• Early-Stage Biotech IPO

IR Challenge/Opportunity:

Company C had a novel discovery platform, premiere scientists, and a strong management team. Stern IR was retained initially to ensure they would have a successful IPO, during a time when later-stage stories were favored over preclinical platform companies as IPO candidates, to create a more stable shareholder base specifically looking to add investors with longer term horizons.


  • Identify a strong syndicate of risk-averse banks for the IPO, including a bulge-bracket lead bookrunner and 3-4 supporting banks
  • Educate underwriter analysts on the science and technology to secure their coverage post-IPO
  • Broaden visibility and create demand among investors in advance of the IPO
  • Target high-profile investor conference opportunities to raise visibility among institutional investors


  • Comprehensive introductions to the financial community in a truncated period in advance of the IPO window
  • Targeted blue-chip investors and known IPO-buyers for the financing
  • Hosted an analyst teach-in for syndicate banks’ analysts to educate them on the story and address any issues about the technology prior to the IPO
  • Solicited speaking invitations at high-profile investor conferences to raise visibility pre-IPO


  • Completed IPO in a challenging market, securing Fidelity as lead investor
  • Efforts resulted in stock price strength even though the market environment generally did not favor early-stage companies
  • The Company committed to maintaining an active IR program, presenting at an average of around 20 conferences per year, meeting with investors on a regular basis
  • Despite many IPOs trading down afterwards, the Company’s stock traded at a large premium to the IPO price for years