The Minutes of Bill Gurley on ipo https://minutesof.com/bill-gurley/on/ipo/ Everything Bill Gurley has said on ipo: 10 verbatim quotes between November 2017 and February 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:21:59 +0000 Gurley argues the IPO process is broken due to regulatory capture and most people don't understand how it actu https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ “I think the IPO process almost certainly also because of regulatory capture is remarkably broken. I don't actually think the average citizen even knows.” — Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 ipo Gurley argues citizens mistakenly believe IPOs work like direct listings with price-based allocation. https://minutesof.com/q/f3fc5ca8-8916-4c4d-ac0a-cb2865cdd700/ https://minutesof.com/q/f3fc5ca8-8916-4c4d-ac0a-cb2865cdd700/ “I think they think a bunch of people put orders in, you sort them based on who's willing to pay the highest price” — Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 ipo Gurley says IPO bankers hand-pick price and allocations, creating expected pops as one-day giveaways to client https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ “And for the past twenty five, thirty years, you have these pops that have become expected, I would say. And it's a one day giveaway to their clients.” — Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 ipo Gurley explains compounding IPO ratchets create misalignment by making late investors want lower IPO prices. https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ “The the later stage investors that wrote this compounding ratchet term actually want the IPO to be as low as possible because they'll they'll get more shares.” — BG2 Pod Wed, 27 Nov 2024 19:11:58 +0000 ipo Gurley notes hyper-competition removed liquidation preference protection on IPOs, enabling founders to convert https://minutesof.com/q/51a8f0e5-6918-422e-adcc-35096c462ddf/ https://minutesof.com/q/51a8f0e5-6918-422e-adcc-35096c462ddf/ “There was a term removed from most term sheets that gave investors the right to protect their LICPREF on an IPO, that's gone in most of these cases.” — All-In Podcast Fri, 11 Aug 2023 06:23:00 +0000 ipo Gurley argues IPO allocations transferred $4.5 billion in wealth from Snowflake to allocation recipients overn https://minutesof.com/q/f7b23592-81ae-4b10-bbbe-498acc2d6dbd/ https://minutesof.com/q/f7b23592-81ae-4b10-bbbe-498acc2d6dbd/ “And so the day after the IPO, the people that were allocated the stock the night before have 4,500,000,000 in wealth they didn't have before. And that money didn't just come out of nowhere.” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 ipo Gurley argues IPO process has devolved from wide marketing to hand allocation among 10 to 15 firms. https://minutesof.com/q/1cb9f1de-321f-4998-ac94-64968dda526f/ https://minutesof.com/q/1cb9f1de-321f-4998-ac94-64968dda526f/ “I think there that it used to be that the IPO process was about disseminating and marketing and selling far and wide, and it's become a game of just hand allocating shares to the same 10 or 15 firms.” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 ipo The company had only raised $40,000,000. Hence, we had created $60,000,000 in free cash flow, something that's https://minutesof.com/q/6f98baf1-d4b7-4035-b081-e35ab6b430e5/ https://minutesof.com/q/6f98baf1-d4b7-4035-b081-e35ab6b430e5/ “The company had only raised $40,000,000. Hence, we had created $60,000,000 in free cash flow, something that's extremely rare in Silicon Valley these days.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ipo Over 60% of the management team's female. Over 60% of the board is female. And I found out this morning she ma https://minutesof.com/q/e21a2aae-47fb-4251-b2d1-1ef63fd6a896/ https://minutesof.com/q/e21a2aae-47fb-4251-b2d1-1ef63fd6a896/ “Over 60% of the management team's female. Over 60% of the board is female. And I found out this morning she may be the youngest female founder to actually take their company public ever.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ipo Gurley says Katrina Lake may be the youngest female founder ever to take a company public. https://minutesof.com/q/0fffa57e-c860-43f2-986d-a9314f9a9cb2/ https://minutesof.com/q/0fffa57e-c860-43f2-986d-a9314f9a9cb2/ “I found out this morning she may be the youngest female founder to actually take their company public ever.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ipo