DFIN’s software transformation remained on track in 2023, and our clients reaped the benefits.

In our just-released 4Q and full-year 2023 earnings report, DFIN achieved record software solutions net sales of approximately $293 million for the year, an increase of approximately 7% from 2022 on an organic basis. Software solutions net sales were approximately 37% of our full year net sales, up from approximately 34% in 2022.

This is powerful evidence that we are delivering the kind of solutions that clients require in a fast-paced, always-evolving business environment.

When thinking about an exit strategy from their business, most owners have a clear idea of their desired exit. However, there are cases when owners take what is known as a dual-track exit, pursuing not one but two types of exit strategies. Usually, they move forward with a merger or acquisition (M&A) and initial public offering (IPO) until deciding which option meets their needs. 

Discover how a dual-track transition works, when it can be advantageous, and how owners can stay organized throughout the dual process.

What Is a Dual-Track IPO Listing?

Tune in to listen to experts from DFIN, PWC, and Simpson Thacher & Bartlett for a live roundtable conversation about getting ready for IPOs in 2024 and beyond. The featured speakers – Craig Clay, Samantha Zytko, and Josh Bonnie – will share their thoughts about important issues companies may encounter when facing a future IPO.

"As we close the chapter on a volatile 2023 with a limited number of sizeable IPOs, we eagerly look to 2024 for economic conditions to stabilize and valuation expectations to continue to reset. A recent rally in the stock market, expectations of interest rate cuts by the Federal Reserve, as well as some recent high-profile confidential filings, lend optimism that we will see a more robust IPO market in 2024." Craig Clay, President of Global Capital Markets, DFIN

For those who try to predict the future, the last two years have been a challenge. This is especially true when attempting to forecast IPO activity and emerging federal and state regulations, including pending U.S. Securities and Exchange Commission (SEC) rules.

Joshua Ford Bonnie, Simpson Thacher & Bartlett LLP
Doug Chu, PwC
William R. Golden III, Simpson Thacher & Bartlett LLP
Meredith Strong, PwC

Going public can open the door to new opportunities and grant access to capital that can change the trajectory of companies of all sizes. However, the IPO process is not without pitfalls, including limitations brought on by timing and technology.

Raising a round can be daunting. How do you stand out in the crowd? What are the essential elements to get your financial model right? How should you choose your investors to support your business’ next phase of growth?

"The largest tech offering in years, ARM Holdings, raised ~$4.9 billion, making Q3 the busiest quarter by proceeds this year. Unicorns moved through the IPO pipeline, with Instacart and Klaviyo making their public debuts. All eyes are on inflation, market volatility, and the government shutdown and the impact it may have on exchange bells ringing in Q4." Craig Clay, President, DFIN

When I talk to executives who are considering an IPO, I can often identify the ones who haven’t been through a public offering before.

The first timers tend to underestimate the sheer number of critical and time-consuming tasks that need to be completed to ensure a successful launch.

Explore the latest IPO & Public Listing Report

"After a very tough start to Q2, the quarter closed with some early fireworks. Cava, Fidelis Insurance, Savers Village, Vesta Real Estate and Kodiak Gas raised a combined total of $1.7 billion during the last 2 weeks of the quarter. As the IPO window slowly opens, a robust pipeline should bring a much-needed breeze to the hot summer months." Craig Clay, President, DFIN