EY’s Q126 global IPO trend report notes that IPO markets began 2026 with strong momentum. However, it also observes that escalating geopolitical tensions and their broad impacts have made markets more challenging to navigate.
In this environment, it makes sense to be guided by those with the greatest insight into the financial health of the business.
Having been actively involved in three IPOs, Marianna Polykrati, Group Treasurer at Avramar is well placed to express the opinion that the treasurer should have a decisive role in determining IPO timing.
“Beyond market conditions, timing depends on whether the company is financially and operationally ready to perform under the pressure of public markets,” she says. “In these situations, treasury usually has the clearest visibility. This includes assessing liquidity resilience, cash flow predictability and exposure to risks such as FX volatility or capital constraints.”
In more complex environments, treasury may also need to validate whether cross-border fund flows and currency conversions can be executed effectively. In such cases, timing becomes less about market opportunity and more about execution readiness.
Polykrati says that although she had very limited insight into what to expect or how she could contribute to her first IPO, she quickly realised that what matters more is the ability to operate with judgment under pressure, understand complex financial structures and challenge assumptions when needed.
“Treasury bridges strategy and execution, validating financial flows, structuring liquidity and funding and ensuring that the assumptions behind the equity story are operationally sound,” she continues. “In practice, this may involve structuring the movement of funds across jurisdictions, managing multi-currency exposures and coordinating multiple financial institutions. In complex transactions, treasury is often the function that determines whether a structure is feasible, not just attractive.”
Polykrati agrees that treasury plays a key role in aligning market expectations and board ambitions with financial reality post-IPO, which means translating strategic plans into cash flow and funding implications and ensuring that growth, dividend or investment decisions remain financial sustainable.
“In Greece, we see that in some organisations this role naturally expands, with treasury often supporting areas such as investor relations,” she adds. “This makes alignment even more important, as treasury often sits at the intersection of multiple expectations. Without this discipline, companies risk overpromising and putting pressure on liquidity and funding structures.”
Taking a company through an IPO was not a new experience for Macrina Kgil when, as CFO, she took Figure Technology Solutions public last September, having gone through the process with SpringLeaf (now called OneMain) in 2013.
“This time I looked at the process holistically, not just in terms of whether the company was ready to go public from a reporting and accounting perspective,” she explains. “You need to think about what the company is going to do with the funds and whether shareholders really understand how the capital allocation is going to work from day two.”
Profitability is another consideration. “Do you have different types of liquidity pockets that you can tap into?” adds Kgil. “Some companies already have that when they go public but we didn’t, so you have to think through what stage of the liquidity journey the company is at.”
She describes the IPO process as team effort and underlines the importance of variety of experience across the board in the form of people that have gone through an IPO process or seen it as an advisor and can learn from these experiences.
You need to think about what the company is going to do with the funds and whether shareholders really understand how the capital allocation is going to work from day two.
Macrina Kgil, CFO, Figure Technology Solutions
“Having an internal resource who understands how an IPO works is very important. You have a lot of advisors but they are not with you from day one thinking about what you need to be transparent with investors and shareholders and how is that going to flow through a one, three or five year strategy conversation.”
Kgil acknowledges that speaking to other CFOs who have gone through the process has also been helpful for identifying potential legal advisors and banking partners – and also refers to the value of technology for assessing and finessing investor documentation.
“This allows us to be more strategic, to understand the story we are able to convey to investors so they are on the same page,” she says. “The banks were also helpful in giving us their view of how the presentations needed to work and the key points we needed to touch on. The IPO process has evolved and investors have become more sophisticated, which demands more focus from the CFO and treasurer as well as the wider investor relations team.”
Kgil agrees that the CFO has a role to play in managing expectations after IPO, for example clarifying how funds are going to be used rather than just for ‘general corporate purposes’.
“You also need to think about the merits of a dividend policy or share repurchase programme and have ongoing discussions with the board on how to give something back to your investors,” she says.
Sunny Gutta, Director of Treasury at Reddit, explains the decision to delay that entity’s IPO from 2022 created a two-year quiet period that allowed it to build real operating discipline and become a better public company.
“We ran eight mock earnings calls, tightened forecasting and engaged with hundreds of investors,” she says. “By the time we went public in 2024, we had effectively been ‘acting public’ for an extended period, which helped reduce execution risk, strengthen the business and build investor confidence.”
“Our experience underscored that optimal timing requires a balance between favourable market conditions and internal organisational preparedness and the CFO is best positioned to assess that intersection, which is why their input should be central.”
IPO execution is a specific skillset that involves, among other things, selecting and working with underwriters and advisors, structuring a compelling roadshow narrative, crafting an investor and shareholder strategy and engaging with investors.
Gutta acknowledges that previous experience of the process compresses the learning curve considerably and that prior M&A or capital markets experience can also transfer well.
“While a CFO without prior IPO experience can still successfully manage a public offering, it requires the right support,” she adds. “This support should come from advisors and internal finance leaders with prior IPO experience, particularly from key teams such as accounting, treasury and investor relations.”
According to Gutta, the most important roles played by CFOs in the listing process are the architect of the finance function, the cross-functional team integrator and the financial narrator.
“Managing board expectations post-IPO is a critical part of the CFO’s role that is often overlooked,” she continues. “The transition to a public company introduces new dynamics and as a key operating partner to the CEO, the CFO plays a key role in setting baseline expectations around guidance, operating cadence, volatility and investment trade-offs – ideally before the company goes public.” Making a good first impression in public markets is critical because early mistakes can be difficult to overcome, emphasising the need for a steadying influence.
With a solid free cash flow forecast, the treasurer can predict cash needs and develop an investment strategy to manage the influx of capital observes Stef Layne, Vice President of Finance at Klaviyo.
Our experience underscored that optimal timing requires a balance between favourable market conditions and internal organisational preparedness and the CFO is best positioned to assess that intersection.
Sunny Gutta, Director of Treasury, Reddit
“A firm yet flexible, board-approved investment policy is essential to govern the risk/reward trade-offs associated with higher cash balances,” she says. “Additionally, a treasurer’s deep understanding of capital markets provides vital guidance on market appropriateness.”
Layne refers to the value of having an internal expert in terms of managing expectations and avoiding pitfalls such as over-investing IPO funds with a lead investment bank, adding that diversification is crucial as balances grow and that a strategic ‘share of wallet’ should be considered before the IPO.
“Managing new exposures is a key responsibility,” she says. “Depending on the volume of outstanding shares and the IPO price, the treasury team must coordinate closely with payroll to ensure quick and efficient filing to avoid tax penalties and fees. The treasurer can be a fresh set of eyes on the S-1 (a required registration form companies submit to the SEC prior to being listed on a public exchange) and a key control partner to the internal audit function.”
As a treasurer who has partnered on three technology IPOs, Layne knows from experience the importance of building a transparent communication channel with the board.
“A liquidity event, such as an IPO, could trigger various capital market covenants including revisiting, renegotiating or terminating legacy credit facilities,” she says. “Discussing and setting an appropriate future capital structure model should include the wisdom and concurrence of the board. Additionally, equity strategies require board approval and are critical for the treasurer to be involved in.”
Health technology firm UltraGreen.ai went public in December 2025. Eamon Lynch, Chief Financial Officer describes the broader judgement around timing as combining financial readiness with a clear understanding of the company’s stage of development and says the strength of the growth narrative and opportunity is what will genuinely excite institutional investors over a multi-year horizon.
“There might be situations where the financial fundamentals are already in place, but the real conviction for going public comes from something more forward-looking: the opportunity to bring investors along on a compelling growth journey, particularly when the product is at the right stage of its life cycle and there is clear, demonstrable demand with long-term potential,” he continues.
Lynch observes that the scale of an IPO should not be underestimated. Due diligence, regulatory preparation, stakeholder communication and internal readiness work all run concurrently and the CFO must orchestrate a large group of specialists – investment bankers, legal advisers, auditors, corporate finance teams, communications experts and governance professionals – whilst maintaining clarity of ownership and keeping momentum aligned with the broader strategic objectives.
“Where prior experience adds value is in understanding the intensity of the process, how quickly timelines compress, the importance of sequencing decisions and where the hidden pressure points tend to emerge,” says Lynch.
According to the EY report, companies that invest early in readiness will be best positioned to transact when market conditions allow.
Patrick Kunz from Pecunia Treasury recommends a scenario analysis of post-IPO share movements to determine the potential impact on covenants and financing arrangements, while FTI Treasury CEO and Executive Director, Justin Callaghan, suggests CFOs and treasurers have a role to play in preparing directors for the scrutiny that comes with this position in a listed company.
“From our perspective, the most critical treasury‑related roles include identifying and closing gaps in liquidity and risk processes, controls and governance well before filing; producing forecasts that withstand investor scrutiny and clearly link proceeds to growth, resilience or deleveraging debt; and establishing clear policies and strategies for FX, interest rate, counterparty and funding risk,” says Stephan Plein, Director, Zanders.
Other vital tasks include ensuring banks, payment flows and funding structures work without disruption from the first trading day and coordinating with finance and reporting, tax, legal, HR and IT to avoid late‑stage surprises, he concludes.
