Meaning and transaction use
The NYSE IPO Guide identifies the roadshow presentation among the marketing materials prepared alongside transaction documentation and diligence. Its discussion of the IPO process highlights the involvement of company advisers, underwriters and other specialists. [S1]
Proposed review method: use a controlled presentation, a sourced financial appendix and an approved Q&A record. For every meeting, record participants, material questions, stated interest, conditions and follow-up ownership. Review communications requirements with the transaction's advisers before circulating materials or changing the presentation.
Worked example
Illustrative process snapshot only. Management meets 20 investors. Eight request additional diligence material, four provide non-binding indications of USD 2 million each, and two later fund USD 1.5 million each. Assume each later-stage investor is included in the earlier-stage population.
Scroll the table horizontally to view all columns.
| Stage | Count or amount | Calculation |
|---|---|---|
| Investors met | 20 | Starting population |
| Requesting diligence | 8; 40% | 8 / 20 |
| Non-binding indications | USD 8,000,000 | 4 x 2,000,000 |
| Funded subscriptions | USD 3,000,000 | 2 x 1,500,000 |
| Meeting-to-funding progression | 10% | 2 / 20 |
The illustrative process produces USD 3 million of funded subscriptions. The USD 8 million indicated amount is a separate earlier-stage observation and must not be added to funded cash. Review each investor's remaining conditions and any updated terms before reporting further progress.
Proposed transaction review process
Define the investor fit
Document the proposed security, size, geography and evidenced investor criteria.
Prepare and rehearse
Reconcile presentation figures to source records and practise questions on risks and assumptions.
Control meeting records
Retain the presented version and record feedback with clear attribution and dates.
Track the next decision
Assign diligence responses, decision deadlines and subscription or closing requirements.
Evidence checklist
Investment materials
Versioned presentation, financial model, risk discussion and source references.
Investor selection
Documented mandate fit, eligibility work and the authorised contact plan.
Meeting record
Attendees, questions, feedback, presentation version and follow-up owner.
Funding progression
Indications, conditions, executed documents and actual receipt evidence maintained separately.
Decision framework
| Situation | Proposed action |
|---|---|
| Several investors challenge one assumption | Reassess the supporting evidence and update the approved materials where necessary. |
| Interest depends on a different security or price | Record the condition and assess its effect on the proposed financing structure. |
| A new material fact emerges during meetings | Escalate the disclosure and communication implications to the appropriate advisers. |
| Management reports strong interest without written detail | Record the available evidence and seek clarification on amount, conditions and decision timing. |
Common errors to check
- Reporting meeting attendance as committed capital.
- Using inconsistent forecasts across presentation versions.
- Quoting investor feedback without its conditions or date.
- Leaving follow-up questions without an accountable owner.
Prepare the investor discussion
Bring the proposed security, financial evidence and investor-selection rationale to a capital-raising review. Define the materials, unresolved questions and decision milestones before organising the roadshow.
Discuss the transactionPrimary references and editorial scope
- NYSE IPO Guide: The IPO process
Roadshow materials within the wider IPO documentation and diligence process. Reference checked 17 September 2026.
General capital-raising education. The cited exchange guidance concerns IPOs; the proposed workflow also requires adaptation to the chosen financing route. Counts, amounts and progression rates are illustrative. Applicable communications and offering rules require separate review.
General business information. Obtain advice appropriate to the legal, tax, accounting and financing facts. No offer, lender commitment or transaction outcome is represented. All worked examples use expressly assumed figures. Editorial draft date: 17 September 2026.
