IPO

The mix of adjectives and data reveals the real story in tech IPO documents

Shailesh Jha

Keith Springham

June 12, 2025 | 9 Min Read

An analysis of 300 tech IPO prospectuses reveals how companies craft their highly anticipated opening messages, blending vision, facts, and investor appeal.

Key Takeaways

The way tech companies describe themselves in the first lines of their IPO filings is not just branding — it’s a deliberate framing tool aimed at specific investor personas
The level of abstraction and positivity in IPO introductions tends to spike during market bubbles
Asset-light or early-stage businesses use highly positive and abstract language, while logistics, payments, and gaming companies stick to factual, KPI-driven statements.
Exchanges subtly shape IPO narratives. Indian bourses (NSE/BSE) and Euronext demand more restraint in IPO storytelling, while NASDAQ and Xetra show higher tolerance for abstract, aspirational language

“Coder|Innovator|Fitness Freak|Dad”

"Experienced professional with 20+ years in forensic financial analysis"

“Bain|Google|IIM-Ahmedabad|BITS Pilani”

How do you visualise these individuals after reading their LinkedIn introductions above?

Aspirational? Credentialed? Factual?

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