It’s IPO summer. Want the inside scoop on how they really work? Watch The Pop. In Episode 1, @JoeRBLT breaks down primary issuance, secondary issuance, and lockups. When companies pull these strings right, they can create demand. Your full IPO overview: superstate.com/pop-podcast/t…

IPOs look simple from the outside. Inside, they’re a game of incentives, scarcity, timing, and control. In Episode 1 of The Pop, @JoeRBLT breaks down how that game gets played. 5 takeaways: 1. Going public too early can close doors. If a company lacks the right growth profile, scale, or liquidity, it can become a “zombie” public company with fewer attractive financing options than it had while private. 2. The “pop” is designed into the process. Banks want demand to strategically exceed supply so unfilled buyers chase shares in the aftermarket. 3. Many shares can’t trade on day one. Lockups mean the day-one float is often just a slice of the company, which is why IPO trading can get interesting quickly. 4. Retail may be underrated. For consumer brands with loyal customers, retail investors may be more natural long-term holders than the old “retail flipper” stereotype suggests. 5. The banker might not be in a long-term relationship. “You date the banker and marry the analyst” because the analyst will be covering a company long after the bank’s incentives have played out. The Pop dives into the hidden machinery of IPOs. Watch our debut episode for an inside glimpse into what really happens before, during, and after the opening bell. YouTube: youtube.com/watch?v=VIWis6z2… The Pop landing page: superstate.com/pop-podcast/t…