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IPO Rules of the Road

Many expect the IPO market to remain open in 2026. In anticipation of this happening, now is the time for late-stage startups to get ready.

If your company is planning an IPO in 2026, this primer is for you. This information is vital for late-stage startups as they seek to build their IPO muscle, which few have given the dearth of IPOs over the last several years. You will want to start strategizing well ahead of your listing, ideally 6-12 months out. Given this will likely be before your company hires an investor relations lead, many planning aspects may fall on the shoulders of the general counsel or head communicator. These activities will include preparing colleagues for the process, crafting the investment story, and managing listing day interviews and activities, to name a few.

As you may have guessed, the period leading up to an IPO is an exciting, but disruptive time for a company and its communications team. As the internal leader of the process, youʼll be expected to make a number of consequential decisions, and be called upon to answer questions from
your CEO such as:

  • “Can the WSJ interview me before the IPO quiet period begins?
  • “Ahead of an IPO, how much can we communicate to employees about the process or their equity?”
  • “Can we do media interviews on listing day?”

If youʼre not quite sure of the answers, youʼre not alone. The patchwork of securities rules and laws in the United States governing company behavior before, during, and after an IPO leaves many communications leaders wondering what activities are permitted throughout this process.

The goal of this primer is to familiarize ourselves with the relevant parts of the securities laws so you can lead with confidence on IPO communications matters. weʼll provide answers to the questions listed above, along with many other frequently asked questions surrounding
IPO preparation.

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This primer isnʼt legal advice. While it is intended to provide a detailed overview of the IPO process and terminology, it is not a substitute for legal counsel.

Arena brings deep experience in IPO communications and we have scoured the SEC and legislative source material and leading corporate law firm opinions to ensure the information in this document is robust.