Why do key numbers matter so much?

Key numbers, or key performance indicators (KPIs), are the measures an investor uses to judge the business: customer count, repeat rate, capacity use, margin per unit and so on.

Offer documents disclose them in the section on the basis for the issue price. They are approved by the company's audit committee and certified by its statutory auditor or a peer-reviewed chartered accountant. Any key numbers shared with investors before the IPO must be disclosed too, and after listing the company keeps reporting them for a period.

Key numbers that are defined, tracked and evidenced early tell the business's story. Gaps leave investors to guess.