "But Timothy, you should also understand what we’re trading for this. Once we’re listed, the world watches. Every quarter, every delay, every design flaw, it’ll be dissected by analysts, the press, and social dia. Our financials will be public record. Even a rumor can swing our market cap by billions."
Timothy exhaled quietly, gazing out the window. "Public perception will beco a battlefield."
"Yes," i Ling said. "And we’ll need a strong investor relations team and corporate communications strategy. Angela can handle brand image, but we’ll also need an IR head with Wall Street and institutional investor experience. Soone who can speak their language."
He nodded. "We’ll find one."
i Ling leaned forward slightly. "There’s also another factor: lock-up period. For the first six months post-IPO, no one in the executive circle — not even you — can sell their shares. This prevents panic selling or volatility. After that, we can slowly liquidate or reinvest portions, depending on our expansion tiline."
"Understood," Timothy replied.
Her tone softened again. "But, if executed correctly, this IPO could position TG Mobility as one of the most valuable automotive startups in Asia. A symbol of what a Filipino-led corporation can achieve on the world stage. It will elevate not just our brand, but the entire Southeast Asian tech ecosystem."
Timothy gave a faint smile. "You sound like you’ve already rehearsed that line for the investors."
She chuckled lightly. "Maybe I have." Then her expression turned serious again. "There’s sothing else I should ntion, market timing. We’ll need to list at the right mont. Late 2027 to early 2028 would be ideal, assuming the global EV market rebounds after current volatility. If we rush it, we might not get the valuation we deserve."
"Then we’ll wait for the right ti," Timothy said decisively. "We’re not desperate for capital yet."
"Exactly," she agreed. "And while we prepare, we can build montum."
Timothy looked down at the data on her tablet, the numbers, projections, risk assessnts. Everything about it scread precision and foresight. But beyond the graphs, he could sense i Ling’s calm certainty, the confidence of soone who’d already mapped out the next five years in her head.
"i Ling," he said after a pause, "when you look at all of this... do you think we’re ready?"
She looked up at him for a long mont. "Financially? Absolutely. Operationally? Nearly there. Emotionally?" She smiled faintly, "that’s for you to decide.
The two shared a brief laugh before silence settled again.
Timothy finally stood. "Alright. Let’s do it right. Prepare everything we’ll need, auditing firms, underwriters, tiline drafts. We’ll move once ASEAN Phase I is stable."
i Ling stood as well, nodding. "I’ll have the first internal IPO frawork ready within the month."
He extended a hand to her. "Thank you, i Ling. For being thorough."
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