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The Pop

Superstate
Initial Public Offering
Roadshow
IPO Process
Private Markets
The Pop
Green Shoe
Retail Investors
JP Morgan
Securities and Exchange Commission
Capital Markets
Registration Statement (s-1)

Inside America’s IPO Machine The Pop is a podcast examining the science and hidden machinery of how companies go public and how markets actually work in the United States. Hosted by Robert Leshner, a founder and operator building infrastructure for modern capital markets, the show breaks down IPOs and listings from the S-1 to the first trade – exploring how incentives are structured, where the sys... more

PublishesTwice monthlyEpisodes4Founded2 months ago
Number of ListenersCategories
BusinessInvesting

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Artwork for The Pop

Latest Episodes

Bill Hinman, former Director of the SEC’s Division of Corporation Finance and Senior Advisor at Superstate, joins The Pop for a rare inside look at the gate every IPO has to pass through: SEC review. Before the bankers, roadshow, pricing drama, or op... more

Alaoui Zenere, Managing Director in Equity Capital Markets at J.P. Morgan, joins The Pop to shed light on the world of underwriting, including the IPO roadshow, bookbuilding, pricing, and how the allocation process actually works. We cover what compa... more

Joe Gawronski, CEO of Rosenblatt Securities, joins The Pop to discuss how the end-to-end IPO process actually works, from the decision to go public through filing through pricing, allocation, trading, and beyond. We cover why companies go public, how... more

What really happens when a company goes public?

"The Pop" is a new podcast from Superstate. In each episode, Robert Leshner and industry-leading guests take us deeper into America’s IPO machine: why companies go public, how deals get priced, what ha... more

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Recent Guests

Bill Hinman
Former SEC Director, Division of Corporation Finance
Former SEC, Simpson Thacher & Bartlett (law firm)
Episode: Eps 3, The Pop: Inside the SEC’s IPO Disclosure Playbook with Bill Hinman (frm. SEC Director)
Alaoui Zenere
Head of financials and fintech equity capital markets at JP Morgan
JP Morgan
Episode: Eps 2, The Pop: IPO Roadshows, Pricing & Allocation w/ Alaoui Zenere (J.P. Morgan)
Joe Gawronski
CEO of Rosenblatt Securities
Rosenblatt Securities
Episode: Eps 1, The Pop: The IPO Overview: From S-1 to Opening Bell w/ Joe Gawronski (Rosenblatt Securities)

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Talking Points

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Eps 3, The Pop: Inside the SEC’s IPO Disclosure Playbook with Bill Hinman (frm. SEC Director)
Q: What is your view on direct listings and other alternative paths to public markets?
Direct listings, especially when paired with targeted disclosures under a 33 Act framework, offer a way to certify liquidity and investor protection while avoiding a traditional pricing process. Regulators should be collaborative to encourage experimentation that serves investors and capital formation without sacrificing protection.
Eps 3, The Pop: Inside the SEC’s IPO Disclosure Playbook with Bill Hinman (frm. SEC Director)
Q: Could you walk us through the S-1 review journey and what makes an issuer's filing succeed or struggle?
The journey typically lasts about a year, with extensive preparation, accounting readiness, and collaboration among management, accountants, lawyers, and underwriters. The SEC reviews in rounds, issues many comments, and there is a tension between thoroughness and timeliness; confidential filings can help reduce pressure and preserve timing windows.
Eps 3, The Pop: Inside the SEC’s IPO Disclosure Playbook with Bill Hinman (frm. SEC Director)
Q: What were the major factors that contributed to the decline in IPOs over the past couple of decades?
A mix of higher regulatory burdens, longer and more expensive disclosure requirements, liability concerns for managers, and the availability of private capital that allows companies to stay private longer while still providing liquidity through private markets and tender offers.
Eps 3, The Pop: Inside the SEC’s IPO Disclosure Playbook with Bill Hinman (frm. SEC Director)
Q: What has been, in your mind, the impetus for why companies have gone public and what the genesis is of them entering the public space?
Going public lets a company raise capital efficiently by opening the opportunity to a broad base of investors, while also providing liquidity to employees through stock. It also creates a framework for ongoing accountability through quarterly disclosures and analyst coverage, which helps in price formation and capital access over the long term.

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Frequently Asked Questions About The Pop

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Which podcasts are similar to The Pop?

These podcasts share a similar audience with The Pop:

1. Bits + Bips
2. On The Brink with Castle Island
3. Unchained
4. The DeFi Report
5. Limitless: An AI Podcast

How many episodes of The Pop are there?

The Pop launched 2 months ago and published 4 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on The Pop?

Recent guests on The Pop include:

1. Bill Hinman
2. Alaoui Zenere
3. Joe Gawronski

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