Resilient Companies Preparing for IPO

I've sat on both sides of the IPO table. I spent two years at Goldman Sachs preparing companies for IPOs. Then I moved to the operating side and helped take Sunrun and Box public. And here's what CEOs often underestimate👇 Maturity beats size. I've seen $500M+ companies stumble after their IPO while $100M companies thrive. Most CEOs think IPO readiness comes down to revenue, growth rate, and market timing. Those things matter. But they are not enough. The companies that succeed have built the operational maturity needed to perform under public market scrutiny. Here are the 5 signals that separate IPO-ready companies from the rest: 1️⃣ Consistent Performance Four or more quarters of meeting guidance, even when markets shift. 2️⃣ Operational Discipline A three-day financial close, SOX-ready controls, reliable forecasting, and finance systems that produce answers quickly. 3️⃣ Narrative Clarity The CEO and executive team can explain the business, growth strategy, and long-term opportunity through one clear story. 4️⃣ Market Pull Institutional investors already know the story, the company has built credibility in the market, and demand exists before the roadshow begins. 5️⃣ Capital Allocation Discipline Leaders can explain why they're investing in growth, preserving cash, or making acquisitions, and what return they expect. Remember: IPO ≠ the finish line IPO = the beginning of quarterly accountability The companies that thrive don't just chase growth. They build the systems, discipline, and leadership to sustain it.

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

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

𝐆𝐞𝐭𝐭𝐢𝐧𝐠 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐢𝐬 𝐨𝐧𝐞 𝐭𝐡𝐢𝐧𝐠. 𝐁𝐞𝐢𝐧𝐠 𝐈𝐏𝐎-𝐫𝐞𝐚𝐝𝐲 𝐢𝐬 𝐚𝐧𝐨𝐭𝐡𝐞𝐫. Most startups aren't as ready as they think. I've advised fintechs and other startups preparing for their next funding round. And I've seen a pattern: most founders focus on valuation. Few focus on governance. That's a mistake. Here's what IPO readiness actually means: 𝟏. 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 Do you have an independent board? Clear audit and risk committees? Strong internal controls? If not, institutional investors will notice. 𝟐. 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 Audited financials aren't optional. Clean books are non-negotiable. Your growth story won't matter if your numbers don't add up. 𝟑. 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 SEBI has strict listing requirements. Data privacy laws are tightening. ESG expectations are rising. Are you prepared for the scrutiny? 𝟒. 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 Cyber risk. Operational risk. Market risk. Reputational risk. Public companies live under constant watch. Your risk management can't be reactive. 𝟓. 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐃𝐞𝐩𝐭𝐡 Investors don't just bet on founders. They bet on teams. Do you have a strong CFO? A seasoned board? A succession plan? Here's the reality: IPO readiness isn't something you fix six months before listing. It's a 2-3 year journey. It requires cultural shift, operational discipline, and governance maturity. In my experience, I've learned this: the companies that go public successfully are the ones that are built like a public company long before they became one. Startup founders: Are you building for growth or building for trust? Growth earns headlines. Trust earns longevity. Governance isn’t a checkbox , embedding it early, is the ultimate growth strategy What's the biggest governance gap you see in startups today? #IPO #StartupGovernance #CorporateGovernance #FinTech #RiskManagement #StartupAdvisory #BoardGovernance #Leadership

The IPO moment gets all the attention. The years of groundwork to get there rarely do. Hanno Damm (CFO of Trustpilot) learned that credibility with investors is built long before you ring the bell. Working with Morgan Stanley, his team crafted the equity story early and started meeting potential investors well ahead of time, even when they had nothing to sell. Each meeting wasn’t about pitching, it was about proving execution, showing progress, and building trust. That steady preparation meant that by the time Trustpilot was ready, investors weren’t meeting the company for the first time. They already understood the story, the team, and the trajectory. It’s a reminder that IPO readiness isn’t a sprint, it’s the cumulative effect of years of consistency, clarity, and relationship-building. Episode 5 of Finance Unscripted is now live. Youtube: https://lnkd.in/dta7uKH7 Spotify: https://lnkd.in/dkvSNNcx Apple podcast: https://lnkd.in/dT9BqWEU

The IPO market is back in motion in 2026. After a strong rebound throughout 2025, the first five months of 2026 are showing continued momentum across the U.S. and global capital markets. In 2025 alone, the U.S. market saw approximately 202 IPOs compared to 150 in 2024, while global IPO proceeds increased significantly year-over-year. What is even more interesting is the growing number of international companies seeking access to U.S. capital markets and major global exchanges. We are seeing increased activity from Asia, the Middle East, Europe, and emerging markets as companies look for liquidity, visibility, institutional investors, and global expansion opportunities. Some of the notable IPO and IPO pipeline names making headlines in 2026 include companies such as Lime, Lincoln International, Inspire Brands, biotech issuers, AI-driven companies, and several large international listings across Hong Kong and U.S. exchanges. AI, infrastructure, healthcare, fintech, mobility, and consumer sectors continue to dominate investor interest, while the pipeline for larger technology and international offerings appears stronger than it has been in years. Market participants are also anticipating several potential mega-IPOs ahead. One thing remains constant: companies that successfully go public are the ones that prepare early. An IPO is not a six-month process. In most cases, companies should begin preparing 18–24 months in advance by strengthening: • Financial reporting and audits • Internal controls and governance • SEC readiness • PCAOB preparedness • Investor relations strategy • Capital markets positioning • Banking and legal relationships The companies that prepare early are the ones that execute successfully when market windows open. If your company is considering an IPO, uplisting, cross-border listing, or simply exploring capital markets opportunities, feel free to reach out. Happy to share insights on the process and how companies can best position themselves for a successful public market journey. #CapitalMarkets #IPO #SPACs NYSE Brian J. Baumann Swami Venkat Marisa Garcia Katerina Abdrashitova Shant Fakhoorian, CPA Sajjad R. Ravi Shankar Prasad John Keefe

Your investors just said "IPO-ready." Here's what that means for your marketing function. Most CEOs hear that phrase and immediately think financials, governance, and legal structure. Fair. But due diligence increasingly scrutinizes your go-to-market infrastructure with the same rigor. Documented marketing processes. Attribution systems that withstand auditor questions. Scalable demand generation that isn't dependent on one person's relationships. Brand equity that's measured, not assumed. These aren't "nice to haves" at the IPO stage; they're risk factors when they're absent. When I led marketing through a NASDAQ IPO, the work that mattered most wasn't the roadshow narrative. It was the two years before; building the GTM infrastructure that proved marketing was a disciplined commercial function, not a creative cost center. If your marketing runs on tribal knowledge, undocumented processes, and a handful of hero performers, that's a diligence risk. Investors and underwriters will find it. "IPO-ready" means every function can prove it operates like a system. Including marketing. #HealthTech #IPOPrep #B2BMarketing