As the IPO market seems to be thawing for tech companies, it’s time for communications leaders to dust off their strategies for pre- and post-public offering. We recently spoke with tech communications leaders who have been through the IPO process for a panel conversation on best practices and lessons learned from their experiences, hosted by Axios senior business reporter Hope King.
Following that conversation, Highwire Account Director Tricia Dawal spoke with Hope 1:1 for a deeper dive on the IPO comms process through a reporter’s lens. Hope shared her insights on how companies can effectively work with reporters to gain coverage during their IPO journey. The discussion highlighted several strategies and best practices for building fruitful media relationships and securing comprehensive coverage.
The below conversation has been edited for brevity and clarity.
Tricia: What is the ideal way for a brand to work with you pre and through an IPO?
Hope: I think for this new environment that we're in, the best way to attract interest from the media about an upcoming IPO is to put us in touch with somebody who has been with the company long enough to understand why the IPO is happening now. Context is really important — to understand how the business is working and growing.
Because there are some nuances to how they're allowed to talk to press closer to the IPO, having those early, off-the-record conversations is the best way to establish the relationship and help me build enough reporting for the story when it comes time to write about it. … and to gauge the newsworthiness of the IPO itself. Through the IPO, businesses should consider helping reporters understand public filings.
These IPOs become big stories on the day of, and then the attention drops off, so if a brand really wants to sustain coverage, they should have conversations with reporters regularly. The first of these should happen a couple of months before any filings to have a better understanding of the business. Then on the day of the IPO, having an executive talk about the day reinforces the story. The next big milestone is the first quarterly report as a publicly traded company, which gives more data. Those are three very distinct and key milestones to target.
Tricia: What catches your eye for pre-IPO conversations or coverage?
Hope: Context is really important. For me, the story is always about the big picture: what is the business doing, and what will they use the proceeds for?
Brands have their preferred outlets because they want certain kinds of stories and to influence certain audiences. The landscape has changed; platforms like Charles Schwab have made retail investors much more connected to the storyline of a business. The meme stock trade is a good example of why you shouldn't ignore the retail audience.
Tricia: What would turn you off from covering a company?
Hope: I'm generally turned off by very aggressive PR pitches and constant badgering. If I haven't responded after two emails, the answer is probably no. It’s not always about the company's worthiness but whether the story is newsworthy for our audience at a given moment.
In interviews, a big turn-off is when executives seem to think reporters are not knowledgeable. I’ve been in interviews where the CEO seems to think that way because I’m asking certain questions and trying to learn. It’s unprofessional and affects how I perceive the company. This might not be specifically related to IPOs, but it’s a trend I’ve observed.
Tricia: Does a brand declaring their interest in an IPO make you more inclined to cover them?
Hope: Absolutely. A company announcing its intent to go public signals that the company is mature and transparent enough to be fully disclosed about its business. That’s why I gravitate towards covering publicly traded companies; they’ve gone through the hurdles of fundraising, and their business has proved worthy of investor [scrutiny].
The IPO process itself, including the Roadshow and marketing strategy, can also be interesting for some deals reporters. During pre-pandemic times, I covered the Blue Apron and Uber IPOs, focusing on whether they were oversubscribed and what was happening with the Roadshow. Nowadays, there seems to be less focus on that process. Maybe it’s because fewer companies that are going public are as consumer-facing or it’s less relevant now given bigger stories like AI. But it’s something I’ve noticed.
Tricia: Any other thoughts or advice for companies preparing for an IPO?
Hope: Companies should be clear about their story for IPO day, as it will inform future coverage. Early relationship building with the press and trust in off-the-record conversations are essential. Companies should also groom their executives for media interactions, providing opportunities for less media-trained executives to gain experience.
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Think an IPO might be on the horizon for your business? You can listen to a recording of our panel on IPO communications strategies here, or connect with our team to learn more about our capabilities and how we can support this exciting milestone for your company.
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