Article
Can an online business go public?
Yes. Online businesses, e-commerce companies and companies that buy websites and digital businesses can go public. We took Onfolio Holdings, which acquires online businesses, public through an IPO, and Freedom Internet Group public by direct listing. Being public suits online businesses that grow by acquiring other online businesses, because public stock and access to capital fund the acquisitions.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
What do investors look for in an online business?
Traffic and revenue that hold up, margins, how dependent the business is on one platform or channel, and a repeatable way to acquire and grow other online businesses.
Why would an online business go public?
To acquire online businesses with a mix of cash and stock, to raise capital at a public-company valuation, and to give operators equity in the combined company.
What is different about taking an online business public?
Platform risk and acquisition audits. Revenue that depends on search, marketplaces or app stores has to be disclosed as a risk, and acquired businesses may need audited financials of their own if they are significant.
Which online businesses are a good fit?
E-commerce companies with real sales, digital media and content businesses, and holding companies that buy and operate online businesses.
How does an online business go public?
The same way as any other company: raise from the people who know you, typically $500,000 to $2 million from about 50 people, get two years of audited financials (or audits since incorporation, if the company is newer), file a registration statement with the SEC, clear its comments, and have a market maker file the Form 211 so the stock can be quoted on OTCQB. A direct listing takes about 10 months; a reverse merger about six.
Related questions
Want to talk it through?
Tell us where you are, and we’ll set up a first conversation about whether going public belongs in your plan and what it would take. If it isn’t right for you, we’ll say so.