The first time a private company sells shares to the public on a stock exchange, allowing anyone to invest in it.
An initial public offering (IPO) turns a privately held company into a publicly traded one. The company works with investment banks to set a share price, meets disclosure requirements set by securities regulators, and lists on an exchange.
An IPO can raise substantial capital for growth and gives early investors and employees a way to sell shares. However, public companies face ongoing reporting obligations, scrutiny from analysts and shareholders, and pressure to deliver quarterly results. Alternatives include direct listings, where existing shares are listed without raising new money, and mergers with special purpose acquisition companies. For startups, an IPO is one of the main exit routes, alongside being acquired by another company.
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