AUSTRIA Law and Practice Contributed by: Horst Ebhardt, Philipp Kapl, Hartwig Kienast and Matija Bernat, Kinstellar
10.3 IPO PE IPO Exits and Lock-Up Arrangements in Austria In Austrian IPOs, there is no legally prescribed lock-up period, but PE sellers are typically subject to lock- up periods of six to 12 months post-listing, aligned with international market practice. Underwriting banks generally require such lock-up arrangements to ensure market stability. Relationship agreements between the PE seller and the issuer are not legally required under Austrian law but are often implemented voluntarily to address corporate governance, information access or conflict management where the PE fund retains a significant post-IPO stake or board presence. Other particularities in PE-led IPOs include the presence of dual-track processes leading up to the IPO, struc - tured governance transitions, and often vendor due diligence. Austrian IPOs led by PE sellers typically follow EU prospectus and market abuse regulation regimes, with close co-ordination between legal, tax and regulatory teams due to the relatively small Aus - trian capital market.
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