The data analysis, data collection and theory development were conducted simultaneously. This helped the authors to understand and shape the study. A formal coding program for data analysis was not used: rather a fluid process was adopted for making sense of the data (see also, Irvine and Gaffikin, 2006). Each interview transcript, the annual reports and the prospectuses were read thoroughly by the researchers, notes were made on the side, the empirical material was organized and analyzed using several categories. As a first step, general coding was performed. Three categories were used: preparing for the IPO, entering onto the stock exchange, and the situation one year after the IPO. These categories were chosen to illustrate the different steps involved in an IPO. All empirical material was categorized into one of the three categories.