Try to get agreement between your shareholders about how they’ll behave in an IPO — Particularly if you’re raising late stage pre-IPO financing rounds, try to get some pre-agreement, whether it’s contractual or a handshake, about how your different shareholders will participate in an IPO. This will avoid a circular discussion where volume is price dependent and price is volume dependent.
The performance of the shares on the first day’s trading is one of the bellwethers that people look at… — But what’s more important is what the stock does when you announce your first set of numbers and where your stock price is then, relative to where you IPO’d. People can forgive a little bit of indigestion on the first day if the price then builds from there and the company delivers on what it said it was going to deliver. There is, however, very little tolerance if you miss your first set of numbers. It’s hard to recover when that happens.
Ben Holmes is a partner at Index Ventures. His primary areas of focus are games and e-commerce. He has spearheaded the creation of the firm’s games portfolio including investments in King, Playfish (acquired by EA) and Mind Candy. Some of his other investments include iZettle, Just Eat, Notonthehighstreet, Rebtel, Secret Escapes, Shapeways and Trustpilot.
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IPOでの対応について御社の株主たちの同意を得ておこう。特に終盤、IPO前の投資ラウンドで資金調達する予定なら、別の株主がどのようにIPOに参加するのか、契約するのか同意だけでいいのか、事前の合意を得ておこう。そうすれば、出来高が価格依存なのか、価格が出来高依存なのかを延々と話し合う必要がなくなるだろう。