Episode 4

S2, Episode 4: Road to the IPO

Season Two: Episode FourHow companies can raise capital through an initial public offering and the five biggest surprises that often come along the way. 

Episode Description: Joe Slochowsky (Fordham Law ’19) and Philipp Kirschbaum (Fordham Law ’19) interview James Shea (Fordham Law ’09), formerly Special Counsel at Sullivan & Cromwell LLP and now Of Counsel at Paul Hastings LLP.  They discuss the five surprises that often come on the road to the IPO. 

Episode Roadmap:

  • [:30] Joe Slochowsky and Philipp Kirschbaum introduce themselves and define the IPO. 
  • [3:43] An overview of the IPO process.
  • [9:27] James Shea discusses the five biggest surprises on the road to IPO, starting with systems and personnel.
  • [11:08] Reasonable timelines for putting systems in place.
  • [14:03] Contractual obligations that will come with the IPO.
  • [16:10] Tag-along and drag-along rights and roadshow requirements for management.
  • [19:05] Considerations for dual class voting.
  • [23:53] Understanding the role and relationship of the underwriter.
  • [28:24] Selecting an underwriter during a ‘bake-off’ and sizing a board of directors. 

Tweetables:

“IPOs are as big as they’ve ever been. 2019 is projected to raise record-breaking dollars.” — Philipp Kirschbaum

“It’s really important that you have both the people and the systems in place.” — James Shea

“An IPO is incredibly time consuming for a company, and it takes a lot of energy and attention by the management.” — James Shea

“It’s in everyone’s best interest that there’s the right amount of cooperation and attention given to roadshow activities.” — James Shea

Mentioned in This Episode:

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Startup LAWnchpad  is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.