What is the process for distributing the research reports through ipoResearchOnline?

Specific investors are sent an email from ipoResearchOnline and invited to log in to a secure online space (via a URL in the email), entering user name (email address) and password (created at first log-in following invitation).  Once authenticated against the database, and once they have accepted a Disclaimer (if required), they can then access research reports, which can be protected against content extraction, and made subject to time-limited availability.

Who would get access to the research reports and how would they find out about the reports?

Access would only be given to those people whose contact details are provided by the customer i.e. their investor list for the specific report. The process is in two parts:

(1) Black & Callow (on instruction from the client), would send a bespoke email to the addresses on the list supplied by the client, informing them that they will shortly be invited into an ipoResearchOnline space on behalf of the client/Bank (Black & Callow’s client).  The results of this email (bouncebacks, opens, global IP country of access and other data) is fed back to the client to enable them to refine the user list if they wish.

(2) Once the client has finalised the Report, it is uploaded to the secure online space and an email is sent from the platform to the refined user list giving them log-in details to that specific report.

How long would they have access to the research reports?

Access to the report is governed by the client, who will inform Black & Callow of the period the document should be available to potential investors. This is set up individually for each report and can be changed at any time, at the request of the client.

Some of our investors may still prefer to receive a printed report and won’t want to access this information digitally

In the initial email, an option can be included for the investors to ‘click here if you prefer to receive a printed copy of this research’ – we would then provide a list of people who selected this option and can arrange for them to receive printed copies in the traditional way.

An email will be sent to the specific investor list provided to ipoResearchOnline. Who drafts this e-mail and can we amend it?

We have a standard template, but it can be amended however you like to be completely bespoke. This can include corporate logos and images.

Is there just one e-mail for onboarding a client and notifying them that research is available or are these separate?

We recommend two emails for best practice and to maximise investor engagement:

The first email advises the investor that they will soon receive a link to access IPO research online.

The results of this email ‘campaign’ – any bouncebacks, the details of everyone who opened it, the countries of origin* – are sent back to you, so you can adjust your final investor list if you wish.

The second email is the actual invitation to the investors containing their URL and Account Activation details, which invites them to log in & view the Research once they have been authenticated.

(*please note that some users have VPN which effectively masks the country of origin)

For investors who already have access to ipoResearchOnline, can they view research for new IPOs using the same account and log-in details as before? Can users see multiple Research reports at the same time?

Yes, users log in using their email address and unique password created by them – they would use the same details to log in and access Research for further projects they are invited into.

If an investor is invited to view Research on more than one live project, they would see a list of projects they have access to on their homepage when logging in and can select which one to open.

What protections against content extraction are available?

IPO Research Online has a number of protections against content extraction.

You can choose from the following: (1) No printing & no downloading; (2) Printing but no downloading; (3) Printing & downloading enabled.

In all cases, Dynamic Watermarking can be applied, which means that every page appears with the Investor’s name + the date they are accessing the document. This watermark appears on both the printed and digitally viewed Reports.

Additionally, in the Disclaimer which the investor must accept when they enter the portal, you can specify that they must not attempt to extract content and must agree to this before they can view the Research.

Can you still number the reports?

Not in the sense that each copy is numbered, but the Dynamic Watermarking mentioned above provides a unique reference.

Also, in the Reports generated by the platform, you can see all investor activity including Page Level Reporting, and this Report will have your unique Investor codes if you wish.

After investors sign into ipoResearchOnline they then need to accept a Disclaimer. Who provides this disclaimer?

We can provide a general disclaimer, which you can edit as you wish. Alternatively, you can provide us with a new, bespoke disclaimer.

a. Is there a separate disclaimer for the ipoResearchOnline site as well as for each research report?
No – it’s one Disclaimer, which also incorporates the user’s acceptance of our Terms (standard website user terms, e.g. not to upload obscene material, viruses etc.)
b. Are there disclaimers included in the e-mails?
The first email includes a Disclaimer. The second one does not as standard, but can if required.
c. For the disclaimers before each research report, is there one for when there is an offer/transaction in process (e.g. IPO) and one for after a transaction has closed (or for ordinary course research where there is not a related transaction)?
Yes, there are different Disclaimers for each part of the process – these are generally provided by our clients on a deal-by-deal basis, but we can provide examples if necessary.
NB all Disclaimers can be updated at any time, as many times as you wish.


It is also worth noting that Black & Callow is a specialist Financial Printers working with many of the leading Investment Banks and Law firms around the world on IPOs and other capital market deals.

In addition, Black & Callow is already involved in the Pre-IPO Research report market in that we print, individually number and distribute Pre-IPO Research reports for clients (who require this method of distribution). So, the move to online publication is a natural extension of our existing, established business.

We can offer a unique “hybrid” solution to clients if required i.e. a mixture of printed and on-line publication to their investor list.