Susannah Batley

Often we think about those existing owners before the IPO as insiders.

And really, they have much more information about the company themselves.

then maybe new investors that are looking at it once it's listed.

And so if those existing shareholders are selling down, maybe there's very good reason for that.

But it is definitely worth thinking about, given that they probably know more information about it.

So why are they selling versus, say, raising new money for growth and going, actually, we've got so many good opportunities.

We want to raise more money.

We're happy to dilute ourselves in order to grow the pie and grow the value of the company.

Yeah, I mean, look, each exchange has their own listing rules.

So there are differences from exchange to exchange.

But by and large, you know, the exchanges are designed for all investors to have good current information in order to invest.

And so there are a lot of

commonality or themes across the rules particularly as it relates to disclosure and making sure that companies are disclosing relevant information in a very timely way and other rules that make it safe for all investors whether that's retail or institutional investors to be looking at the investment option and having good information to make decisions.

Look, it is pretty comprehensive.

If we take that SpaceX S1 filing, I think it's 308 pages.

So there's a lot of information to digest and go through there.

It goes through some pretty rigorous processes.

There are due diligence committees involved.

There's auditors involved, there's legal specialists involved in sort of signing off various parts of the prospectus.

So it is pretty comprehensive.