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How long does it take to go public?
Going public typically takes about six months by reverse merger, seven to eight months by IPO and about ten months by direct listing. The capital raise runs alongside the process, not before it. The biggest variable is the company itself: management focus and how ready the financial records are.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
How long does each step take?
| Step | Typical time |
|---|---|
| Engage an adviser and organize the team | About 3 weeks to engage, then 1 to 2 weeks to schedule the accountant, auditor and securities lawyer |
| Prepare the accounting | About 6 weeks for an organized company with internal financial statements; faster if a CPA keeps the books |
| Audit | About 8 weeks for a PCAOB-registered firm to audit the financial statements and review the draft filing |
| Draft the registration statement | 3 to 4 weeks, at the same time as the accounting and audit |
| SEC review | First comments in about 30 days; the full comment and amendment cycle usually takes 60 to 90 days |
| Form 211 and FINRA review | 30 to 60 days for the market maker's filing to clear |
Several of these steps overlap, which is how the whole process fits in the timelines above.
Can I raise money and go public at the same time?
Yes. Raising capital is the first thing we do on engagement, and the private placement runs alongside the accounting, audit and drafting. The capital doesn't have to be in place before the clock starts. See raising before you go public.
How long does an IPO take?
About seven to eight months from when a company decides to do an IPO, sometimes less. Much of the work, including the audit and the draft registration statement, can be done before an underwriter commits. Once an underwriter is committed and that work is done, getting through SEC review can take three to four months. A US IPO generally needs an underwriter raising $15 million or more. See IPO consulting.
Why does a reverse merger take less time?
Because the company merges into an entity that is already public, it skips the market maker's Form 211 and some of the registration work. It is faster, but it costs more: a decent shell typically costs about $300,000 and its shareholders keep equity. It makes sense when speed truly matters. See reverse mergers.
What delays going public?
Most often, management distracted by other things. After that, financial records that aren't ready for an audit. Problems from past raises, such as capital raised without the required federal or state filings, can also stop a process entirely.
How long does it take to uplist to Nasdaq?
It depends on when the company meets Nasdaq's financial and shareholder standards. Many companies spend a few years on the OTC market building the numbers first. See uplisting to Nasdaq.
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Tell us where you are, and we’ll set up a first conversation about whether going public belongs in your plan and what it would take. If it isn’t right for you, we’ll say so.