IPO Preparation Steps

Over 70% of IPO fail post-listing audits. Because public trust isn’t built by filings. It’s built by systems. Most teams plan the listing. Few build for what comes next. Here’s the pressure most founders underestimate: ➟ Governance isn’t a board slide. It’s a trust signal. ➟ IR isn’t PR. It’s the credibility engine post–Day 1. ➟ Financials aren’t a formality. They’re your valuation floor. Because IPOs don’t reward ambition. They expose whether your ops are investor-grade or not. Here are 7 Executables for IPO Success that separate hype from operating credibility: 1. Planning ↳ Align on why you’re going public. ↳ Pressure-test the story before the street does. 2. Preparation ↳ Clean your books. ↳ Build the board before scrutiny hits. 3. Execution ↳ The roadshow isn’t hype. ↳ It’s your first credibility test. 4. Post-IPO Discipline ↳ Quarterly rhythm must be real. ↳ Hope isn’t an operating model. 5. Leadership ↳ Founders don’t scale. ↳ Systems do especially under public pressure. 6. Pitfalls ↳ Valuation without readiness always breaks. ↳ The market corrects faster than you think. 7. Strategic Readiness ↳ Metrics over narratives. ↳ What can’t be proved won’t get priced. You’re not filing a document. You’re upgrading the company. ♻️ Repost if execution not ambition should drive IPO. 🔔 Follow Nadir Ali for strategy, leadership & productivity insights.

Most people think investment bankers just take companies public...But for private equity firms, they’re the behind-the-scenes architects of every deal — from sourcing and financing to exit. I broke down the key activities in a slide - what am I missing? 1. ADVISE: Buy-Side Advisory: Advising PE firms on acquiring companies — sourcing targets, valuing businesses, conducting diligence, and negotiating terms. Sell-Side Advisory: Running sale processes for portfolio companies — preparing materials, marketing to buyers, managing auctions, and negotiating sale agreements. Fairness Opinions & Valuations: Providing formal fairness opinions to boards or ICs to validate pricing and structure in M&A or recap transactions. Restructuring & Special Situations: Advising underperforming or distressed PortCos on debt renegotiations, capital structure optimization, or 363 sales. GP-Led Secondaries / Continuation Vehicles: Advising GPs on moving assets into new vehicles to extend ownership or provide LP liquidity. 2. FINANCE LBO Financing (Leveraged Buyouts): Structuring and underwriting senior and mezzanine debt for leveraged buyouts. Dividend Recapitalizations: Raising or restructuring debt so a PE sponsor can extract equity value pre-exit. Refinancing & Repricing: Replacing existing debt with new facilities at better terms or lower cost. Syndicated Loans & High-Yield Bonds: Underwriting and distributing leveraged loans or bonds to institutional investors to fund acquisitions. 3. FACILITATE Exit Advisory (Trade Sale or Secondary Sale): Managing exit processes — selling portfolio companies to strategics or other PE firms. IPO Advisory / Dual-Track Processes: Preparing PortCos for public offerings or parallel M&A/IPO processes. Market Intelligence & Price Discovery: Providing ongoing insights on valuations, multiples, buyer appetite, and timing to inform exit decisions. Liquidity Management (Secondaries at Fund or Portfolio Level): Arranging LP stake sales or fund restructurings to create liquidity for investors.

The confidential IPO trend among Indian startups isn’t just about secrecy—it’s about strategy. In India’s current startup landscape, where valuations swing fast and competition is unforgiving, going public is no longer a linear path from DRHP to listing day. It’s become a chess game—and confidential filings are the opening gambit. Startups like Swiggy, Groww, and PhysicsWallah have realized that a traditional IPO puts your entire playbook—your margins, your user acquisition cost, your dependencies—out in the open, not just for investors but for rivals. That level of exposure, especially before you’re profitable or defensible at scale, can weaken you more than it helps. Here’s what’s really driving the shift: Narrative control Public filings can lock startups into a version of their story too early. Confidential filings let them refine their positioning based on investor feedback before committing to the public market. It’s not hiding—it’s rehearsing. Timing advantage In volatile markets, startups want to strike only when conditions are right. A confidential filing acts like a loaded gun—SEBI’s approval gives them an 18-month window to pull the trigger. That flexibility is critical when investor sentiment can shift in a week. Reputational insurance Let’s be honest: failed IPOs leave a mark. Confidential filings reduce the PR risk of withdrawal or delay. In a world that tracks every headline, “Company pulls IPO” is noise you don’t want. Evolution of Indian founders This isn’t just a regulatory shift—it’s a mindset shift. Indian founders are no longer chasing IPOs for glory. They’re thinking long-term, like operators, not just disruptors. They’re using private markets when it makes sense, and public markets when they’re truly ready. Benchmarking with the West Confidential filings have long been the norm in mature markets like the U.S. (thanks to the JOBS Act). Indian startups aligning with these global norms signals maturity and strategic alignment—not opacity. In essence, this trend reflects a broader evolution in India’s startup ecosystem—from brash to balanced, from loud to calculated. Confidential IPOs aren’t a retreat from transparency. They’re a masterclass in timing, control, and preparedness. The new-age founder doesn’t want to win the media war. They want to win the market. Quietly, but decisively. #ConfidentialIPO #DRHP #CapitalMarkets #SEBI #SecuritiesLaw #LegalStrategy #LinkedInNewsIndia LinkedIn News India #StartupIndia #IPO #FinancialStrategy

How 2 digital health rainmakers ended the IPO drought Hinge Health and Omada Health, the first digital health companies to go public this year, shared what it really takes to get there at HLTH USA 2025 💡 IPO readiness: Both Daniel Perez (Hinge) and Sean Duffy (Omada) agreed the key question isn’t when the market is ready, but when your business is. Predictable revenue, operational maturity, and disciplined forecasting matter more than timing. Hinge ran “public” internally for two years, requiring four straight beat-and-raise quarters before actually filing. Omada said most founders focus 80% on market timing and only 20% on business readiness, it should be the reverse 🏦 Working with bankers: They warned not to be seduced by inflated ‘bake-off’ valuations. Choose advisors who understand your business and will be honest about the high bar of expectations post-drought and the need for investor education 📈 What investors value: Public investors prize durable revenue growth and free cash flow above all. Growth is valued roughly twice as much as profitability, and positive cash flow changes the conversation from “are you sustainable?” to “how big can you get?” Both companies built track records over multiple quarters before listing 🧠 Building trust: It took 18–24 months of investor engagement to build confidence. Pension funds and institutional investors want a transparent, tech-driven story, not just healthcare services. Both positioned themselves as technology-led care platforms with scalability and 80%+ gross margins 🤖 AI transformation: Omada called 2024 “the year of GLPs and GPTs.” Hinge predicted that all non-touch aspects of care , from symptom analysis to care planning, will be automated by AI. The company has retrofitted AI across finance, HR, and ops, achieving 100% AI tool adoption among engineers. At HLTH, it unveiled AI movement analysis and a 24/7 assistant called Robin 🧭 Life as a public company: Short-term stock moves don’t matter. Both focus on long-term metrics - retention, engagement, NPS, outcomes. Both believe digital health firms with 70–80% margins and tech-led delivery deserve valuations closer to SaaS. “The next wave of IPOs,” Duffy said, “will be a different beast, tech that delivers care itself, not just software wrapped around it.” 💬Final reflections: Preparation is everything. Simulate public operations early, invest in accounting and investor relations, and build your forecasting muscle. As Perez put it: “The IPO day is like a company’s wedding, celebrate it with your team and families” 👀 Ones to watch as 2026 IPO candidates: Sword Health, Transcarent, Quantum Health, Maven Clinic, Virta Health and Zelis 👇Which digital health company do you think will be next to IPO? #htlhusa #hlth #digitalhealth

A sponsor raised $550M from institutional investors. Then bombed a family office meeting in less than 10 minutes. Walk into a family office meeting focused on your institutional pitch deck, and you're dead before you open your mouth. I was reminded of this watching a brilliant sponsor crash and burn. He's raised $550M for a $600M project but has no clue how to approach a family office. Walked into a meeting and started talking numbers and returns immediately. I saw the CIOs eyes glaze over after about 7 minutes. -The Language Every Capital Source Speaks- -Institutional Capital (Pension/Insurance/Sovereign Funds)- They need to know you won't make headlines for the wrong reasons. Their priorities: - Governance structures that protect downside - Risk management frameworks - Track record with similar institutions - Compliance infrastructure Lead with process. Returns are secondary to not blowing up. -Institutional Investors (PE Funds/REITs)- These are the technical guys. Everything is a model. What matters: - Detailed financial analysis - Personal and company balance sheets - Waterfall structures to the decimal - IRR sensitivity tables They're deploying fund capital on a timeline. Precision beats personality. -Family Offices Run by Ex-Institutional Pros- The bridge between worlds. They appreciate both languages. The balance: - Professional analysis meets personal alignment - Institutional rigor with family flexibility - Long-term thinking over quarterly returns - Relationships matter as much as returns -Single Family / Multi Family Offices- This is where everything changes. The approach: - First meeting: Get to know each other - Second meeting: Still building trust - Third meeting: Maybe discuss the opportunity - Fourth meeting: Now we're talking terms I've seen family offices commit $50M over dinner because they trusted the sponsor. High-Net-Worth Individuals- The wild cards. Can move fastest or disappear completely. What resonates: - Simple story they understand - Personal involvement opportunities - Direct access to the sponsor - Feeling like a partner, not a number -Why This Distinction Matters- The same $100M opportunity needs different stories: - Institutions: "Our governance framework ensures capital preservation" - PE Funds: "Here's the sensitivity analysis of returns" - Family Offices: "We're building something together for the next generation" - Individuals: "You'll drive by this building with your grandkids" You're not being deceptive. You're being effective. -The Approach That Actually Works- Before any meeting: 1. Research who's across the table 2. Understand their constraints and timeline 3. Lead with what matters to them 4. Save your preferred pitch for later That family office where the sponsor crashed? Another developer closed them six months later. Just conversations about shared values and long-term vision. The capital exists. The question is whether you're speaking their language.

Most Indians won't buy a ₹2,000 shirt without checking reviews. But they'll invest ₹2 lakh in a loss-making IPO because "everyone's talking about it." Recently saw how this played out with OLA. The buyers were largely retail investors, many of them entering with the belief that this was an opportunity to beat inflation and buy into a long-term tech story at “low” prices. Par asli picture thodi different hai. This isn’t an isolated case. It’s part of a pattern we’ve seen repeatedly across recent Indian IPOs. → Ola Electric listed at ₹76 and now trades near ₹34, down over 55%. → Paytm listed at ₹2,150 and fell to around ₹310, an 85% erosion of value. → Zomato took almost two years just to climb back to its listing price. Different companies, different narratives, but a similar outcome for retail investors. What’s actually happening is fairly straightforward. After the 2022 global rate hikes, venture capital funding slowed sharply. Easy money disappeared, and many cash-burning startups suddenly needed an alternative source of capital. The public markets became that exit door. For early investors, the IPO often turned into a liquidity event rather than a growth milestone. Retail investors, unknowingly, became the liquidity. Yahan pe sabse bada gap expectations ka hai. Most retail investors have low risk appetite and are investing money meant for retirement or their children’s education, yet they’re being sold loss-making tech stocks as “wealth creation” opportunities. When founders themselves are selling after a 78% drawdown, that’s usually not the moment for retail entry. Remember: if promoters are exiting, stay cautious. If a company needs an IPO to survive, it’s probably not meant for retail capital. IPOs should fund growth, not desperation.

The 10 Institutional Giants Quietly Swallowing UK Build-to-Rent in 2025 (While Others Struggle to Finance Their 2-Bed Refurb) When I once ripped out the gas from two 110-year-old buildings in Cardiff, every contractor told me I was insane. Future-proofing for sustainability wasn’t trendy. It was risky. But I did it anyway. We ignored every expert saying it “can't be done.” We didn’t just survive, we delivered. A series of design-obsessed, 100% electric, luxury apartments. In the city’s most sought-after residential neighbourhood. With zero institutional backing. Multi-million-pound personal guarantees on my shoulders. A lender full of big talk, false Google reviews and no backbone. Who bailed on us mid-project. By email. At one point, we were four weeks from default. My name was on everything. Most would’ve folded. Yet, we delivered anyway. In this case, it was 15x high end units - finished with class. I started in investment banking and private equity, advising institutional capital. Now? We explore sustainable RE projects with them. With skin in the game and our name on the line. So when I say these 10 funds are in the big leagues, I’m not guessing. I’ve seen the game from the boardroom - and felt it from the site when the lender walks away. ⸻ TOP 10 INSTITUTIONAL INVESTORS FUELLING THE UK BTR SURGE 1) Legal & General - £3.0B+ deployed, 10,000+ homes. Cardiff, Bath, Manchester, Birmingham, etc. 2) M&G Real Estate - Active in Cambridge, London, Bristol. Eyeing Glasgow, Manchester. 3) Greystar - Dominant in London, expanding to Birmingham and Edinburgh. 4) Apache Capital - With Moda. Delivering BTR in Leeds, Glasgow, Birmingham, London. 5) PGIM Real Estate - Conservative capital. Focused on cities like Cardiff with stabilised yield. 6) APG - With Get Living. Community-focused, from London to Glasgow. 7) AXA Investment Managers - Targeting London, Bristol, Midlands growth zones. 8) Invesco US - Scale only. 300+ unit targets in key cities. 9) QuadReal Property Group - Canadian capital. Quietly tracking London, Manchester, tech corridors. 10) Barings - National footprint. Keen on major UK urban centres. ⸻ WHAT THESE FUNDS NEVER WANT TO SEE: • “Strong local lettings agent” - Irrelevant. They want scale. • “Planning in progress” - Not interested. They want deliverables. • “Design-led boutique” - Cute. But how will it stabilise? • No ESG or Impact lens? You’re out. • Under £10–20M GDV? Not exciting - I’ve had this objection. These funds aren’t building. They’re backing operators who deliver. That’s the game we’re building for - and why I track them like a hawk. ⸻ BONUS: Comment “BTR” and I’ll share my private Google doc with the expanded list: "TOP 35 BTR INVESTORS IN THE UK IN 2025" Including: • Institution name • Capital deployed • City focus • Investment criteria • Key contact for each Used internally at Thrive Assets - I'm giving it to you, for this week only. Not posted publicly. Investor-grade intel.

If reports continue to point toward SpaceX exploring an IPO — at a scale that could qualify as a true “deal of the century” — then beyond the story itself, one factor becomes decisive: the market backdrop. Because in a mega-IPO, timing is everything. And that’s why the underwriting syndicate has a strong interest in seeing a stable, absorptive equity market going into such a transaction: ▪️ Risk-on beats risk-off: investors commit more confidently when they don’t expect immediate post-IPO drawdowns. ▪️ Lower volatility, cleaner price discovery: calmer markets make it easier to place very large volumes without triggering a “discount spiral.” ▪️ A strong aftermarket: when a flagship IPO trades well, it strengthens confidence in primary markets and can pull more issuers through the window. Of course, banks don’t “make” markets. But they do have a clear incentive to time deals for periods when sentiment, liquidity and demand are supportive — and to reinforce that resilience through investor education, realistic guidance, and a sensible deal structure. My take: precisely because no one wants to miss a once-in-a-generation mandate, it’s easy to see why some investors hope that — at least in the run-up to a potential listing — markets might drift higher and calmer. Not by magic, but because the entire IPO machine needs a good window to function. What do you think matters most for a mega-IPO outcome: market mood, valuation discipline, or deal structure (lock-ups, free float, index timing)? Image by Sherwood Media #stockmarket #capitalmarkets #hedgefunds #SpaceX

Over the past 3 years, we've had the privilege of being part of the accelerated bookbuilds of ADNOC Drilling shares on the Abu Dhabi Securities Exchange, share swap of AIQ with Abu Dhabi Securities Exchange-listed Presight, and listing Swvl on Nasdaq. We reflect on the learnings with Yasmine Nazmy at Inc. Arabia. An IPO is not just a means of raising capital; it is a gateway to accelerated growth, market credibility, and access to a broader pool of investors. The first step is often an IPO readiness assessment. This exercise identifies gaps in the company’s financial systems, governance framework, and operational processes. Timing is critical. Market conditions, sector trends, and investor sentiment can significantly impact IPO success. IPO readiness also requires a clear understanding of regulatory obligations. Depending on the chosen market, companies may need to comply with rules governing corporate disclosures, insider trading, and environmental, social, and governance (ESG) reporting. Public companies must have a board of directors that includes independent members with the expertise required to guide the company through its next phase of growth. Financial readiness is another cornerstone. Public companies must produce accurate, timely financial reports, often within 30 to 45 days of quarter-end. Internal controls must be strengthened to address gaps, particularly in high-risk areas such as revenue recognition, receivables, and information technology (IT) systems. An IPO is as much about storytelling as it is about financial performance. A compelling equity story is crucial to attracting investors. For companies in emerging markets, such as the MENA, this narrative must balance local and global investor expectations. MENA investors often prioritize dividend yields, even for high-growth companies. ESG considerations are also becoming central to the equity story. Investors increasingly expect companies to demonstrate not only financial returns, but also positive societal impact. Effective storytelling also requires consistency. Companies must ensure that all communication channels – from investor presentations to press releases – align with the broader narrative. The costs of going public can be significant. Companies should engage experienced advisors early to budget accurately and optimize resources. Operational demands can also strain internal teams. Expanding the finance, legal, and compliance functions is often necessary to handle the increased workload. Investor relations is another area that requires significant investment. Proactive engagement with investors through roadshows and earnings calls is critical to building confidence and maintaining transparency. Operational excellence remains a priority. Companies must continue to innovate and grow while ensuring compliance with public market standards. https://lnkd.in/d9_CGN8v