A pre-IPO PR timeline starts 12 to 18 months before an IPO filing, while executives can still speak freely to the press. The first year builds press relationships and a public record. Securities counsel joins six to nine months out. Once preparation of the offering begins, the SEC's quiet period limits public statements until 25 days after the offering.
What happens 12 to 18 months before an IPO filing?
The 12 to 18 months before an IPO filing are the stretch with the most freedom to build press relationships and executive visibility. 5W's guide to IPO readiness PR for defense tech companies places the narrative-building phase in this window. It lists executive trend commentary, named case studies and relationships with trade and business press as the work.
The same guide makes the cost of delay plain. A company that waits until filing to start building press relationships has too little time left once the quiet period restricts public communication.
What changes six to nine months before filing?
Six to nine months before filing, securities counsel and communications leaders agree on which public statements need legal review. The defense tech IPO guide places that alignment in this period, with IPO counsel reviewing the limits on public communication once a confidential S-1 is under consideration.
Routine items such as product launches, funding announcements and executive profiles are the first to need review. Financial communications for pre-IPO companies typically covers media relations, executive visibility, narrative development and crisis preparedness, as described on 5W's pre-IPO financial communications page.
How does the quiet period limit pre-IPO communications?
The quiet period is the time during which Section 5 of the Securities Act restricts offers to sell a company's securities, and it runs in three phases around an IPO. A September 2025 Mayer Brown and Solebury webinar on pre-IPO communications frames them as the pre-filing period, the waiting period that starts when the registration statement is filed, and the post-effective period that ends 25 days after the offering.
Securities counsel sets the exact dates for any specific offering, so a communications team should treat these phases as a planning frame and not as legal advice.
What can a company still say to investors during preparation?
A company can still hold test-the-waters conversations with certain institutional investors under SEC Rule 163B. The SEC adopted the rule on September 26, 2019, extending the accommodation to all issuers and allowing discussions with certain institutional investors before or after a registration statement is filed.
The rule covers investor conversations, not media coverage. Issuers subject to Regulation FD also need to consider whether any information in a test-the-waters communication triggers disclosure obligations, according to the SEC's announcement.
The sequence is the point: build the public record first, bring in counsel second, and expect public statements to narrow once preparation starts. A company that follows that order enters the quiet period with a record already on file.
This article is communications guidance, not legal advice.
