I was just putting together my resume to send them (and the thought crossed my mind that an IPO might be coming in the next year), then I see this.
For anyone who's done this dance before, is it a bad, good, or great idea to apply to a company, right when S-1 is released? Don't know if, e.g., companies do a hiring lockdown right before IPO. Also, just on the emotional side, I joined a company very shortly after IPO years ago, and it was always a sore spot to see the life-changing millions of dollars of those who joined the company not long before me, and the constant reminder of "pre-" vs "post-" employees.
Looking back at our timeline, we filed the S-1 about 3.5 months before the first day of trading. (I'd been there a little over 2 years before that, so well after it was clear we had a legitimate chance, but well before it was clear we could IPO.)
I would say that employees who were there right before or shortly after the IPO weren't all that different in terms of initial grants. The only difference is that pre-IPO employees could get ISOs which have slightly better tax treatment than NQSOs.
I would make the decision based on the work, the pay, and your overall feelings for the space rather than whether you applied 4 weeks ago or 4 weeks after IPO. You already missed the gains before the IPO, but most companies have a lot more gains after the IPO than before it.
If you're the type to be jealous that you missed on the pre-IPO gains, don't go, of course. Those employees who made "millions" in the IPO didn't do it because they joined 2 months before you. They probably joined 2+ years before you.
All you say is true. I suppose except if IPO has a big pop then obviously you can miss out on that but for a few days here and there.
In my own case I described above, yeah I was actually very envious of the pre-IPO crowd (almost destructively so) when I joined, but my envy eventually calmed down out of exhaustion -- after the Nth meeting with a billionaire or centi-millionaire, and after you meet the Nth person like yourself who missed out on the rocket-ship, and after you turn down the Nth supposed rocket-ship that flames out (bullet dodged!) you kinda lose the ability to care much about what-could-have-been.
I've had two "good" exits in my career, a purchase by a public company of a game studio and an IPO. Both of those gave me barely six-figures at the moment of the event, so they were decidedly positive, but not even "gosh darn you!" money, let alone "FU!" money.
i joined an early stage co that will go public within the next year and got very lucky in a junior role with a life changing amount of money. the compensation at private cos is so whacky depending on when you join. it’s just the nature of working in early stage cos.
For anyone who's done this dance before, is it a bad, good, or great idea to apply to a company, right when S-1 is released? Don't know if, e.g., companies do a hiring lockdown right before IPO. Also, just on the emotional side, I joined a company very shortly after IPO years ago, and it was always a sore spot to see the life-changing millions of dollars of those who joined the company not long before me, and the constant reminder of "pre-" vs "post-" employees.