Quick answer: The best IPO advisory services fall into two distinct categories: investment banks that underwrite and price your offering (such as Goldman Sachs, Morgan Stanley, and JPMorgan), and specialist advisory firms that prepare your business for the rigours of going public. The right choice depends on your company’s size, sector, and stage of readiness.
Going public is one of the most consequential decisions a business can make. It unlocks access to capital, raises your company’s profile, and creates a path for long-term growth. But the process is far from straightforward. Between regulatory filings, audit scrutiny, investor roadshows, and post-listing compliance, an IPO demands a level of expertise that most internal finance teams simply do not have on hand.
That is where IPO advisory services come in. The right advisor does not just help you cross the finish line — they build the infrastructure that keeps you performing well after the bell rings. This guide breaks down the key types of IPO advisory services, who the leading providers are, and how to choose the right partner for your specific circumstances.
What does an IPO advisory service actually do?
IPO advisory services help companies navigate the complex process of going public by filling critical gaps in financial reporting, operations, and compliance. According to advisory firm 8020 Consulting, the core functions include upgrading reporting capabilities to meet public-company standards, managing the IPO timeline across bankers, lawyers, and auditors, preparing for rigorous audit scrutiny, and building scalable close processes that will hold up after listing.
There are two distinct types of advisors most companies will need:
- Underwriting and capital markets advisors — investment banks that price and market the IPO, build the order book, and manage distribution to institutional investors
- IPO readiness and financial advisory firms — specialist consultancies and accounting firms that prepare your financial infrastructure, regulatory disclosures, and internal controls ahead of listing
Many companies require both. Choosing only one is often the first mistake companies make when planning a public offering.
Who are the top investment banks for IPO underwriting?
When it comes to underwriting large IPOs, a handful of so-called bulge bracket banks consistently lead the league tables.
According to data from Dealogic cited by IPO Edge, Goldman Sachs led the pack since the start of 2025 with 22 deals raising over $100 million, followed closely by Morgan Stanley and JPMorgan Chase with 17 deals each. On the broader capital markets league tables tracked by the Financial Times, JPMorgan ranked first by overall proceeds, followed by Goldman Sachs and Morgan Stanley.
However, deal volume alone does not tell the whole story. IPO Edge analysis found that while Goldman Sachs and Morgan Stanley ranked highly by deal count, aftermarket performance — how shares perform in the weeks and months after listing — varied considerably. Morgan Stanley posted stronger aftermarket returns than Goldman Sachs across the same period. This distinction matters: a well-priced IPO that trades up after listing builds long-term investor confidence, while one that declines quickly can damage your credibility with the very shareholders you are trying to retain.
The major bulge bracket banks best suited for large-scale IPOs include:
- Goldman Sachs — strongest deal volume, deep institutional relationships, best suited to large-cap and high-profile listings
- Morgan Stanley — consistently strong aftermarket performance, preferred by many tech and growth-stage companies
- JPMorgan Chase — top-ranked by overall capital markets proceeds, broad sector coverage
- Bank of America Securities — strong ECM capability, particularly in mid- to large-cap deals
For smaller or regional listings, mid-market boutique banks and local investment houses often deliver more focused attention and better value.
Who are the best IPO readiness and financial advisory firms?
Selecting an underwriter is only part of the equation. Before any bank will commit to underwriting your IPO, your business must be prepared — financially, operationally, and from a governance standpoint.
This is where IPO readiness advisory firms add the most value. They help companies build the reporting infrastructure, internal controls, and compliance frameworks required to function as a public company.
The Big Four accounting firms — EY, Deloitte, PwC, and KPMG — are among the most widely used providers globally. EY, in particular, publishes quarterly Global IPO Trends reports and operates a dedicated IPO readiness assessment practice across multiple markets. According to EY’s Q2 2026 Global IPO Trends report, global IPO proceeds in the first half of 2026 reached $194 billion — more than three times the $62 billion raised in the first half of 2025 — reflecting just how much demand exists for structured IPO support right now.
Specialist boutique advisory firms serve companies that need more hands-on execution support, particularly in financial reporting, close process improvements, and audit preparation.
Local advisory practices play a critical role for companies listing on regional exchanges. For businesses in Malaysia considering a listing on Bursa Malaysia, working with a firm that understands both local regulatory requirements and international best practices is essential.
Great CFO offers dedicated IPO advisory services for companies preparing to list in Malaysia. With qualifications across ACCA, CPA Australia, MIA, and CTIM, the Great CFO team provides end-to-end guidance — from pre-IPO financial structuring and compliance preparation through to post-listing support — giving business owners the specialist knowledge they need without the cost of building an entire in-house team.
How do you choose the right IPO advisor for your company?
There is no single answer. The best IPO advisory service for your company depends on several factors.
Choose a bulge bracket bank if: you are targeting a large-scale listing, require deep institutional investor distribution, and your business already has a well-established financial infrastructure.
Choose a boutique or mid-market bank if: your deal size is smaller, you want more personalised deal management, or your sector requires niche expertise.
Choose a Big Four advisory firm if: you need global reach, brand credibility with international investors, and a comprehensive audit and assurance framework.
Choose a specialist or local advisory firm if: you are a growing mid-market business, you need hands-on support building your financial infrastructure, or you are listing on a regional exchange where local expertise carries significant weight.
EY’s 2026 IPO market research highlights that IPO readiness is now a primary differentiator: companies that are prepared can act quickly when market windows open, while those that are not can miss the window entirely. As EY Global IPO Leader Karim Anani noted, the current market recovery is characterised by its breadth, with stronger earnings and broader sector participation. But execution windows remain episodic — which means being ready before you need to act is the only reliable strategy.
Taking the next step towards your IPO
Preparing for an IPO is not a last-minute exercise. The companies that list successfully are those that begin building their financial infrastructure, governance frameworks, and reporting capabilities well in advance — often 12 to 24 months before the target listing date.
If you are considering an IPO or simply want to understand what it would take to get your business ready, speak with an experienced advisor who can assess your current position and map out a clear path forward.
Great CFO provides IPO advisory services tailored for Malaysian businesses, helping companies navigate the full journey from IPO preparation through to listing compliance. Contact the Great CFO team to find out how they can support your path to going public.
Frequently Asked Questions
What is an IPO advisory service?
An IPO advisory service helps a company prepare for and execute an initial public offering. This can include financial reporting preparation, regulatory compliance, internal controls, audit readiness, and the coordination of underwriters, legal counsel, and auditors throughout the listing process.
What is the difference between an IPO underwriter and an IPO advisor?
An IPO underwriter — typically an investment bank — prices and markets the offering, builds the investor order book, and manages share distribution. An IPO advisor or readiness consultant focuses on preparing the company’s internal financial infrastructure, compliance frameworks, and governance to meet the standards required of a public company.
How long does it take to prepare for an IPO?
Most companies require between 12 and 24 months of preparation before they are ready to list. This timeline covers financial statement audits, internal control development, regulatory filings, and investor relations preparation. Companies that start earlier are better positioned to act when market windows open.
Which investment bank leads the most IPOs?
According to Dealogic data cited by IPO Edge, Goldman Sachs led US IPO underwriting since the start of 2025 with 22 deals raising over $100 million. Morgan Stanley and JPMorgan each completed 17 qualifying deals in the same period. Rankings shift over time based on deal type, sector, and market conditions.
Do smaller companies need IPO advisory services?
Yes. Smaller and mid-market companies often benefit most from IPO advisory support, as they are less likely to have the in-house finance expertise needed to meet public-company reporting and compliance standards. Boutique advisory firms and local specialists can provide the same quality of guidance at a scale appropriate for growing businesses.
What should I look for when choosing an IPO advisor?
Key criteria include relevant industry experience, track record with similar-sized companies, understanding of the specific exchange you plan to list on, depth of accounting and compliance expertise, and the ability to support your team throughout both the preparation and post-listing phases.