Taking a company public is a significant milestone that can unlock new opportunities for growth, visibility, and investor confidence. While there are several ways to enter the public market, this article explores direct listings vs IPOs in detail, helping companies assess which approach best aligns with their financial goals, market conditions, and long-term strategy.

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"Q4 started off strong with ten $50 million+ offerings in October—the busiest month for offerings this size since November 2021. Silent night was the theme for the remainder of the quarter as companies continued to push their IPO timelines. There is optimism the market will fully normalize in the new year, and we see a significant break in the IPO backlog." Craig Clay, President of Global Capital Markets, DFIN

Private companies are not held to the same SEC requirements as publicly traded companies.

While the general public may not know the difference between public and private companies, this distinction is essential for navigating the world of business and investing.

We're all familiar with IPOs from the market perspective. We've seen the announcements and watched share price rise and fall. However, when it comes time to take a company public, we may not know the basics. For instance, how long is the IPO process? Do you know how to prepare your company for an IPO?

Wilson Sonsini, a global law firm, ushering promising and innovative companies through their business life cycle, needed a time- and resource-intensive process to meet tight deadlines.

They leverage DFIN’s ActiveDisclosure platform to increase the operational efficiency of OneStream’s IPO process which provides an ecosystem of digital workflows, allowing the attorneys to securely share documents for real-time reviews and comments by clients, bankers, auditors, and other stakeholders.

OneStream, in collaboration with Wilson Sonsini and DFIN subject matter experts, used ActiveDisclosure financial reporting and SEC filing software to optimize IPO process efficiency.

"The summer wave of offerings expected in Q3 did not materialize, with only thirteen sizeable IPOs raising ~$7.7 billion. The slow rebound will likely continue in Q4, although some substantial offerings are on the horizon, including billion-dollar offerings for DFIN clients Ingram Micro, and Solera."
Craig Clay, President of Global Capital Markets, DFIN 

It's no secret that the IPO market has been sluggish since 2021. Market volatility, geopolitical instability and increased interest rates are just a few of the forces that have tampered enthusiasm for initial public offerings. Fortunately, the trend in the first half of 2024 has shown some signs of improvement. According to the most recent figures, there were 94 total IPOs in the first half of the year, with roughly $18.5 billion in capital raised through those efforts. This represents an increase of more than 80% when compared to the same period in 2023.