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市公司CEO现身说法:分享美国IPO过程中的经验教训!
Sou Hu Cai Jing· 2025-06-24 06:37
Core Insights - The article emphasizes the importance of preparation and strategic planning for private companies considering an IPO, as illustrated by Jesse Singh's experience with AZEK [1][7] Group 1: Preparation and Flexibility - Companies should be prepared and flexible, as timing cannot be chosen; thorough preparation is essential for a successful IPO [3] - AZEK's IPO journey began in 2019, with meticulous preparations including forming an active board and audit committee, and operating in a public company mode to identify and resolve issues [3] - Despite initially abandoning the IPO plan, AZEK quickly adapted to market opportunities, completing the transition to public status in under a month [3] Group 2: Governance and Compliance - Transitioning to a public company involves heightened scrutiny and governance, with significant changes in audit processes and compensation structures [4] - The shift to PCAOB audits represents a new level of compliance, providing opportunities for adjusting compensation that were not available as a private company [4] Group 3: Team Selection - The roles of the Chief Financial Officer and General Counsel are critical during the IPO process, with the latter being more significant than initially anticipated [5] - Hiring a CFO with public company experience is essential, as is selecting the right investment banks and advisors to effectively represent the company [5] Group 4: Building Credibility - Companies should establish credibility through conservative financial projections during the IPO to gain investor trust [5] - AZEK's strategy included releasing conservative numbers at the IPO, which led to stock sales at prices significantly above the initial offering three months later [5] Group 5: Managing Distractions - The IPO process can distract from daily operations, necessitating internal resilience and a solid business foundation [6] - Companies should ensure they have experienced personnel in place to navigate the IPO process effectively [6]