IPO Readiness

Gurpreet S. Bal, Partner, Foley & Lardner LLP, Silicon Valley
Going public is a multi-year legal preparation process, not a transaction that begins when you hire bankers. This hub covers every major legal dimension of IPO readiness — from board committee formation and governance cleanup to equity plan design, S-1 registration, underwriter selection, and post-IPO compliance. Whether you are 18 months from filing or just beginning to think about a public offering, these articles explain what needs to happen, in what order, and why it matters to get it right before the clock starts.

Articles in This Category

Audit Committee Requirements for IPO

Composition rules, financial expert requirements, and charter provisions for a public company audit committee.

Compensation Committee Setup Pre-IPO

Independence requirements, compensation consultant rules, and timing for forming a compliant compensation committee.

Governance Committee and Board Independence

Nominating and governance committee requirements and what independent director standards apply at IPO.

RSUs vs Options at IPO

Tax, dilution, and retention tradeoffs between RSUs and stock options as a company approaches its IPO.

Double-Trigger RSU Acceleration

How double-trigger acceleration works for RSU awards at IPO and why the structure matters for employee retention.

Direct Listing vs Traditional IPO

Structural, regulatory, and cost differences between a traditional underwritten IPO and a direct listing.

Secondary Sales of Shares Pre-IPO

How pre-IPO secondary transactions work, the regulatory framework, and company consent and ROFR rights.

Tax Issues at IPO for Founders and Employees

AMT exposure, Section 83(b) elections, ISO vs NSO treatment, and capital gains planning around an IPO.

Pre-IPO Governance Cleanup

The corporate housekeeping — charter amendments, board reconstitution, agreements cleanup — required before an IPO.

Sarbanes-Oxley Compliance for New Public Companies

Section 302, 404, and 906 obligations and how emerging growth companies phase into SOX compliance.

IPO Lockup Agreements

Standard lockup provisions, early release mechanisms, and what happens when a lockup expires after IPO.

Selecting IPO Underwriters

How to evaluate underwriting banks, manage the bake-off process, and negotiate underwriting agreement terms.

S-1 Registration Statement Process

The S-1 filing timeline, SEC comment process, road show, pricing mechanics, and typical closing sequence.

Equity Plan Design for IPO

How to design an equity incentive plan that satisfies public company requirements and institutional shareholder guidelines.

Emerging Growth Company JOBS Act Benefits

The EGC accommodations available under the JOBS Act and how long they last after going public.

Gurpreet S. Bal is a Partner at Foley and Lardner LLP in Silicon Valley, where he advises companies and underwriters on public offerings and pre-IPO preparation. He has represented clients in hundreds of transactions with aggregate deal value exceeding $60 billion.