Investor Guide
The IPO
investment guide.
How allocations move from private company to publicly listed security — and what informed investors watch at each step.
01
Pre-IPO structures
Allocations are usually accessed through primary raises, directed secondaries, forward contracts or special-purpose vehicles. Each structure carries different economics, fee loads and rights on liquidity events.
02
Pricing and valuation
Reference points typically include the last primary round, observed secondary transactions and any market comparables. Discounts commonly reflect illiquidity and the timing uncertainty of a future listing.
03
The listing itself
On listing, shares transition to a public market with continuous price discovery. Existing shareholders are usually restricted from selling during a lock-up period (often 90–180 days), after which secondary supply increases.
04
Post-listing considerations
Realised outcomes depend on lock-up expiry dynamics, index inclusion, analyst coverage and the company's earnings trajectory. Some investors sell into strength; others hold for compounding — both are legitimate strategies with different risk profiles.
05
What can go wrong
Listings get delayed or withdrawn. Valuations reset. Lock-ups produce supply overhangs. Regulatory or market conditions change. Realistic scenario planning across upside, base and downside cases is essential.