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a16z Podcast
The What, Who, and When with IPOs
Jan 29, 2024
Former CEO of OpenTable, Jeff Jordan, and former Head Managing Director and Head of Equity Capital Markets at Bank of America Merrill Lynch, J.D. Moriarty, discuss the complexities surrounding IPOs, including pricing, allocations, and timing unpredictability. They share insights on the challenges faced during the Open Table IPO amidst the financial crisis, the role of momentum investors and boards in the IPO process, and the preparation phase for IPOs. The speakers also explore the pressure of being a public company and the importance of clear communication.
34:26
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Quick takeaways
- Investing in relationships with investors and timing are crucial factors in the success of an IPO, highlighting the need to build relationships ahead of time and time the IPO based on the right moment for the business rather than trying to time the market.
- Transparency, communication, and a focused team are essential during the IPO process, emphasizing the importance of setting the IPO price, minimizing distractions, having a competent CFO, and effectively managing expectations to exceed investor expectations and maintain consistent growth.
Deep dives
Investing in Relationships and Timing in IPO
This podcast episode explores the importance of investing in relationships with investors and timing in initial public offerings (IPOs). The guests discuss how meeting with investors ahead of time and building relationships can shape the success of an IPO. They emphasize the need to time an IPO based on the right moment for the business, rather than trying to time the market, and provide insights into factors such as market cap and growth rates that determine the right timing. They also highlight the value of having a small group of long-term investors who understand the business and its potential.
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