Why digital board meetings are mission critical pre-IPO

According to a recent piece by the Financial Times, “London is well placed to reinvent itself as the market of choice for mid-cap listings.” This shift away from chasing the next tech unicorn opens the door for companies with solid fundamentals, and puts fresh pressure on their boards to demonstrate structure, discipline, and transparency. 

In 2025, the UK IPO market saw only 12 new listings across the Main Market and AIM by the end of Q3, raising just over £200 million, a 65.6% drop in proceeds compared to the same period in 2024, according to EY. 

For organisations preparing to go public, governance is no longer a background concern. It’s front and centre. Investors want to see how companies are run, not just how fast they grow. And that starts in the boardroom, with meetings that are structured, documented, and ready to withstand scrutiny. 

As Babur Mirza, Global Head of Sales at Sherpany, puts it, “When a company starts preparing for an IPO, the pressure shows up in the boardroom first. How meetings are run, how decisions are tracked, how aligned the leadership team is, it all becomes part of the story investors look at.” 

Here’s what’s shaping the agenda: 

Boards are entering a more selective market: As London shifts focus, companies must show they are prepared for a different pace. Clear documentation, decision history, and efficient meeting processes are no longer optional. With just 12 IPOs in the first nine months of 2025, the market is rewarding companies that are prepared, not just promising. 

Private equity-backed firms need a smooth exit: Many IPO candidates are PE portfolio companies. To maximise value, their boards need to show a clean governance record and a well-prepared leadership team. Several of this year’s IPOs (including Princes Group and Shawbrook) came from private equity portfolios, highlighting the need for governance structures that support clean exits. 

Market scrutiny starts with the boardroom: Investors expect more than financial performance. They want to see how decisions are made, how risks are managed, and how directors are held accountable. The board’s work becomes part of the investment case. 

This article explores the changing nature of the IPO market, and how boards can use technology to embrace forward-looking governance that helps their organisations seize the full value of the opportunities ahead. 

Why digital meetings are mission critical for pre-IPO boards 

Transformation doesn’t mean rebuilding everything from the ground up. Often, it starts by improving the way boards prepare, meet, and follow up. And meetings, for companies approaching IPO, carry more weight than ever. 

As a recent article from Heidrick & Struggles outlines, “Most companies today are more tech enabled than they were even six months ago.” They continue, “Boards have an important role to play in ensuring their organisations build a digital strategy that will support innovation and performance for the long term.” 

Directors need to digest complex materials, align on sensitive topics, and act with confidence, all under tighter timelines. When meetings run on scattered documents and inconsistent tools, alignment breaks down and decision-making slows. 

As Deloitte explains, “When a company prepares for the public markets, it can establish a governance framework that evolves effectively over time by focusing on three priorities: board composition, board structure, and governance policies and practices.” 

A board meeting platform delivers against all three, creating space for sharper thinking, more focused preparation, and centralising resources into a single source of truth. Collaboration becomes more secure, because materials are shared inside a protected space. And governance becomes easier to uphold, because there’s a clear, auditable trail of decisions. 

Small changes in how meetings are run can lead to big improvements in how boards function, especially when the pressure is rising. Babur confirms this, commenting, “Boards don’t need transformation for transformation’s sake. They need meeting processes that are tight, predictable, and easy to manage under pressure. That’s where the real value of digital shows up.” 

What private equity should expect from board operations 

Picture two boards.  

One has a centralised system that tracks decisions, locks in key documents, and ensures every director is working from the same version of the truth. Meetings run to schedule. Risks are flagged early. When due diligence begins, there’s little left to clean up. 

The other relies on inboxes, side conversations, and scattered files. Meeting packs are delayed. Minutes are inconsistent. And when scrutiny increases, governance gaps appear. 

Both companies might look similar on the surface. But under the hood, their board operations tell very different stories, and one of them will be harder to exit cleanly. As Babur explains, “We see a clear pattern: when governance is clean, exits go faster. When it’s not, everything slows down. Private equity firms are increasingly looking at board operations early in the process, not at the last minute.” 

For PE firms preparing a listing, it’s worth asking: 

• Are our boards operating with the level of rigour public markets expect? 

• Can we show how decisions have been made over time? 

• Do our meeting processes support the speed and control we need? 

There’s no need to overhaul everything. But private equity should expect board operations to be a point of strength, not a risk factor waiting to surface. 

How Sherpany supports governance that grows with the business 

Good governance is a habit. And when a company is preparing to go public, those habits are tested. Are meetings structured? Are decisions traceable? Is the board working as a team, or working around the gaps? 

Sherpany helps companies answer those questions with confidence. It gives boards: 

• A secure, central place for materials, updates, and annotations 

• Structured meeting workflows that support better preparation and clearer follow-up 

• A reliable record of decisions that can support audit, compliance, and investor expectations 

As Babur highlights, “Governance lives in the details: the calendar invites, the meeting packs, the follow-up that happens after a decision. Sherpany brings those details into one system that boards can rely on as they scale.” 

What starts as a way to improve one board meeting becomes the foundation for a more consistent approach to governance. Deloitte highlights the importance of this, “The governance infrastructure is the aggregation of governance operating models—the people, processes, and technologies—that executive management has put in place to govern the day‑to‑day activities of the company, as well as the processes used to accumulate information and report it to the board and external stakeholders.” 

As companies grow, their risks and responsibilities grow with them. Sherpany helps ensure their boards are ready, not just for the next meeting, but for the next stage. 

Preparing boards for public life starts in board meetings 

There’s a lot that goes into preparing for an IPO, but the quality of board governance sets the tone. It shapes how decisions are made, how risks are handled, and how the company presents itself to the outside world. 

Digital transformation doesn’t need to be complex. It starts by giving board members the clarity, structure, and confidence to focus on what matters, especially when the stakes are high. 

With the right support, boards can go beyond just being prepared. They can become a real driver of the company’s success, in private markets and beyond. 

Babur concludes, “Companies preparing to go public don’t just need good meetings, they need to prove they’re in control. That’s what great board governance signals, and it’s what we help our customers deliver.” 

The pipeline for late 2025 and 2026 includes Shein, Monzo, and Waterstones all considering London listings. As momentum returns, governance will only become more critical. 

If you’d like to discover the power of Sherpany in your board meetings, book a free consultation today