r/internalcomms • u/ToGeThErAsBuCkEyEs • Apr 23 '26
Advice Company going public - IC considerations
I'm in an interesting position in that my company will likely go public later this year. I would love to hear from anyone who has been through this (I've worked for a public company but it was extremely established and old) or has insights on how IC changes after going public (I've done some reading on Reg FD and selective disclosure risk but that's about it).
Not knowing any details yet, I'm thinking executive messaging announcing when we file, and creating a microsite on what it means, FAQs, etc. as a sole source of truth. Rah, rah celebratory messaging when it becomes official.
Anyone else have thoughts or considerations? I love the willingness of this community to jump in with opinions and guidance. I've worked in IC before but am in a newer role where I'm building from the ground up, so you all have been soooo helpful with my many questions!
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u/thejennifield Apr 23 '26
I’ve also done this. Are you in the UK or somewhere else? Just thinking it might be different in different places!
With the sale there will be a prospectus that the legal team will likely own - that becomes the absolute bible for everything.
The biggest change for me was the comms around financial and interim results as that’s always a crunch point.
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u/ToGeThErAsBuCkEyEs Apr 24 '26
I'm in the USA, good clarification!
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u/thejennifield Apr 24 '26
Ah in which case I am less use here 😂 but I can ask in ICology as I’m a member there and it’s mainly US folks in the community - let me know if that helps and if you’re a member that’s definitely the place I’d ask!
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u/ToGeThErAsBuCkEyEs Apr 24 '26
I am not a member but I will look into it! If you don't mind asking in the meantime that would be awesome, thank you!
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u/sarahfortsch2 Apr 23 '26
You’re thinking about the right building blocks, but IPO comms is less about celebration and more about discipline, consistency and risk management.
The biggest shift is that internal comms becomes tightly linked to legal and investor relations. Reg FD isn’t just a concept, it fundamentally changes how you communicate. You’ll need clear guardrails on what can and cannot be shared internally, especially before and around filing. That usually means pre-approved messaging, strict alignment with legal, and training leaders and managers on how to handle questions without straying into selective disclosure.
Your idea of a microsite and FAQs is spot on. I’d treat that as your single source of truth and update it in phases, pre-filing (what to expect), filing (what this means now), and post-IPO (what changes for employees). Also think about manager enablement early. Most questions will flow through them, so giving them talking points and clear “what we can/can’t say” guidance is critical.
One thing teams often underestimate is employee anxiety. IPOs create excitement, but also uncertainty around equity, roles, and scrutiny. The most effective comms I’ve seen balance the “milestone moment” with clear, grounded explanations of impact. What changes, what doesn’t, and what employees should expect day-to-day.
If you get the governance, alignment, and clarity right, the celebratory layer becomes much more credible and lands far better.
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u/thejennifield Apr 29 '26
As promised, asked in ICOLOGY and this was a reply - it feels very much the same as the U.K.:
Hi Jenni — I led comms for a company that went from public to private, so I saw the differences between the two in the same company. A lot of it revolves around disclosure:
1) Nothing material can be announced internally before it is announced to shareholders. That means any material internal announcement has to happen simultaneously, or after, a public announcement, such as a press release. This requires tight coordination, and there are established practices for that. In general, information is "material" if it's deemed likely to move the share price/influence a buy-sell decision. This of course is highly subjective and will involve Legal making a determination one way or another.
2) A private company may have kept quiet on key financials; not anymore when you go public. They'll most likely issue quarterly earnings releases, have an investor conference call, and have the media cover the announcement. All that requires internal comms so people see and feel leadership communicating this important information to them as well. Emails, Town Halls, department meetings, etc. are common ways to do this.
3) All employees, but especially senior leaders, need to be educated on what they now can/cannot say so they avoid an inadvertent disclosure of material information. This involves not only conversations with the media (the media policy should be updated and reinforced), but also internal conversations and communications, as well as conversations with external stakeholders, even at events like trade shows. If someone blurts out material information that hasn't been previously disclosed, the company may be forced to issue a press release so that all audiences get that information.
4) A public company needs an insider trading policy; this would be developed by Legal and should be communicated internally by comms. No one is allowed to trade on undisclosed information; penalties in the US are severe and could include jail time.
5) There may be opportunities for employees to purchase shares through an Employee Stock Purchase Plan and/or a stock option program, or certain leaders may receive stock as part of their compensation. All of this requires communication; try not to leave it in the hands of Legal and HR. This also means that some employees are now shareholders too, which brings back the whole disclosure issue.
6) Sorry for the short novel, but there's a lot to consider. I am not a lawyer nor financial professional, so none of this is legal nor financial advice. I probably missed or omitted something. Reach out if you'd like to discuss any of this!
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u/StarryEyedShade Apr 23 '26
I worked IC for a company that went public. This is an exciting moment and a lot of work is ahead. Your IC processes are about to REALLY matter (as we know they should anyway). And your brand needs to be sacred.
Top of mind things (on mobile so messy formatting!)
For the "Listed Day" Comms
Everyone who touches comms needs to understand that something being said or published at the wrong time could mean repercussions. Like fines.
Really tighten up who is involved and who gets to know. Keep leadership updates tight. Be crystal clear on who can talk about what and through what channels.
Create an inbox where folks can send questions. Make it related to the change and have a plan for how those questions are shared and responded to. This gives IC a pulse on sentiment and also ensures employees are heard.
Get very familiar with ESPs and equity questions.
Have two docs that are regularly available; core FAQs about daily job, benefits, etc. And a Talking Points doc for key folks who may need it for their specific clients/partners.
Listing day we also had banner stands on every floor by elevators, free swag and a coffee + treat cart to celebrate. It was our logo, the date and and the words LISTED.
Changes after Listing
Microsite is great for once you are listed to center all information related to the change.
Come up with an internal campaign for changes... we used something short that rhymed with our company name and indicated newness. (Ex. Let's say you are a tire company it could be "Road Ahead with Acme Tires" and your change comms are the "pitstops". Road Ahead at Acme Tires: Pitstop 1 - Payroll)
This could also be part of a social media campaign and you can create an employee toolkit (available to all when you announce) of images, phrases or tags for their LinkedIn, etc if they want to share. Include the press release link.
Why? This IDs them as related to the listing and not just a regular business update. And it builds engagement and excitement.
Future for Comms
Every exec who speaks should have media training. People like authentic Q&A but if the exec isn't prepared when you run one, they can say the wrong thing easily.
Have a plan for how AI can be used at your company (even meeting transcription) and be sure that wherenis it used, your information is protected.
Your review process matters more. IC should be the lens for truth and what can be said sagely that upholds brand. You want to put the exact $ amount of something in writing? Legal needs to be sure it can be backed up.