What it Really Takes to IPO | Dave Chen, Co-Head of Global Technology Investment Banking at Morgan Stanley

In this special episode of The Data Minute, Peter sits down with Dave Chen, Co-Head of Global Technology Investment Banking at Morgan Stanley, for a tactical deep dive on how today’s founders should think about going public.

Dave shares what IPO prep really looks like in 2025 and beyond, why the best companies start working with bankers 2–3 years ahead of a listing, how institutional investors actually evaluate growth-stage companies, and which metrics every founder needs to start tracking long before they file a public S-1. He also breaks down the difference between “lean in” and “sobering” market windows, how valuation strategy works behind the scenes, and what happens in the high-pressure decision days right before a public debut.

If you’re leading an aspirational company, or running growth-stage finance, this is the IPO playbook you’ve been waiting for.

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Chapters:
01:12 – Dave Chen’s path from pre-med to tech investment banking
02:53 – The enduring founder journey from startup to IPO
04:16 – IPO timelines have changed
06:21 – How scale has shifted in the public markets
07:28 – Is there still room for smaller IPOs?
08:31 – Lean in vs. sober & clinical
10:03 – Why companies now engage banks years before IPO
12:00 – How founders can gauge IPO readiness
13:08 – Building investor relationships years ahead of a roadshow
14:34 – What happens when the IPO timeline shifts
16:11 – 2024 recap: What happened, and what didn’t, in tech IPOs
17:32 – The real reason we didn’t see more IPOs
18:44 – Private capital changed the game for late-stage companies
20:01 – The rise of structured late-stage rounds
21:03 – How growth + downside protection are unlocking new deals
22:53 – Why public investors love private exposure early
23:06 – Does IPO prep differ for tech vs. non-tech companies?
24:15 – 2–3 years out: What founders should focus on first
25:13 – Most teams don’t optimize metrics correctly
26:02 – The management team matters before and after the IPO
27:26 – Designing a board that adds real support
28:12 – Why predictable revenue matters pre-IPO
29:34 – The fuel founders need to operate like a public company
30:53 – The small M&A move that delayed an IPO by six months
33:14 – Biggest mistake? Letting the IPO process control you
35:15 – The point of no return
36:32 – How banks help guide IPO valuation strategy
38:15 – What to do when you don’t have direct comps
40:01 – Getting credit for your company’s future performance
43:28 – Should you raise the price range?
44:26 – Press coverage and the IPO signal vs. noise
45:19 – Start IPO readiness years before you need it

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved. Initial public offerings (IPOs) and secondary offering suitability requirements apply. There is no guarantee of receiving IPO shares. Please be advised that public offerings are not suitable for all investors. IPOs are highly volatile and risky and should not be considered by investors with conservative investment objectives or low tolerance for risk. CRC 4745633 (08/2025)