The COVID-19 pandemic had a significant impact on the IPO process. Testing-the-waters meetings had consistently increased in number in recent years, which resulted in shorter IPO roadshows even pre-pandemic. Roadshows continued to be compressed during the transition to virtual roadshows, a format which many institutional investors have become accustomed to now as a result of the pandemic. Despite these changes, the IPO process is still subject to strict communications rules.

In this What's the Deal? guide, we discuss, among other things, some of the communications related concerns arising during the pre-filing period, as well as the principal documentation requirements associated with the IPO process.

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