For startups, an IPO isn’t just about revealing its financial books; it’s about stepping onto a much bigger stage. Suddenly, your story is being picked apart by investors, analysts, and the public. What you say, how you say it, and whether people believe you all start to matter a lot more.
That’s why communications isn’t a side function. The narrative you build in this moment can drive confidence, influence valuation, and shape how your company is seen long after the IPO dust settles. Below are a few crucial steps for founders, C-level execs and CMOs on the path to IPO.
Many companies underestimate how early pre-IPO communications actually begins. It’s not when they’re about to file their S-1, but well before this event. That’s because once that filing happens, you enter the IPO quiet period.
And “quiet” is the operative word here. You don’t get to suddenly turn up the volume, launch new channels, or start telling a bigger, bolder story than the one you’ve been telling all along. The market expects consistency, and regulators enforce it. Consequently, the real work happens much earlier. It’s about showing up consistently, building visibility around your leadership team, tightening your category narrative, and creating a steady drumbeat of content and media presence. That becomes your “ordinary course” of communication—the baseline you’re allowed to maintain when everything else goes quiet.
Years ago, a CMO asked for ideas on how to be more aggressive in its communications… After it had already filed its S-1. When I explained the constraints in doing so outside of the “ordinary course” of what had been conducted before filing, he snapped, “I want ideas, not pushback.” Sadly for this rookie, he didn’t realize the IPO framework we were operating in, and had to also hear the same response from his colleagues and legal counsel.
A very different example was my partnership with WalkMe, who had big ambitions to also create a new category and be known as the "Digital Adoption Platform" leader. Our work to drive visibility, design category pillars, and solidify perceptions as the category pioneer and leader was instrumental in its $1 billion valuation ahead of its IPO.
In short: If you wait until you feel “IPO ready” to invest in PR, then you’re already behind. By the time you file, you shouldn’t be introducing your story, but reinforcing it.
For a startup, an S-1 shouldn’t be viewed as a legal hurdle. Rather, it’s your core narrative, written in a way the entire market will analyze, quote, and build on.
Your S-1 positioning shapes how investors understand your growth, how analysts frame your opportunity, how the media talks about you, and even how AI tools summarize your company. Your category, your risks, your positioning all become part of your public identity.
The companies that get this right don’t treat the S-1 as a standalone document, but as the foundation for their investor communications. It’s the foundation for everything else: aligning messaging across channels, making sure leadership is telling the same story, and clearly articulating what actually makes your business different.
If what you say externally doesn’t match what’s in your S-1, it’s a clear disconnect that people will notice. And at this stage, inconsistency can create a lot of unnecessary confusion during this critical juncture.
The IPO quiet period rules haven’t changed much over the years, but the breadth and speed of how communications can communicate has. Whether it’s a LinkedIn post, a blog post, a news article, or even what your employees or partners amplify, it all feeds into how investors perceive your company.
The guardrails surrounding quiet period are clear: no forward-looking statements, no hype around valuation, no discussions about the company’s value or performance (even if this has been past practice), and no talking about the IPO itself. This isn’t about going silent, but it’s important for PR teams to determine the IPO PR strategy, and execute what’s deemed “in the ordinary course” of activity.
While communications are limited to non-financial topics, staying within those lines isn’t always straightforward. The grey area can be if a business reporter interviews your CEO, then includes some of this financial information in coverage. Essentially, you can’t be seen to boost the value of the stock pre-IPO. For this reason–and since SEC guidelines are inherently vague–companies are typically cautious during quiet period and have all communications reviewed by their general counsel ahead of progressing.
4. You Don’t Control the Timing—But You Can Control the Narrative
When your filing goes public. As regulators review it. During the roadshow. When pricing is announced. On IPO day. These are predictable moments when attention spikes, and stories tend to be published around these events.
A PR team needs to be ready for these milestones ahead of going public. This means that the IPO media strategy is prepared to:
It’s also critical to define the media approach on IPO day. Your company may be more conservative and may not want to conduct a slew of reporter interviews on the day of the IPO, or it may want to have as many interviews as possible. Given how the market performs is out of a PR professional’s control (e.g. you could raise less funds than anticipated), it’ll be important to prepare the responses and approach for best-case and worst-case scenarios. You’ll also be working closely with the stock exchange communications team well in advance, who will have a clear timeline on IPO day.
Most teams are laser-focused on getting to the IPO, but underestimate how much changes after. Once your company becomes a public entity, your corporate communications strategy fundamentally changes.
Additionally, your CEO is no longer just telling a growth story—they’re managing expectations in real time. This requires:
A lot of companies struggle here, not because they don’t have a story, but because they haven’t built the muscle to communicate like a public company.
An IPO is one of the most defining moments in a company’s lifecycle, but it also needs to be understood beyond the main event. For founders and executives, trust and reputation is built over time through:
Ultimately, a strong IPO communications strategy doesn’t just support your valuation. It helps sustain it long after you go public. As a fractional Head of Communications, I work directly with founders, CEOs, and CMOs to build and execute a tailored IPO communications strategy. This includes:
Pre-IPO Readiness
IPO Process Support
Post-IPO Transition
If you’re planning for an IPO—or even considering the path—it’s not too early to start building the communications foundation. Get in touch to discuss your IPO communications strategy.
