IPO consulting for founders: an adviser on your side, not the bank's.
The route everyone pictures, and the only one that raises money on the day you list. It's also the only route where you can do everything right and still not go public, because an investment bank has to decide it can sell your shares.
For a company with real scale, in a sector investors are buying, with a bank that's interested without needing to be persuaded, an IPO is the right answer. For most founder-led companies, it's a later step, not a first one.
What an IPO involves
A company sells new shares to institutional and retail investors through underwriters, who help structure, price and distribute the offering. The company lists on an exchange and takes on the obligations that come with it: disclosure requirements, investor relations and regulatory compliance.
What sets an IPO apart is the level of institutional involvement and the amount of capital you can raise. Underwriters bring distribution, market-making and pricing expertise no other route provides. In exchange, they take a meaningful share of the proceeds, typically 7% or more in commissions, and impose a timeline and process you don't fully control.
It's also the most complex and resource-intensive route. You coordinate regulators, underwriters, auditors, attorneys and communications teams, often all at once, over a process that typically runs seven to eight months for an organized company. For most founders, it's the most demanding thing they'll take on outside of building the company itself.
For companies raising $50 million or more from institutional investors, an IPO is often the right structure. Nasdaq now generally requires an IPO to raise at least $15 million. With more modest capital needs or tighter timelines, a direct listing or reverse merger may be worth evaluating first.
The bank doesn't represent you
If an underwriter wants your company, that's when you most need someone on your side. The bank is paid to complete the offering, and it doesn't represent you. You still need someone to make the strategic calls on timing and structure, negotiate with the underwriter, and coordinate your accountants, auditors, lawyers and the issuer.
Every unneeded hour with professionals billing hundreds of dollars an hour costs real money. So do avoidable mistakes in underwriting discussions or the investor presentation, and so do terms and dilution you didn't need to accept. Our fee, a monthly fee plus equity, is usually smaller than what getting those things wrong costs.
Before you sign with a bank
Some smaller firms will sign an IPO engagement with an upfront fee, have you spend six months or more on audit and legal work, and only then find out whether their clients will buy. Before engaging any bank, ask:
- How many offerings of our size did you complete in the last two years?
- How many did you sign that didn't complete?
- What do you need to see before you commit to the offering, not just the engagement?
How we work
We're the central coordinator across every workstream of the IPO, keeping legal, audit, regulatory and investor-facing work aligned and on schedule. Founders usually underestimate how much time this coordination takes. We manage it so you can stay focused on the business. Our work includes:
- Structuring IPO and private placement terms
- Coordinating with securities counsel and auditors
- Drafting and reviewing registration statements
- Advising on corporate governance and board composition
- Helping select underwriters, transfer agents and market makers
- Developing investor presentations and communications strategy
- Preparing the company for ongoing SEC reporting and investor relations after listing
We believe in shared outcomes. Every engagement starts with The Four Levers Program, a written plan for $10,000, fixed, with nothing owed after. If you go on to an IPO, we’re paid a monthly fee plus equity, agreed in writing before each step starts. We’re not paid on the size of any raise, and we only do well if the company does well over years. That alignment matters: our interest is in the company’s long-term value, not just completing the transaction.
Beyond the IPO
An IPO is a starting point, not a finish line. As a public company, you take on ongoing obligations around financial reporting, disclosure, investor communications and market expectations. Companies that treat listing day as the end of the process often struggle in the months that follow.
We work with you through that transition, setting up reporting rhythms, investor relations frameworks and disclosure practices, so the company operates credibly as a public company from day one.
Is an IPO right for your company?
An IPO tends to make sense when you're ready to raise substantial capital from institutional investors, have the financial infrastructure to support the reporting that follows, and are prepared for a process that demands significant time from senior leadership.
It isn't the right fit for every company at every stage. In many situations, a direct listing or reverse merger is a better place to start, with an IPO as a later step once the company has built public-market credibility and scale. The right answer depends on your capital needs, your timeline and what you're trying to accomplish.
Frequently asked questions
How long does an IPO take?
For a typical, organized company, seven to eight months from kickoff to listing, depending on audit readiness, governance preparation, S-1 drafting and SEC review, and exchange approval. Audit readiness is usually the biggest driver, so companies that start it early move faster.
What does an IPO cost?
It starts with The Four Levers Program: a written plan for $10,000, fixed, with nothing owed after. If the plan calls for a raise, Raise-Ready is $15,000, fixed. The IPO itself is on a monthly fee plus equity, agreed in writing before it starts, and you can stop after any step and owe nothing further. Third-party costs across legal, audit, accounting, stock exchange and other professionals are paid directly to those providers and typically run $600,000 or more, before underwriter discounts and commissions. We help scope and manage these costs early so there are no surprises as the process develops. You don’t need this money sitting in the bank. In almost every case, the private placement is structured so you and your team can raise capital from your personal and professional networks to cover these costs, often with growth capital on top, and sometimes capital for acquisitions too. Your own outlay is the plan and the preparation. The people who already know you pay for the rest. For a fuller breakdown, see IPO cost and expense considerations.
What financial statements are required?
U.S. issuers typically need two to three years of audited financials plus interim periods. Emerging Growth Companies under the JOBS Act may qualify for a reduced two-year requirement. Your auditor and securities counsel will confirm the exact requirements for your situation.
Do I need underwriters?
Yes, for a traditional IPO. Underwriters structure, market, price and distribute the offering. We prepare you for bank meetings, help evaluate proposals, and coordinate the diligence and marketing once banks are engaged.
How is an IPO different from a direct listing or reverse merger?
In an IPO, new shares are sold through underwriters to raise capital. In a direct listing, the company registers its shares with the SEC and has them quoted, usually on the OTC markets, without an underwriter and without raising money on the day; the capital is raised privately beforehand. In a reverse merger, a private company merges into an existing public shell to acquire a listing, with capital raised separately. Each path has different costs, timelines, and effects on the company's investor base and life after listing.
What governance changes should we expect?
Most companies need to add independent directors, formalize audit and compensation committees, adopt internal policies and controls, and upgrade their financial reporting cadence. We identify these gaps early and sequence the changes so they're in place well ahead of filing.
How soon should we start preparing?
Ideally six to eighteen months before your target listing date. Early work on governance, audits, financial forecasting and investor positioning shortens the timeline and cuts cost during the filing period. Starting late is the most common cause of avoidable delays.
Do you raise capital for clients?
No. We're not a broker-dealer or placement agent. We prepare companies to raise capital successfully, coordinate all the professionals involved, and help evaluate banking partners and structures. The raising itself is done through underwriters or, at earlier stages, through the company's own network.
Why Meraki Partners?
Most Wall Street firms focus on large-cap IPOs, where their economics are best. We work with small and mid-sized companies, where founders still need hands-on guidance but are rarely a priority for the largest advisory firms.
Joel Arberman has more than 30 years of experience and has taken 17 companies public, several of them his own, across IPOs, direct listings and reverse mergers. That experience covers the full range of the process, from SEC comment cycles to underwriter due diligence to preparing management for investor roadshows. On Onfolio Holdings' Nasdaq IPO, Joel worked with the company from just past startup: through several private placements and strategic advice, choosing the investment bank, negotiating the underwriting agreement, and bringing in the accountants, auditors, lawyers and transfer agent, then managing the process through the IPO and beyond.
What we bring isn't a standardized process. It's an understanding of how decisions made during preparation affect what the company can access and accomplish after listing. We work with a small number of companies at a time because this coordination is substantive, and the outcome depends on how carefully it's done.
IPO: quick answers
How much do you need to raise in an IPO?
An underwriter generally needs to raise $15 million or more for a company to qualify for a US IPO on Nasdaq or the NYSE.
How long does an IPO take?
About seven to eight months from the decision to go public, sometimes less. Much of the work can be done before an underwriter commits; once it does, SEC review can take three to four months.
What do underwriters charge?
Usually 6% to 8% of the money raised, plus expenses and warrants.
Can a small company do an IPO?
Rarely, unless it can support a raise of $15 million or more. Most smaller companies go public by direct listing on the OTC market and uplist later. Only 2 of the 17 companies we have taken public used an IPO.
Next step
If you're considering an IPO and want to know whether it's the right structure for your company, start with a straightforward conversation. We'll look at your current position, capital needs and timeline, and give you an honest assessment of whether an IPO or another path makes the most sense. There's no expectation to move forward. The goal is simply a clearer picture of your options.