Eps 1, The Pop: The IPO Overview: From S-1 to Opening Bell w/ Joe Gawronski (Rosenblatt Securities)

Joe Gawronski, CEO of Rosenblatt Securities, joins The Pop to discuss how the end-to-end IPO process actually works, from the decision to go public through filing through pricing, allocation, trading, and beyond. We cover why companies go public, how the banking syndicate, roadshow, and bookbuilding work, and how investor mix and allocation shape the aftermarket, along with the tension between a successful deal on paper and a healthy public company over time. Joe explains how an IPO is not a single event, but a chain of incentives, handoffs, and market-structure decisions.Links MentionedRosenblatt SecuritiesSEC Investor Bulletin, Investing in an IPOSEC Form S-1SEC EDGAR / Search FilingsNasdaq Initial Listing GuideFINRA Rule 5131, New Issue Allocations and DistributionsSuperstateAbout the GuestJoe GawronskiChief Executive Officer, Rosenblatt SecuritiesJoe Gawronski joined Rosenblatt in 2002 and started the firm’s market structure group. He is a former securities and M&A lawyer at Sullivan & Cromwell, a former Vice President in the equities division at Salomon Smith Barney, and former COO of Linx.LinkedInCompanyFollow / SubscribeAppleSpotifyYouTubeWebsiteContact / ConnectTwitter/XLinkedInAbout The PopThe Pop is a podcast examining the science and hidden machinery of how companies go public and how markets actually work in the United States. Hosted by Robert Leshner, a founder and operator building infrastructure for modern capital markets, the show breaks down IPOs and listings from the S-1 to the first trade – exploring how incentives are structured, where the system breaks down, and who it ultimately serves. Through high-signal, story-first conversations with founders, executives, investors, lawyers, and regulators, The Pop looks at the good, the bad, and the ugly of going public, and what the next era of capital formation could look like. Learn more at superstate.com/pop-podcast.About SuperstateSuperstate partners with issuers to bring securities onchain, enabling access to new investor capital and modern financial markets. Through Opening Bell, Superstate partners with companies issuing tokenized equity. Through FundOS, it serves asset managers launching tokenized funds. Both platforms support compliant issuance, record keeping, direct investor registration, and onchain market integration via their SEC-registered transfer agency infrastructure. Superstate's flagship funds USTB and USCC validated this infrastructure at institutional scale before transitioning to leading asset managers on FundOS. Learn more at superstate.com.Disclaimer: This podcast is produced by Superstate Inc., a Delaware corporation and parent company of Superstate Advisers LLC, a registered investment adviser with the SEC, and Superstate Services LLC, a registered transfer agent.Nothing contained in this podcast should be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. All information is presented for educational and informational purposes only. Past performance is not indicative of future results.Guests and the host may have financial interests in or use products and services offered by Superstate. This podcast does not establish a fiduciary or advisory relationship between Superstate Advisers LLC and any listener.Securities discussed involve significant risks, including potential loss of principal. Markets are volatile and subject to regulatory changes. Please consult with a qualified financial advisor, attorney, or accountant before making any investment decisions.For more information, visit the SEC at www.sec.gov or investor.gov to verify Superstate's registration status. (00:19) - - Why start with the full IPO map (01:42) - - Why companies still go public (05:29) - - Why going public is hard, expensive, and high-friction (07:24) - - Liquidity and why it matters (09:09) - - What a company has to fix before it can file (11:15) - - The roles inside the banking syndicate (20:41) - - Roadshow feedback and price discovery (21:22) - - What a covered book actually means (22:34) - - Hot deals, oversubscription, and “real” demand (24:01) - - Primary vs. secondary shares (25:00) - - Why existing holders usually do not sell in the IPO (26:33) - - Long-only holders, fast money, and the aftermarket (28:41) - - What the roadshow tells you beyond the order book (30:41) - - The greenshoe / overallotment option (31:41) - - Retail allocation and directed share programs (35:41) - - Who really controls allocation decisions (39:41) - - The night-before process and final allocations (41:01) - - IPO price vs. opening trade price (44:41) - - Stabilization after the open (49:41) - - When underwriters are actually on the hook (53:41) - - Does a strong IPO make a strong company? (55:41) - - Choosing a bank for the long term (57:41) - - Research coverage, lockups, and life after listing