PwC's accounting podcast Inside SEC reporting: Capital formation
May 6, 2025
Ryan Spencer, a seasoned partner at PwC's National Office, and Mike Bellin, who leads PwC’s US Capital Markets practice, delve into capital raising and the IPO process. They explore the current capital markets landscape, dissecting factors impacting IPO timing and investor interest. Key discussion points include public company disclosure obligations, the IPO process from S-1 drafts to roadshows, and the importance of a cohesive equity story. The duo shares insights on emerging growth company benefits and post-IPO capital raising options, arming listeners with essential prep strategies.
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Capital Markets Follow A Growth Runway
- Capital formation follows a runway from seed to IPO, with venture capital dominant early and public exits later.
- IPO activity is concentrated in large-scale, high-growth sectors like AI, life sciences, fintech, and crypto adjuncts.
Build Reporting Infrastructure Early
- Prepare for quarterly and annual reporting cadence plus Form 8-K disclosure obligations to ensure timely market communication.
- Build disclosure controls and procedures early to meet cybersecurity, clawback, and SOX 404 management requirements.
EGC Status Is The Primary IPO Offramp
- The JOBS Act created Emerging Growth Company (EGC) accommodations that materially lower IPO burdens for most issuers.
- Key benefits include two years of audited financials and delayed auditor attestation for up to five years.