Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Private Tender Offers Before an IPO
Most founders think their only liquidity event is the IPO itself. But a growing number are using private tender offers — structured processes where employees and early investors sell shares to institutional buyers before the company goes public. In this episode, Lucas and Luna break down how Plaid used a $500 million tender offer in 2021 to give employees early liquidity while delaying its IPO, and how that trend is accelerating in 2026 as companies like Stripe and Databricks use tender offers to reward talent without the pressure of a public listing. They discuss the mechanics — the role of…
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