IPO Intelligence • The IPO Process

How Investment Banks Help Companies Go Public

Beyond underwriting: valuation, marketing, and execution.

Cluster: The IPO Process • Type: Evergreen Guide • Pillar: IPO Intelligence

1. Positioning and Equity Story

Banks help answer: Are you a SaaS, marketplace, or AI infra story? Positioning drives comp set and multiple.

2. Valuation Framework

Comparable companies, precedent IPOs, DCF. Produces range, e.g., $18-$20, implying $1.8-2.0B market cap.

3. S-1 Drafting

Lead Business section, Use of Proceeds, coach on MD&A.

4. Roadshow Prep and Targeting

Build target list of 150 funds who own peers. Teach-ins, Q&A prep.

5. Pricing and Allocation Strategy

Advise raising range if 10x oversubscribed, allocate to long-term holders to reduce flip.

6. Aftermarket

Stabilization, research initiation on day 25, follow-on offerings.

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