1. Going Public Americans’ Views on IPOs
April 2018

2. Key Questions Approach
Do Americans feel they have access to enough investment choices?
What are Americans’ priorities for improving the IPO process?
How do these views differ by generation, political party, and other demographics?
Who we
surveyed
The U.S. General Public
How many
people we
803
How we
them
Online survey
Survey
timing
April 9 – 11, 2018
© BRUNSWICK 2018

3. “I have __ ways to invest my savings”
While most Americans feel they have enough opportunities to invest, Millennials want more options and nearly all see smaller investors with fewer choice
“I have __ ways to invest my savings”
Who has more investment opportunities?
Other notes: Gen Y is likely most concerned about investing their retirement savings in the right ways – Boomers and Silent G appear pretty confident. Younger generations are to an extent somewhat less concerned about “fairness” when it comes to investment opportunities.
Q: Do you believe you have too few, enough, or too many ways to invest your savings?
Q: Do you believe that other individual investors have the ability to take advantage of the same investment opportunities that large professional investment firms have?
© BRUNSWICK GROUP 2018

4. Level Playing Field
Democrats and Republicans alike agree on a level playing field during the IPO process where both small and large investors have the same investment opportunities
There needs to be a level playing field during IPOs where small individual investors have the same opportunities to invest in newly listed companies that larger institutional investors have.
Strongly Agree %
Strong DEM
70%
Boomers
60%
Strong GOP
Democrats
57%
African American
Silent Gen.
54%
Q: Please indicate whether you agree or disagree with the following statements.
© BRUNSWICK GROUP 2018

5. Encouraging Growth Through Sound Policies
Respondents agree regulators should ensure rules make it easy for companies to grow and for investors to benefit from that growth
Regulators should make sure their rules encourage companies to grow, and make it easier for big investors and small investors to benefit from the success of these companies.
Strongly Agree %
Strong DEM
60%
Silent Gen
58%
Boomers
56%
Northeast
54%
Latino
53%
Democrats
52%
Individual Investor
51%
Total Disagree %
African American
16%
Latino
GenZ
14%
Gen Y
12%
Q: Please indicate whether you agree or disagree with the following statements.
© BRUNSWICK GROUP 2018

6. Simplify the IPO Process
Across party lines there is agreement that the IPO process should be made easier and simpler to ensure the average American benefits
Too many companies are skipping IPOs and instead staying private, therefore are only open to a handful of large institutional investors because of too many rules and hoops to jump through. Regulators should simplify the IPO process to encourage more companies to go public and share the benefits with regular investors.
Strongly Agree %
GenZ
37%
Strong DEM
34%
Strong GOP
32%
Democrats
29%
African American
Latino
Northeast
28%
Q: Please indicate whether you agree or disagree with the following statements.
© BRUNSWICK GROUP 2018

7. Government Should Make IPOs Easier
Democrats and Republicans are aligned in wanting to see government make the IPO process easier for companies to ensure increased oversight and transparency into their dealings
Too many companies are avoiding going public, and by staying private those companies can operate with less transparency and accountability. Government should make it easier for companies to have an IPO to ensure companies have increased oversight and transparency in the way they operate.
Strongly Agree %
Strong DEM
42%
Strong GOP
31%
Boomers
30%
Northeast
29%
Democrats
African American
Total Disagree %
GenX
29%
Male
Midwest
Independents
Q: Please indicate whether you agree or disagree with the following statements.
© BRUNSWICK GROUP 2018

8. What it Means Americans Want Greater IPO Access1 2 3
Americans Want Greater IPO Access
While most Americans are satisfied with their overall investment options, they are in strong agreement that investors at all levels need more access to the IPO market.
But Access Must Be on a Level the Playing Field
By overwhelming margins, the American public wants to see the IPO market run as a level playing field where all investors have opportunities to participate in listings, and with a greatly streamlined regulatory framework.
Americans Stand on Common Ground
Regardless of partisan ideology, generation, or income level, the American public is united in their aspirations and ideals when it comes to generating opportunity through the IPO process – opportunity that many Americans see as a key part of the American Dream.
© BRUNSWICK GROUP 2018