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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.

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

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

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

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

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

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

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

Periodic submission of financial and business updates to the SEC and the public, as mandated for public companies.

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

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

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

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

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

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

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

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

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

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

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

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

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

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