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Can you go public without an investment bank?
Yes. A company can register its own shares with the SEC and begin trading on the OTC market through a direct listing or a reverse merger, with no underwriter. 15 of the 17 companies we have taken public did it that way: 11 by direct listing and 4 by reverse merger.
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.
How does a company go public without an IPO?
In a direct listing, the company raises capital privately from its own network first, has its financial statements audited, files a registration statement with the SEC, clears the SEC's comments, and then a market maker arranges for the shares to be quoted. In a reverse merger, the private company merges into a company that is already public. Neither route needs a bank to sell shares.
Who helps a company go public without an investment bank?
A small team: a going-public adviser to plan the path and run the process, a securities lawyer, a PCAOB-registered auditor, a transfer agent and a market maker. We bring and coordinate all of them.
Who files the Form 211 if there is no underwriter?
A market maker, a FINRA member firm, files the Form 211 so the stock can be quoted on the OTC market. We bring a market maker to every deal.
Where does the money come from without a bank?
From the people who already know the founder. Raising capital is the first thing we do once engaged: a private placement, typically $500,000 to $2 million from about 50 people who know the founder personally or professionally. That capital pays the cost of going public and funds the first year of growth. Even a company that doesn't need the money needs those shareholders.
When do you need an investment bank?
For a US IPO on Nasdaq or the NYSE, where an underwriter generally needs to raise $15 million or more for the company to qualify. Later, once a public company has real traction, a bank may run a registered offering. Before that, most small public companies keep raising through private placements.
What changes when no bank is involved?
Nobody sells your shares for you, and nobody brings a list of investors. Being public does not mean strangers will want to buy your stock. Trading and liquidity come as the company builds substance and traction. What being public gives you from the start is the toolset: a currency with a price, verifiable financials and credibility with partners, lenders and the people you want to hire.
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