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The first step where founders establish a business with a potentially scalable model.

Early investment to fund initial operations, often from angel investors or friends and family.

Series of funding rounds (Series A, B, C, etc.) where venture capitalists invest in a growing company.

Creation of a governing body that oversees the company’s management and is a requirement for going public.

Choosing investment banks that will guide the IPO process, market the shares and help determine the pricing.

Filing of Form S-1 with the SEC which includes the company's financial statements, management background, and risks.

The process where the SEC examines the registration statement for compliance with disclosure requirements.

A series of presentations by the company's management to potential investors to generate interest in the IPO.

Determining the final offer price per share based on investor interest, market conditions, and company value.

The process of distributing shares among interested investors, typically managed by the underwriters.

The company’s shares are officially listed on a stock exchange, enabling public trading.

The first day the company's shares are available for trading on a stock exchange.

A mandated time frame after an IPO where promotional commentary by the company is limited by SEC rules.

A period after the IPO during which insiders and early investors are prohibited from selling their shares.

A group of investment banks that work together to manage the IPO and share the risks associated with underwriting.

A clause allowing underwriters to buy up to an additional 15% of company shares at the IPO price to cover over-allotments.

An alternative IPO method where the price of the offering is set based on bids from investors to buy shares.

The process by which an underwriter attempts to determine the price to offer an IPO based on demand from institutional investors.

A preliminary version of the prospectus that contains most details except for the price and number of shares offered.

The final and formal document submitted to the SEC and provided to investors, containing the IPO price and share details.

The thorough investigation of the company's business, financials, and risks before going public or investing.

After the quiet period ends, analysts from the underwriting firms start providing research coverage on the new public company.

The sale of new or closely held shares after an IPO, allowing company insiders and early investors to sell their shares.

Regularly scheduled public conference calls where the publicly traded company discusses financial performance.