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Entering Public Markets: IPOs and New Alternatives

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Charles Beall
Charlie Beall
2020

The IPO, or initial public offering, has long remained the dominant vehicle with which to enter pubic markets. Despite the existence of other options, few companies have considered, let alone attempted, to use an alternative mechanism. More recently, access to information and the liquidity of private markets has driven fundamental changes to how private companies raise capital, fund growth, and perceive the public markets. How have these changes transformed the growth of today's private companies, and, as a result, altered not only how executives approach the key considerations of 'going public', but also how regulators govern a company's entrance into those markets? Using historical analysis and modern case studies, I dissect the mechanics of 'going public', highlight the critical considerations of stakeholders, introduce pending regulatory changes to current offering mechanics, and finally present a framework through which to evaluate the future entrance of companies into the public markets.

 

Keywords

Direct Listing, IPO, Public Offering, Dutch Auction, Venture Capital, Finance