Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Tender Offers for Pre-IPO Liquidity
Episode 118 of The Startup Exit Podcast explores how founders use tender offers to cash out before an IPO, without waiting for lockup expirations. Lucas and Luna break down a real-world case: a private cybersecurity company that let early employees sell 20% of their holdings at a $60-per-share valuation months before filing. They discuss the trade-offs — dilution, signal to underwriters, and tax timing — and contrast tender offers with secondary sales and direct listings. Current market context: with the S&P 500 up 8% year-to-date in mid-2026 and IPO windows opening selectively, pre-IPO…
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