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Investment Strategy

What happens when a private company goes public?

From private company to public stock:

An initial public offering (IPO) marks a company’s transition from private ownership to trading on a public stock exchange. For investors who hold private shares, the process unfolds through several key stages—from the company’s initial filing and the pricing of the offering to the first day of trading and the expiration of any lock-up period.

What to expect and when:

The path to an IPO is not always linear, and the timing can change with company decisions, regulatory review and market conditions. Even after shares begin trading publicly, pre-IPO investors may be restricted from selling during a lock-up period. Understanding each milestone can help investors know what is happening, what may come next and when their shares may become eligible for sale.

How the IPO process works

How the IPO Process Works” showing five milestones in a private company’s transition to public trading.
How to read this: Timing is indicative — real IPO calendars and lock-up terms vary widely by deal, market conditions, and jurisdiction. The liquidity bar reflects a typical pre-IPO investor's ability to realize their position, which stays limited until the lock-up lifts and distributions are made. Illustrative only; not investment, legal, or tax advice.
J.P. Morgan has extensive experience helping clients navigate the transition from private ownership to public markets. Your J.P. Morgan team can help you understand the IPO process, the restrictions that may apply to your shares and the planning considerations at each stage.

KEY RISKS

This material is intended to help you understand the financial consequences of the concepts and strategies discussed here in very general terms. The strategies discussed often involve complex tax and legal issues, and is not intended to provide, and should not be relied on, for tax, legal or accounting advice. JPMorgan Chase & Co. does not practice law, and does not give tax, accounting or legal advice and are not responsible for any tax consequences. Your own attorney and other tax advisors can help you consider whether the ideas illustrated here are appropriate for your individual circumstances. We are available to consult with you and your legal and tax advisors as you move forward with your planning.

IMPORTANT INFORMATION

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. ("JPM"). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

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Learn the IPO process step by step—filing, pricing, first day of trading, lock-up periods and lock-up expiration—so pre-IPO investors know what to expect and when.

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