IPOs

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What it means

Initial Public Offering — first sale of shares to the public.

Why it matters

Raises growth capital, provides liquidity, sets a market benchmark.

How to calculate — with Cawan's Shoes

S-1 filing, roadshow, book-build, pricing. Cawan's IPOs at $18 × 20M shares = $360M raise.

What's at stake if you ignore this

Underpricing = money left on the table. Overpricing = broken IPO and years of reputation damage.