When ConvaTec chief executive Paul Moraviec was preparing to float the medical equipment company on the London Stock Exchange last year, he had plenty of people to turn to for guidance. Seven big investment banks worked on the listing as bookrunners, as well as an equity adviser.

The latter gave Moraviec and colleagues an "independent voice" to listen to, the CEO recalls, distinct from the big banks responsible for selling the deal to investors. Bringing such an adviser on board when running an initial public offering is an established practice. They guide companies through a process that their management teams have likely not experienced before, and can help them with decisions such as which banks to work with, or which exchange to list on.