Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Directed Share Programs in IPOs
In Episode 158 of The Startup Exit Podcast, Lucas and Luna explore directed share programs (DSPs) — the often-overlooked IPO tool that lets founders allocate shares to customers, employees, and community members before the public listing. Using real-world examples like Rivian's DSP and recent tech listings, they break down how DSPs build loyalty, stabilize the stock, and create an ownership culture. They also weigh the risks: SEC scrutiny, allocation fairness, and the potential for flippers. With market context from August 2026 — including Rivian's recent 6 percent drop — the hosts…
The skinny
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