For decades, a traditional IPO was treated like the crown jewel for a growing company. Bankers, roadshows, "the right" institutions, and a long, expensive march to the public markets. That path still exists, of course, but it's no longer the only serious route to becoming a public company.
Regulation A+ has changed the landscape. And here's the key fact to anchor everything that follows:
It is possible to conduct an IPO using Reg A+.
Not "kind of public." Not "almost public." A properly structured Reg A+ IPO can take a company public and can support listing on the NYSE and NASDAQ (when the company meets the exchange's listing standards). Reg A+ also supports another powerful route: the Reg A+ Direct Listing (more on that shortly).
This is the modern playbook for companies that want the benefits of being public, including visibility, credibility, shareholder base expansion, and potential liquidity options, without the front-end cost and friction that often comes with the traditional IPO path.
What "going public" really means (and what founders actually want)
Most founders don't wake up dreaming about filing paperwork. They want outcomes:
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Raise meaningful growth capital on terms that work.
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Build a broad investor base (including customers and fans)
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Improve credibility with partners and enterprise buyers.
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Create potential paths to liquidity for shareholders over time.
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Keep control in the hands of the CEO and founders
A major advantage of Reg A+ is that it can support these outcomes while remaining comparatively efficient in terms of legal and accounting burden, and while letting a company market the offering widely to the public, meaning both accredited and non-accredited investors can participate.
Reg A+ as a public offering (and yes, as an IPO)
A Reg A+ offering is a public offering. Companies use it to raise up to $75 million per 12-month period.
A Reg A+ can be used in a few "go public" styles:
Reg A+ IPO (listing-focused)
A company raises capital through a Reg A+ offering and lists on a national exchange such as NASDAQ or NYSE. A recent example: Newsmax (March 2025) used Reg A+ to IPO on the NASDAQ. Newsmax was easily able to raise capital in its Reg A+ because it has a large audience of TV and online viewers that it invited to invest at zero cost.
Reg A+ Direct Listing (listing without selling shares in the listing event)
A Direct Listing is different from an IPO in one key way: no shares are sold as part of the listing event itself. Instead, the company completes share sales (raising capital) in advance and then lists. Trading can occur as soon as the shares are listed
Reg A+ to OTC or to an Alternative Trading System (ATS)
For some earlier-stage companies, a Reg A+ can be used to list on the OTCQB or OTCQX, or list via an ATS (with the right setup and expectations). ATS have the advantage that there is no short selling of stock.
The practical advantages of Reg A+ versus the traditional IPO path
Let's be blunt: the main reason many good companies avoid a traditional IPO route isn't a lack of ambition. It's the cost and the timeline risk.
Reg A+ reduces front-end legal and audit expense (often dramatically lower)
Traditional IPO-style work tends to be significantly more expensive on the front end. In the S-1 method, I've seen companies spend extraordinary sums on legal and audit fees before they even get to the real work of marketing the offering. By contrast, Reg A+ is typically faster and more cost-efficient to execute.
Faster SEC process
Reg A+ qualification timelines vary, but the SEC has, in some instances, Qualified Reg A+ offerings in two weeks. More commonly, about 60 days after filing is a reasonable average expectation, and 90 days can be a reasonable planning assumption depending on complexity and readiness.
Wider investor access
Reg A+ allows a company to market broadly and accept investment from the general public, not just accredited investors. That's a big deal if the company has a strong story and a product that people actually love.
You can access funds as they are raised.
Reg A+ offerings can be structured so the company can bring in capital during the offering rather than waiting for an "all-or-nothing" finish line. That reduces risk and helps management stay focused on operations instead of living in financing purgatory.
Better control dynamics than private equity/venture terms
Reg A+ typically allows founders to retain more control than many private equity or venture capital deals, because capital can be raised from a larger pool in smaller increments, without handing the keys to one or two dominant investors.
Flexibility during the raise
Reg A+ offerings can be run in a way that responds to investor demand, including price/valuation adjustments during the live raise (done proper). That can help reward early investors and reduce unnecessary dilution.
Reg A+ Direct Listing versus Reg A+ IPO: how to choose between them
Both routes can work. The right choice depends on the company's goals, readiness, and marketing strength.
Reg A+ IPO: best when the raise and the listing are tightly linked
If the company's plan depends on raising a specific amount in connection with the listing, a Reg A+ IPO approach can be compelling, particularly when IPO market conditions are strong.
Underwriters can be helpful in the right IPO market, but they often charge substantial commissions (frequently 8% plus warrants plus up-front cash), and they do not pay for the company's advertising. That means the total cost can become too high for many issuers.
Reg A+ Direct Listing: best when the company can raise first, then list
A Direct Listing approach can be attractive when the company can complete its capital raising before listing and wants the listing to follow as a "capstone" milestone.
Also important: liquidity after listing depends on market interest and marketing effectiveness. Being listed doesn't magically create volume. The company still has to earn attention.
The real-world timeline: what to expect if you want this to actually work
Here's a realistic sequence for most Reg A+ raises:
Step 1: Audit (first)
In a Reg A+ offering, the first service provider needed is the auditor. If the company has existed for two years or more, it is necessary to provide two years of audited financials as part of the SEC filing. For an early-stage company, a two-year US GAAP audit might cost $25k to $40k as a ballpark example (it varies). Once the decision to list on the NASDAQ or NYSE is made, then the prior quarter to listing must be audited to PCAOB standards.
Step 2: Securities attorney (second)
Next is an experienced securities attorney to prepare the offering statement and manage the SEC process.
Step 3: Marketing agency (third)
Then you build the marketing engine. This is where many platforms mislead issuers. Some competitors imply "you won't need to spend on advertising." In reality, issuer companies usually must spend a sizable amount on advertising and ongoing marketing to raise capital successfully, and the efficiency of that spend is one of the biggest determinants of success.
We're very direct about this with clients: if you want to raise capital online, you need a real marketing plan and a real budget, and you need to optimize relentlessly.
Step 4: SEC filing to Qualification
Average: roughly ~60 days from filing (often longer or shorter depending on readiness). Occasionally, much faster.
Step 5: Post-Qualification raise duration
For a cost-effective raise, the usual duration is about 12 months. The typical time to fully fund a Reg A+ offering is often about 12 months from SEC Qualification, though outcomes vary widely based on marketing, brand strength, and investor excitement. In a strongly underwritten Reg A+ IPO in a hot IPO market, the whole raise can be completed in 4 weeks.
Do you need a broker-dealer?
Often, no. A broker-dealer is optional in Reg A+. In many cases, involving a broker-dealer adds cost and slows the process because FINRA can be slow, and broker involvement can also limit advertising in ways that make it harder to succeed.
If a broker-dealer is used, it is often best to add them after SEC Qualification to reduce the risk of delays, except in the special case of an underwritten IPO to NASDAQ or NYSE, where an underwriter can help (especially in a strong IPO market).
How we help at Manhattan Street Capital (and what we do differently)
We assist companies in their efforts to raise capital. What we do is make the process work:
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We provide sophisticated offering technology and a smooth investor checkout flow.
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We introduce the required service providers (auditors, securities attorneys, marketing agencies, transfer agents, and others), and we advise clients on how to use those advisors effectively.
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We challenge the marketing agencies to maximize effectiveness and bring practical, reality-based guidance on marketing methods and what it takes to succeed.
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We provide analytics and marketing integration so campaigns can be measured and improved instead of "hoping"
บรรทัดล่าง
Yes, the traditional S-1 IPO path still exists. But for many growth companies, Reg A+ is the smarter modern path, a public offering method that can raise up to $75 million per year, can support a true IPO, can enable a Direct Listing, and can be executed with dramatically more flexibility and often far lower front-end cost than the old-school process.
If the goal is to become public and raise growth capital with a realistic timeline and a marketing-first mindset, Reg A+ belongs at the center of the conversation.
หากต้องการดำเนินการต่อ โปรดส่งอีเมล [ป้องกันอีเมล], and the right next steps will be mapped out quickly.
Manhattan Street Capital ไม่ใช่สำนักงานกฎหมาย บริการประเมินมูลค่า ผู้รับประกันการจำหน่าย นายหน้าซื้อขายหลักทรัพย์ หรือเว็บไซต์ระดมทุนสาธารณะตามมาตรา III และเราไม่ได้ดำเนินกิจกรรมใดๆ ที่ต้องจดทะเบียนดังกล่าว เราไม่ให้คำแนะนำด้านการลงทุน Manhattan Street Capital ไม่ได้จัดโครงสร้างธุรกรรมใดๆ อย่าตีความคำแนะนำใดๆ จากพนักงานของ Manhattan Street Capital ว่าเป็นการทดแทนคำแนะนำจากผู้ให้บริการในวิชาชีพเหล่านี้ เมื่อ Rod Turner ให้คำแนะนำ คำแนะนำนั้นจะอิงจากการสังเกตของเขาว่าอะไรได้ผลและอะไรไม่ได้ผลจากมุมมองด้านการตลาดในการเสนอขายสินค้าหรือบริการออนไลน์ Rod ไม่ได้บอกผู้ฟังว่าควรทำอะไรหรือทำอย่างไร เขาให้คำแนะนำแก่ผู้ฟังเกี่ยวกับสิ่งที่น่าจะทำการตลาดออนไลน์ได้อย่างคุ้มค่าที่สุด การตัดสินใจในทุกแง่มุมของการเสนอขายสินค้าหรือบริการของบริษัทนั้น เป็นหน้าที่ของบริษัทที่เสนอขายสินค้าหรือบริการนั้นๆ
Rod Turner
ร็อด เทอร์เนอร์ เป็นผู้ก่อตั้งและซีอีโอของ Manhattan Street Capital บริษัทให้บริการด้านเงินทุนเพื่อการเติบโตอันดับ 1 สำหรับสตาร์ทอัพและบริษัทขนาดกลางที่เติบโตเต็มที่แล้ว เพื่อระดมทุนโดยใช้ Regulation A+ เทอร์เนอร์มีบทบาทสำคัญในการสร้างบริษัทที่ประสบความสำเร็จมากมาย รวมถึง Symantec/Norton (SYMC), Ashton Tate, MicroPort, Knowledge Adventure และอื่นๆ เขาเป็นนักลงทุนที่มีประสบการณ์ ซึ่งได้สร้างธุรกิจ Venture Capital (Irvine Ventures) และได้ลงทุนในรูปแบบ Angel Capital และ Mezzanine Capital ในบริษัทต่างๆ เช่น Bloom, Amyris (AMRS), Ask Jeeves และ eASIC
