DFIN's IPO & Public Listing Report - Q1 2025 Edition
IPO Filing Software
An IPO can be a long, demanding and complicated process that will have long term implications for your company. Our IPO solutions and experts help you successfully navigate the intricacies and prepare for life as a public company. Are you ready?
Choose the global leader for IPO services
When it comes to capitalizing on key moments in the IPO process, DFIN leads the way – and we have the numbers to prove it.
Over the last eight years, DFIN
Filed
800+
IPOs
Partnered on
70%
IPOs valued at
$100M+
Serviced
~60
IPOs valued at
$1B+
Supported
Majority of PE and VC-backed IPOs
Our Flexible IPO Solutions
DFIN for IPO Service
Full-service 'done-for-you' solution
- Designed to extend teams with DFIN experts and dedicated project management.
- DFIN can mange your content, and your working group has online access to draft, review, edit and approve the document on demand, streamlining your deal process.
- Our project managers are available 24/7/365 to handle document formatting, exhibits and filing requirements as well as delivering proofs for review and distributing finals.
ActiveDisclosure for IPO with Concierge
Assisted 'done-with-you' solution
- Designed to support teams on DFIN’s ActiveDisclosure software platform to securely automate the drafting, editing, and filing process.
- Maintain total control by working in a secure, cloud-based environment offering permissions, version control, Excel linking, support binders, track changes, and presentations.
- Our dedicated team of DFIN experts will set up the document in your instance and are available to support your working group 24/7 throughout the S-1 filing.
Guide to IPOs
Considerations for Business Owners and Executives Taking Their Company Public
Download IPO guideThe Only Technology Stack Backed by DFIN Experts
ActiveDisclosure
Financial reporting & SEC filing software
Take the complexities out of compliance for financial, legal, and investors teams.
- Easy & secure online collaboration
- Presentations and documents
- Microsoft 365 compatibility
- Intelligent iXBRL tagging
- SEC filing health checks
Venue
Virtual data room software
Share sensitive information across teams and stakeholders worry-free.
- Strong end-to-end encryption
- Single sign-on integration
- Multi-factor authentication
- Automated multi-file redaction
- Real-time reporting & analytics
Preparation, planning and the right IPO software solutions are critical to success.
IPO Timeline
Preparation
Pre-Filing
Initial submission of S-1
Roadshow
Pricing/Trading
Life Post IPO
IPO Timeline
Preparation
12 - 18 Months
- Prepare work plan for IPO readiness
- Assess financial statements and evaluate audit firm
- Assess internal resources (accounting, FP&A, legal, IR)
- Evaluate need for third-party advisers
- Consider structural decisions (e.g., corporate, tax, compensation)
Pre-Filing
4 - 6 Months
- Engage lead underwriters
- Prepare S-1
- Equity story/investment thesis
- Historical financial statements & MD&A
- Risk factors/legal sections
- Financial model
Initial submission of S-1
3 Months
- Confidential submission of S-1 and SEC review process (typically ~12-14 weeks)
- Teach-in with syndicate analysis
- Prepare roadshow presentation
- Publicly file S-1 at least 15 days prior to launch of roadshow
- Finalize IPO documentation
- Organizational and governance documents
- Listing application
- Underwriting agreement
Roadshow
2 Weeks
- Finalize preliminary prospectus with indicative price range
- Launch roadshow (typically 7-10 trading days)
Pricing/Trading
Trade date
- Price IPO after market close at conclusion of roadshow
- Begin trading next day after pricing
- Close third trading day after pricing
Life Post IPO
Regulatory Compliance and Reporting
- Extensive quarterly reporting required
- SOX compliance
- Annual reports and recent events
- Proxy Statement, Annual Meeting
We help customers achieve measurable results
LIFE SCIENCES
How we helped a pharma company capitalize on IPO market conditions and timing
HEALTHCARE
How we helped a healthcare company get and stay deal ready to go public and close a secondary offering
TECHNOLOGY
Execute a successful IPO with management and staff working from secluded locations
MANUFACTURING
How we helped an electric vehicle company save time and money before and after going public
FINANCIAL MANAGEMENT
How we helped a leading enterprise finance management company streamline its IPO process
Get in touch with us for IPO support, pricing or more information.
or
call +1 866 784 9840
Explore the latest IPO & Public Listing Report
"
Q1 started strong with fourteen $50M+ offerings in the initial six weeks. However, escalating concerns over tariffs, recession fears, sticky inflation, and budget talks led to market volatility, delaying hopes for a stabilized IPO market. Despite these challenges, Q1 concluded with CoreWeave entering the public market, and we are optimistic that Q2 will bring the clarity and stability needed for a normalized IPO market."
Craig Clay, President of Global Capital Markets, DFIN
More findings, right this way
Case Study
How We Helped a Leading Enterprise Finance Management Company Streamline its IPO Process
Case Study
How We Helped a Pharma Company Capitalize on IPO Market Conditions and Timing
Case Study
How We Helped an Electric Vehicle Company Save Time and Money Before and After Going Public
Blog
DFIN Q1 Earnings: Software Growth Suggests a Recovery of M&A and IPO Activity May Be Underway
| Craig Clay
12-18 months
- Prepare work plan for IPO readiness
- Assess financial statements and evaluate audit firm
- Assess internal resources (accounting, FP&A, legal, IR)
- Evaluate need for third-party advisers
- Consider structural decisions (e.g., corporate, tax, compensation)
4-6 months
- Engage lead underwriters
- Prepare S-1
- Equity story/investment thesis
- Historical financial statements & MD&A
- Risk factors/legal sections
- Financial model
3 months
- Confidential submission of S-1 and SEC review process (typically ~12-14 weeks)
- Teach-in with syndicate analysis
- Prepare roadshow presentation
- Publicly file S-1 at least 15 days prior to launch of roadshow
- Finalize IPO documentation
- Organizational and governance documents
- Listing application
- Underwriting agreement
2 weeks
- Finalize preliminary prospectus with indicative price range
- Launch roadshow (typically 7-10 trading days)
Trade Date
- Price IPO after market close at conclusion of roadshow
- Begin trading next day after pricing
- Close third trading day after pricing
Regulatory Compliance and Reporting
- Extensive quarterly reporting required
- SOX compliance
- Annual reports and recent events
- Proxy Statement, Annual Meeting
Unlock a stronger workflow with secure virtual communication channels and flexible technology.
Access leading SEC experts 24/7/365 for guidance in the moments that matter.
Ensure accurate and audit-ready documentation with built-in compliance capabilities.
Prepare standout materials with advanced composition systems, on-demand resources and an unrivaled print platform.