Investment banking

The importance of starting your IPO journey early How private companies can kick-start their plans to go public—and protect their long-term goals

More than 6,000 companies have gone public in the last 25 years.^{Disclosure 1} It’s a goal you may be working toward right now. And if that’s the case, West Riggs, head of Equity Capital Markets at Truist Securities, says you might want to start your journey sooner than you think.

Transcript

Audio description: Light music begins.

Visual description: The Truist logo appears in the center of the screen in front of a purple background, then fades to reveal West Riggs being interviewed in a modern office setting.

On-screen text: West Riggs, Head of Equity Capital Markets, Truist Securities.

West Riggs: Going public is definitely not the destination. You need to think about it as one step along a long journey as a company. And Truist Securities can help you execute on that IPO and continue down that path well after the IPO.

Visual description: Scene changes to reveal West and four businesspeople seated around a small table in front of a wall of windows in a modern office having a conversation.

Audio description: Light music continues.

On-screen text: The journey to IPO and beyond.

Visual description: West is being interviewed in a modern office setting.

West: As a private company and you’re thinking about going public, it’s key to get to know the potential investors well in advance.

Visual description: Scene changes to reveal West conversing with the group of businesspeople seated around the small table.

West: They need to understand your story. They need to understand your business. We want to help you frame your story that creates transparency through KPIs but also doesn’t tell everything all at once.

Visual description: West is being interviewed in a modern office setting.

West: It needs to be authentic. It needs to be insightful. And it needs to tell a long-term growth story that investors can get behind.

Visual description: Scene changes to reveal West conversing with the group of businesspeople seated around the small table. Then, West is seen again in the interview setting.

West: You want them to understand that because you want them to be long-term partners as you go through your journey as a public company.

Visual description: West is seen walking with a businesswoman down an office hallway lined with floor-to-ceiling windows. Then the scene changes to reveal two businesswomen looking over papers and talking in a light-filled office lobby setting.

West: We can bring together our industry and product experts to help you think through your strategic vision. And all of this happens well before your actual IPO roadshow. Those are not just pitch sessions.

Visual description: West is being interviewed in a modern office setting.

West: They’re strategic dialogues that show how your team thinks about the market, the competition, and your long-term vision.

Visual description: Scene changes to show two businesswomen looking over papers and talking in a light-filled office lobby setting, then cuts back to West being interviewed.

West: When you follow up months later with real proof that you’ve delivered on those promises, it builds trust, credibility, and most importantly, a relationship.

Visual description: Scene changes to reveal West seated around a conference table with several colleagues and clients.

West: The IPO is a big, flashy time for a company, and it’s a big step for companies.

Visual description: West being interviewed in a modern office setting.

West: But the day after the IPO, the company continues to evolve. We’re here to help you every step of the way and be your strategic advisor for years to come.

Visual description: Scene fades to reveal the Truist Securities logo and title in the center of the screen on a purple background.

On-screen text: Truist Securities. Going beyond the expected. Copyright 2025 Truist Financial Corporation. Truist and Truist Securities are service marks of Truist Financial Corporation. All rights reserved. Truist Securities is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, financial risk management, and treasury management and payment services are offered by Truist Bank. Deposit products are offered by Truist Bank, Member FDIC.

Audio description: Light music ends.

“There used to be a misconception that public-side investors don’t want to learn about private companies,” says Riggs. “Many leaders thought investors wouldn’t listen to their story if it wasn’t actionable yet.”

However, Riggs says investors do want to hear from private companies. He and his team advise clients to get on investors’ radar at least two years before an initial public offering (IPO).

“Connecting with investors early is all about building credibility and showing them you can meet and exceed expectations,” says Riggs. “That creates a lot of goodwill when it comes time to make an investment decision.”

Making the right impression with the right investors

When company leaders decide an IPO is a good move for them, Riggs and his team start strategizing how to shape the company’s story during what he calls “testing the waters” meetings.

“We discuss which key performance indicators (KPIs) will best illustrate your performance on an ongoing basis,” says Riggs. “This early in the process, we’re keeping the story high-level but including enough details for investors to drill down into during a Q&A.”

Riggs says these meetings also help companies create a dialogue with potential investors. Each subsequent conversation gives them a chance to demonstrate what they’ve accomplished since the last meeting.

Connecting with investors early is all about building credibility and showing them you can meet and exceed expectations. That creates a lot of goodwill when it comes time to make an investment decision.
— West Riggs, Head of Equity Capital Markets, Truist Securities

Another key factor in crafting a compelling story is ensuring you’re telling it to the right people. Riggs says your investment bank should be able to connect you with seasoned analysts or portfolio managers who are deeply entrenched in the industry or sector.

“Our sales team at Truist Securities has extensive experience and has built longstanding relationships that allow them to match issuers with the right senior analysts and portfolio managers,” says Riggs.

Using the roadshow to your advantage

Early “testing the waters” meetings between private companies and investors have become crucial to the IPO process. For that reason, the formal roadshow—put on for prospective investors after your IPO has been launched—has evolved.

“In the past, companies would go to the roadshow and often meet potential investors for the first time,” says Riggs. “Now, the roadshow is another chance to get your story in front of investors who are already following your progress.”

Riggs tells clients to think of an IPO as inviting investors to become a part of your company before, during, and after your initial offering. “You want them to feel like they’re buying into a company they believe in and will be comfortable being a long-term investor well after you’ve gone public,” he says.

A key part of gaining that long-term buy-in is coming to the roadshow with a valuation that’s positioned to perform well in the long term. A higher valuation may give you more proceeds at the IPO, but if your stock goes down in the aftermarket, you risk upsetting initial investors.

“Finding the optimal valuation is definitely an art,” says Riggs. “You’re walking a tightrope between clients who want the price as high as possible and investors who want it as low as possible.”

Your Truist Securities team can help you land on a valuation that doesn’t just maximize for today but optimizes for the future.

Looking beyond IPO

Riggs likes to remind clients that going public isn’t a destination. It’s just a point in time along your company’s evolution.

“There’s always going to be a next step to take, a new level to reach,” says Riggs. “We’re always helping you plan for your next growth goal—and your next capital raise to meet that goal—whether that involves equity, debt, M&A, or all of the above.”

Your Truist Securities team will work together to find the financing solution that best helps you meet your objectives. That could mean pursuing a follow-on offering, a convertible offering, a loan, a corporate bond, or another capital markets transaction. They can also help you stay in front of potential investors through research coverage, non-deal roadshows, investor targeting, and shareholder analysis.

“It’s not the end of our job once a client goes public,” says Riggs. “Our job at Truist Securities is to continue to offer innovative solutions and strategic advice for whatever comes next.”

Get started early on your IPO journey.

Talk to Truist Securities about how—and when—to get your story in front of the right investors.

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