Deep Tech Catalyst Deep Tech IPO Roadmap: Investors, Metrics, Roadshow. A chat with Adam Bergman, Managing Director @ EcoTech Capital
Jan 16, 2026
Adam Bergman, Managing Director at EcoTech Capital, draws on 30 years of investment banking experience to discuss the ins and outs of public offerings for clean tech companies. He reveals why startups might prefer an IPO over acquisition, emphasizing deeper capital access and credibility. Adam highlights the metrics that make a strong IPO candidate, from target revenue to profitability benchmarks. He also shares the importance of a two-year pre-IPO preparation timeline and strategic KPIs, warning against the pitfalls of missing guidance during the critical roadshow phase.
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Public Markets Still Provide Deepest Capital
- Public markets offer the deepest capital and institutional access not available in private rounds.
- But IPO appeal has declined as private capital grew and fewer companies pursue public listings.
Public Status Still Confers Credibility
- IPO appeal has fluctuated: past eras (internet) had strong cachet, today private capital reduces urgency.
- Still, public status can provide credibility for winning business, especially with governments and large customers.
Reach Size And Profitability First
- Target scale and concrete profitability before going public; aim for $100M+ revenue and positive EBITDA where possible.
- Avoid becoming a micro-cap or sub-$5 share price that excludes many institutional investors.