Public-company-ready, not just IPO-ready.
An IPO is a transformational event that touches every functional area of the company. CFGI’s Capital Markets Advisory team has advised on more than 150 IPOs since 2020 and supports over 600 public company clients today. We do not just consult, we execute, with integrated capital markets services that emphasize project management and tailored solutions across IPO, APO, reverse merger, de-SPAC, and follow-on offerings.
Four shifts shaping today’s IPO market.
The last five years have run hot, cold, and back again. The companies that priced through it shared a pattern: they were public-company-ready before the window opened, not scrambling once it did. Four shifts keep showing up in every readiness conversation.
IPO windows open slowly and close quickly
The 2019 to 2021 flood tripled IPO volumes, then the markets effectively closed in January 2022. Companies that were not ready in 2021 missed the window and were blocked out of the markets for more than two years.
Investors prioritize profitability over growth
Pricing on optimistic growth forecasts left a long tail of underperformance. The current bar is sustainability of the business, not just trajectory of the curve. Forecast accuracy and KPI discipline matter more than they did in 2021.
Material weaknesses become public events
An untimely material weakness in internal controls triggers investor scrutiny and litigation risk. SOX 404 readiness, ITGCs, and disclosure controls all have to be in place before the first 10-K, not after.
2024 to 2025 is open for the ready
Benchmark indices sit at or near all-time highs, deal activity is ramping up, and reduced volatility plus declining rates make IPOs increasingly feasible. The advantage goes to companies that did the readiness work in the quiet period.
Five capabilities across the public-company lifecycle.
From the Phase 1 IPO Readiness Assessment through Phase 2 execution and sustained public company compliance, CFGI’s Capital Markets Advisory practice runs the full lifecycle. Engagements scale from a free 2-hour Expert Access call up to fully embedded support across the entire S-1 process.
Phase 1 Readiness Diagnostic
Phase 1 gap assessment covering 12 functional areas, benchmarked against public company peers. 100+ page deliverable with a roadmap of actionable steps for the Board and the operating team.
Capital Markets PMO
IPO project plan stand-up, PMO governance, steering committee monitoring, workstream interdependency tracking, and Board status reporting across the full deal lifecycle.
Accounting & SEC Reporting
Drafting the Form S-1, Regulation S-X uplift, technical accounting positions, MD&A, pro forma financial information, non-GAAP measure compliance, and PCAOB audit readiness.
Financial Close & FP&A
Accelerated quarter-end close, public company close calendar, forecast accuracy and KPI design, non-GAAP and KPI reporting, EPM evaluation, and automation.
Internal Controls & SOX 404
SOX 404 scoping, process and control documentation, sub-certification controls, ITGCs, deficiency aggregation and material weakness assessment, remediation, and initial controls testing.
S-1, MD&A & Pro Forma
- Form S-1 drafting, MD&A, and pro forma disclosures
- Regulation S-X uplift and public company disclosures
- Technical accounting positions and significant judgments
- Non-GAAP measure compliance and presentation
- PCAOB audit readiness and quarterly review uplift
Close Acceleration & KPI Discipline
- Public company close calendar and accelerated cycle times
- Forecast modeling, KPI design, and management reporting
- ARR waterfalls, bookings, and SaaS metric validation
- Investment bank and pubco investor KPI disclosure prep
- EPM evaluation, dashboarding, and automation
ICFR & SOX Stand-Up
- SOX 404 scoping aligned to first-time registrant requirements
- Process documentation, ITGCs, and disclosure controls
- Sub-certifications, 302 and 906 certifications
- Deficiency aggregation and material weakness remediation
- Internal audit and ERM stand-up
Tax, Treasury & Cyber
- Quarterly and annual tax provisions and Up-C accounting
- Tax structuring and legal entity readiness for public offering
- Treasury management system and public company capital structure
- Cybersecurity disclosure rule adoption
- Equity compensation readiness and public compensation disclosures
Expert Access
A free two-hour session with CFGI’s seasoned Capital Markets team to walk through the heavy lift of going public. Quick credibility, tailored guidance, no pressure.
Best for: CFOs and Boards sizing the readiness gap before committing to a full assessment.
IPO Readiness Assessment
A tailored Phase 1 gap assessment across the 12 IPO Readiness functional areas. Output is a 100+ page report ready to present to the Board, and the foundation for the IPO project plan.
Timing: generally recommended for companies that are 12 to 24 months out from a potential public offering.
Phase 2 IPO Execution
6 to 18 months of hands-on execution following the assessment. CFGI stands up the IPO PMO, prepares the registration statement, drives SOX 404 stand-up, runs financial close optimization, and supports tax structuring, ESG reporting, and IT roadmap.
Best for: companies post-assessment ready to operationalize the roadmap.
Project management mindset. 150 IPOs of pattern recognition.
CFGI’s integrated capital markets services emphasize project management and tailor solutions to anticipate the business needs of each registrant. Hundreds of successful IPO and capital markets transactions inform every recommendation, so the team is helping the client look around corners, not just consulting from the sideline.
Strategic advice, built into execution.
- Frictionless supportAn independent partner who can roll up sleeves to support the team throughout the process, without the friction and limitations of auditor independence standards.
- Insightful coordinationA proactive project manager who triages issues, identifies interdependencies, and reports project status to the steering committee and Board.
- Delivery skillsetCross-functional advisors who address issues across the spectrum of IPO readiness, and prepare the team to engage with external stakeholders.
- Deep technical expertiseA dedicated team with cross-sector technical depth honed over hundreds of successful IPO and capital markets transactions.
- No audit restrictionsCFGI is not an attestation firm. We can sit alongside the auditor with no independence conflict, including through PCAOB audit readiness.
Six gaps that keep teams out of the market.
The window closes before the team is ready
IPO windows open slowly and close quickly. Several readiness areas, including completing a PCAOB audit and placing public company board members, can each take six months or more. Without an early start, the team plans into a window that has already shut.
Forecast miss damages valuation in the first quarter
Failure to meet forecasts after pricing has a direct impact on valuation and credibility with investors and banks. KPI validation, forecast modeling, and management reporting all need to clear the bar before pricing, not after.
Material weakness becomes a public event
An untimely material weakness in internal controls causes investor scrutiny and litigation risk. SOX 404 scoping, control documentation, ITGCs, sub-certifications, and remediation testing all have to be in place before the first 10-K.
Twelve functional areas need uplift at once
Accounting, close, FP&A, controls, legal, IT and cyber, tax, treasury, HR, capital markets, IR, and ESG all require organizational change to become public-company-ready. Sequencing this without a PMO is the most common reason timelines slip.
The S-1 process is more than financial statements
Drafting the Form S-1 covers MD&A, pro forma financial information, non-GAAP measure compliance, and SEC comment letter responses. Each is a workstream of its own with downstream effects on the pricing timeline.
Sustaining public company operations after Day 1
The work does not end at pricing. Quarter-end close acceleration, ongoing SOX testing, KPI reporting, and continuing disclosure obligations all run on a faster cadence than the team is used to. The first four quarters are where most material weaknesses surface.
Twelve functional areas. One project management mindset.
Three engagements from assessment to IPO.
Phase 1 IPO Readiness Assessment
Four-week diagnostic, 100+ page gap assessmentScenario
A company is 12 to 24 months from a potential public offering. Senior leadership knows the heavy lift is real but has no shared diagnosis of where the gaps actually sit across the 12 IPO Readiness functional areas. The Board wants a roadmap before approving the budget.
Action taken
CFGI runs the Phase 1 Readiness Assessment over four weeks. Week 1 prepares the workshops and analyzes key documents and data. Weeks 2 and 3 hold readiness workshops, compare organizational maturity against best practices and industry peers, prepare observations and recommendations for each functional area, and draft the readiness report. Week 4 finalizes the report, provides the roadmap with actionable steps, and runs the read-out with senior leadership.
Outcomes
- 100+ page Board-ready gap assessment with executive summary and heat maps.
- Roadmap of actionable steps to become public-company-ready, with sequencing.
- Resourcing plan covering Board, finance, controls, IT, tax, and HR uplifts.
- Foundation for the Phase 2 IPO project plan and PMO stand-up.
Phase 2 IPO execution
M1 to M12 from kickoff to pricingScenario
Post-assessment, the company is targeting an IPO in roughly 12 months. The PMO has not been stood up yet, SEC counsel is being hired, and the S-1 drafting work has not started. The CFO needs an integrated execution partner across accounting, controls, FP&A, and close.
Action taken
CFGI runs the Phase 2 execution. M1 finalizes the readiness assessment and stands up the PMO with task-based plans. M2 to M5 cover Regulation S-X uplift for prior-year financials, quarterization activities, PCAOB audit readiness, SOX 404 scoping, and FP&A KPI validation. M5 to M8 cover the public company financials, organizational kickoff with banks, and the Form S-1 first draft. M9 to M11 manage SEC comment letters and review. M12 prices the IPO with subsequent filings updated and pricing disclosures complete.
Outcomes
- PMO governance and steering committee reporting in place from M1.
- Form S-1 drafted, filed, and updated through SEC review and pricing.
- SOX 404 program designed, controls tested, deficiencies remediated.
- Public company financial close running on the new accelerated cadence.
Public company compliance
First four quarters and beyondScenario
A newly public company is in the first four quarters as a registrant. The cadence of public-company reporting is faster than the team is used to, SOX testing is live, and the first material weakness risk is in front of the team. The Board wants assurance that operations are sustainable.
Action taken
CFGI provides ongoing public company compliance support. The team runs continuing SOX testing and remediation, drives the public company financial close and accelerated cadence, prepares quarterly and annual SEC filings including 10-Q, 10-K, and 8-K, supports KPI and non-GAAP measure consistency, and works the cybersecurity disclosure rules into the operating model. ESG and climate disclosure work integrates with the Sustainability practice as needed.
Outcomes
- SOX program operating sustainably, with deficiencies remediated before each filing.
- SEC filings completed on the accelerated cadence with no surprises in review.
- KPI and non-GAAP reporting consistent across IR, MD&A, and financial statements.
- Cyber and ESG disclosure obligations met inside the standard reporting cadence.
Talk to the partners who lead CFGI’s Capital Markets Advisory.
Chris Brandes
Partner | Capital Markets Advisory
Senior capital markets advisor with deep expertise in IPO readiness, SEC reporting, and technical accounting for first-time registrants. Works across the full deal lifecycle from Phase 1 assessment through Day 1 and beyond.
April Coleman
Partner | SEC Services
Leads SEC Services across CFGI’s Capital Markets practice. Specializes in Form S-1 drafting, Regulation S-X uplift, technical accounting positions, and public company SEC reporting compliance.
John Craven
Managing Director | Capital Markets
10+ years across transaction advisory and complex accounting services for companies navigating transformative transactions. Specializes in IPO readiness, SEC compliance, financial reporting, and technical accounting matters.
Leonardo Anselmi
Partner | Capital Markets & Accounting Advisory
Provides capital markets and accounting advisory services on complex transactions for private and public companies across sectors. Deep experience across IPO readiness, SEC reporting, and technical accounting through significant transactions.
Ready to walk into the IPO with no surprises?
Start with a free 2-hour Expert Access call, a Phase 1 Readiness Assessment, or full Phase 2 execution alongside the existing team. Same practice, sized to the window.