Insights for a successful initial public offering (IPO)
Navigate the complexities of initial public offerings with PwC as trusted advisor and Workiva as technology enabler.
Capital markets outlook
IPO activity gained momentum in 2025 and continues to strengthen in early 2026, despite the challenging macroeconomic landscape that reshaped market dynamics, creating a tougher environment for IPOs. But easing monetary policies and improved market confidence throughout 2025 reopened issuance windows. This rebound was largely driven by well-established, later-stage and sponsor‑backed companies with strong operational foundations and credible paths to profitability. Investor appetite shifted and while there was still capital available, it was increasingly directed toward stable, profitable companies with strong operational foundations and clear paths to profitability. While IPO activity showed resilience, overall market volatility and uncertainty prompted many companies to focus on readiness rather than immediate execution.
Looking ahead, the IPO outlook for the rest of 2026 will remain closely tied to geopolitical developments in the Middle East. A timely resolution may facilitate the reopening of IPO markets in the latter half of 2026; conversely, an extended conflict poses the risk of heightened inflationary pressures and potential constraints on global economic growth. Nonetheless, the presence of a robust pipeline of IPO-ready firms and the maturing sponsor-backed assets are likely to position markets favorably once IPO windows become accessible again.
In this uncertain environment, companies considering an IPO should continue to prioritize preparation. Meeting investor expectations such as demonstrating strong scale, consistent growth, profitability (or a clear path to it), and operational maturity is essential. The IPO window can open and close quickly, so building “option value” through readiness is key. Technology plays a critical role in this transformation, helping finance functions become more agile, transparent, and investor ready. Investing time and effort into transforming your finance function in advance of the IPO not only sets you up for success but also yields long-term returns, regardless of how economic conditions evolve.
Our approach
IPOs are complex processes involving numerous stakeholders and workstreams. This complexity can lead to issues, inconsistencies, and reporting risks if not managed carefully. Disparate data sources and lack of integration can slow down alignment, consume valuable resources, and delay your speed to market, which is increasingly critical in today’s volatile environment. At PwC, we believe that preparation is key and can make the difference between success and failure in a listing.
A connected reporting and compliance platform like Workiva streamlines efficient data management, reduces manual workload, and improves the consistency and accuracy of data used throughout the IPO process, SOX compliance, and other governance, risk, and compliance (GRC) activities. This supports the deal team in preparing IPO materials and filings with greater reliability and timeliness. Our alliance with Workiva allows us to combine our deep IPO and capital markets expertise with technology. Through this, we can help you reduce reliance on additional external support, accelerate timelines, and control costs. Streamlining all data and actions through a connected reporting and compliance platform like Workiva gives you a single source of truth that is crucial during an IPO and enables faster, more confident decision-making while strengthening collaboration between the different stakeholders. Once the finance transformation is complete, you are ready to act decisively on your own terms using the tools at your disposal and with our support.
This early investment in finance transformation will not only aid with the listing but also contribute to sustained success as a public company beyond the initial offering with solutions and features such as:
- Connected reporting
- Filing
- Audit trail
- Single source of truth
- Collaboration
- Project management
Connected reporting
Through our collaboration with Workiva, we offer a human-led, tech-enabled approach to help you make the most of your investment by creating an automated data flow from your source systems straight to your final reports ensuring data accuracy and enabling a faster, more precise, review process, as well as supporting SOX initiatives and assurance. Using our industry, accounting, and reporting knowledge together with our data and technology experience of Workiva, we can create an approach tailored to your needs.
Filing
The use of a traditional financial printer used to be the only option for companies going public. This filling service is now available through Workiva. Avoid inconsistencies, endless versions, and formatting issues while meeting tight deadlines and required standards. Make use of Workiva’s filing functionality under our guidance and take control of your filing process at a lower cost and with significantly more flexibility and speed.
Audit trail
Workiva provides a single source of truth and a clear audit trail back to audited financial information. It also provides a system‑generated audit trail that records all changes made throughout the process, including a review and approval history. This audit trail accelerates review time and provides a strong foundation for the auditor’s comfort letter procedures.
Single source of truth
When you use Workiva for both your prospectus or registration statement and marketing materials, you ensure that all documents draw from the same source data. This eliminates inconsistencies and manual reconciliations, enhances efficiency, lowers costs, and accelerates time to market.
Collaboration
Be in control of your financial reporting, SOX reporting, and prospectus or registration statement filing process by hosting it in-house, on one platform where all departments and advisors can access it and collaborate. All stakeholders can be given access to Workiva and work together in real time. Access rights can also be customized to ensure content can be viewed or updated by the appropriate individuals. Reduce turnaround time by avoiding the back-and-forth of documents and emails and the additional costs involved.
Project management
Our project management services are designed to seamlessly align all stakeholders involved with you in the listing: your auditors, lawyers, banks, and other advisors. By leveraging our deep understanding of the IPO process, we can guide you through this intense journey while still allowing you time to focus on the critical aspects of the deal, ensuring a smooth and efficient IPO.
How can we help
Our alliance with Workiva combines our significant capital markets knowledge with Workiva’s technology to support you in your journey towards a successful IPO every step of the way while keeping you in the driver’s seat and facilitating collaboration with all your stakeholders.
Workiva recognises PwC as the EMEA Partner of the year
The PwC Network acrtoss EMEA has consistently exceeded expextations, driving significant growth and delivering exceptional value to our joint customers. Their commitment to quality and innovative approach to developing Workiva accelerators have been instrumental in accelerating digital transformation initiatives.
