In this episode of IPO Stories, we are thrilled to welcome Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, one of the UK's largest pension schemes. With over £34 billion in assets under management, Railpen is a significant player in both public and private markets. Caroline leads Railpen's global investment stewardship efforts, engaging with portfolio companies on governance and strategy, and voting at annual general meetings.

Caroline shares insights into how companies should approach governance as they consider going public, drawing from Railpen's experience as an active investor in pre-IPO and IPO situations, and long-term ownership of a global portfolio of equities.

Caroline discusses the importance of good governance for long-term value creation and how Railpen's stewardship team actively engages with companies to ensure they are well-prepared for public listing. She highlights the role of governance in managing risks and opportunities, emphasizing that well-run companies are better positioned to thrive over the long term. Caroline also shares Railpen's approach to pre-IPO investments, where they work closely with companies to support their growth journey and prepare them for the heightened expectations of public markets.

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Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

Jay Ritter is a Professor of Finance at the University of Florida's Warrington School of Business. He has become known as «Mr IPO» for his substantial work on IPOs through the years, starting with his PhD dissertation about IPOs at the University of Chicago in 1981.

Through his work, Jay Ritter has attempted to provide data-driven insights into the dynamics of IPOs across the world. His work has focused on the underpricing, or day 1 performance, of IPOs, as well as the long-term performance of those IPOs versus the market. Jay has also focused on making his data and analysis public, and maintains a trove of IPO-related data on his website.

With Jay, we discuss the critical importance of valuation for IPO success, the differences between institutional and retail-focused IPOs, the takeaways for management teams, and innovations in the IPO process.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

In this episode we sit down with Michael Shapiro, Apollo's co-head of Capital Markets and Syndicate, to unpack what it really takes to engineer a successful IPO in today’s market. Drawing on Apollo’s deep experience across public and private markets—including recent IPOs like Lottomatica in Italy, Sun Country in the US, and Ventia in Australia —Michael explains how the firm builds IPO readiness from the moment of investment, why purchase price matters more than ever, and how to turn complex businesses into compelling public stories.

We dive into the practical playbook Apollo uses: early investor engagement, dry-run earnings reports, capital structure optimization, and building credibility long before the listing. Michael also challenges old assumptions about investor categories, advocating for a focus on fundamentals over labels like “long-only” or “hedge fund.” Throughout the conversation, he emphasizes the importance of predictability, simplicity, and investor alignment to maximize post-IPO performance.

Whether you're a company preparing to go public, an investor evaluating IPOs, or simply fascinated by how public markets work, this episode offers a masterclass in IPO execution from one of the industry's top capital markets practitioners.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management or Apollo Global Management.