@DakinCampbell updates us on his book, Going Public, written 2 years ago
The IPO market collapse & meager recovery have stalled innovation
Retail is still only 5-10% of the typical IPO – a missed opportunity for issuers, brokers and small investors
He reviews the Google #IPO 20 years on.
clearingbid.com/5q4e/details…
Pre-IPO pricing is a black box.
Investment banks gather demand for an IPO the same way they did decades ago, speaking with institutional investors and collecting non-binding “indications of interest".
The final offering price is frequently wrong, and both issuers and investors pay the price (literally)!
When investors aren’t incentivized to communicate their willingness to bid a certain price ahead of time, everyone waits until the final stages of the offering to hear what everyone else is paying, typically referred to as the "price talk." It looks more like game theory than price discovery.
What if there was an incentive for investors to commit to placing their orders ahead of time, even days before the IPO is priced? What if the demand for shares at every price point was displayed publicly? What if you could use it to predict aftermarket demand while limiting volatility? And what if lead managers and all brokers could take home just as hefty a fee from the deal as they would otherwise?
It would be an ultimate alignment of incentives in the transaction. Wondering how this could actually work? Find out next week . . .
#IPOs#CapitalFormation#CapitalMarkets
$NMAX was a hot #IPO but did management leave too much $ on the table? Using ClearingBid could have given them a more accurate price mechanism for finding the true market price - this would have increased the funds raised and lowered the cost of capital.
If @eToro used ClearingBid for its #IPO retail investors would have access. Moreover, they would not be an afterthought; everything would be transparent and retail would get the same allocation percentages as big institutional investors. Simple & easy & how it should be done.
eToro IPO Filing:
Mentions of "retail investor": 48
Mentions of giving retail investors access to the IPO: 0
There's still time!
Invite your customers to grow with you @eToroUS$ETOR
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Bull or bear on the CoreWeave IPO?
Doesn’t matter — let the market decide.
If a startup is the real deal, take it public and prove it.
Unclog the IPO pipeline. $CRWV$HOOD$SOFI$KLAR
$CAVA CFO Tricia Tolivar: for five quarters "we actually practiced as a public company ahead of going public"
Going Public can be a great opportunity. Thinking ahead and being prepared can make it run much more smoothly. HT @JudyKShaw#IPO
CAVA CFO Tricia Tolivar joined @JudyKShaw on #NYSEFloorTalk at the 2025 IPO Summit to discuss why June 2023 was the right time for @cava to go public and how she prepared the founder-led company for the public stage.
More on Google/Wiz:
1/ Talks restarted within the past few weeks.
2/ Wiz hadn't yet begun IPO prep.
3/ Why now vs. last yr? Price and feeling of less risk w/ Trump WH. But sellers also got protections w/ huge breakup fee & more.
$KLAR IPO: "The latest spike in volatility has dimmed the IPO prospects for a number of companies, but that has not completely shut down the market for new listings," said Matt Kennedy at Renaissance Capital, a provider of IPO-focused research and ETFs.
reuters.com/markets/deals/sw…
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