Jacqui Newman

Who runs the company?

Who is the management team?

Who's the board?

How is it governed?

And then there's other factors around risks, costs.

growth, the financials.

So it's really a deep dive, a very fulsome disclosure of a company that has previously been in private hands, providing that information to the market, to investors, to give them, I guess, comfort around investing in this opportunity because they know nothing about it.

Yeah, so the IPO prospectus is the source of truth and the document which contains theoretically all of the information that investors should need to be able to make a decision about whether or not to invest in the business.

But what's happening in the background around an IPO is that

The company is meeting with institutional investors on the management roadshow, the non-deal roadshow, and also through analyst investor education processes.

And so the institutional community is really going into a deep dive with management around the detail that's in the prospectus because they're going away and building their own financial models and making a decision about the IPO.

So there is, you know, an element of information asymmetry, if you like.

Now, you know, technically the company shouldn't really be disclosing anything that's not in the offer document, but they are, the institutional investors do have the benefit of that one-on-one time with management to really understand the company.

It's not just one meeting.

In many cases, it's a number of meetings over the course of the IPO process.

my understanding that Elon Musk will be the CEO, the CTO and the chairman of this company.

That is quite an unusual construct, especially if you look at the Australian market where there are those sort of, you know, that separation in terms of governance where, you know, best practice is to have an independent chair.

So they're not the same person.

And in fact, they're supposed to be quite independent.

You are really taking a bet on Elon Musk because he owns the company, he controls the company.