From IPO to Post-Listing Growth: A Long-Term Mindset for Entering the U.S. Market
During the 2026 BIO Asia–Taiwan event, the Sullivan & Worcester LLP team held a series of discussions with Taiwanese companies. Beyond the mechanics and legal requirements of a U.S. listing, the more fundamental questions are why a company chooses the U.S. capital markets in the first place, and how it can use those markets after listing to support its next stage of global growth. For Taiwanese companies, an IPO should never be treated as a one-off project simply to “get listed.” From fundraising, valuation and M&A to U.S. market expansion and international brand-building, the real task is to position the capital markets as an integral part of the company’s long-term growth strategy.
Why the U.S.? Rethinking Capital Markets Through the Lens of Fundraising
The United States is home to one of the deepest and most liquid capital markets in the world. For companies in biotech and healthcare, technology, AI and other sectors that require continuous investment in R&D and growth, the significance of the U.S. market is not limited to how much can be raised at the moment of IPO. It also lies in the ability to keep engaging with global institutional investors and different layers of capital after listing.
Entering a market with a large base of professional analysts and sector-focused investors also changes the way valuation is approached. For companies whose business models, R&D or future growth potential require real industry knowledge to fully understand, being seen and assessed by investors who truly understand the sector can be just as important as the fundraising itself.
This is one of the key reasons why the U.S. capital markets continue to attract growth-oriented companies worldwide: they are not only looking for money, but for capital that can understand—and stay with—their long-term growth story.
Entering a market with a large base of professional analysts and sector-focused investors also changes the way valuation is approached. For companies whose business models, R&D or future growth potential require real industry knowledge to fully understand, being seen and assessed by investors who truly understand the sector can be just as important as the fundraising itself.
This is one of the key reasons why the U.S. capital markets continue to attract growth-oriented companies worldwide: they are not only looking for money, but for capital that can understand—and stay with—their long-term growth story.
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A listed share can also be a tool for corporate growth
Once a company is listed, its shares themselves carry strategic value. When a stock has a transparent market price and liquidity, it can become a powerful tool for M&A, strategic investments and talent incentives. In an acquisition, the buyer does not always have to rely solely on cash; it can also use its shares as consideration, preserving more cash for R&D and operations.
This is what practitioners often refer to as “acquisition currency.” Seen from a management perspective, going public is not only about opening a funding channel; it is also about gaining an additional strategic instrument that can support corporate integration, attract and retain talent, and underpin long-term growth.
This is what practitioners often refer to as “acquisition currency.” Seen from a management perspective, going public is not only about opening a funding channel; it is also about gaining an additional strategic instrument that can support corporate integration, attract and retain talent, and underpin long-term growth.
From the Capital Markets to the U.S. Market
Another takeaway from this round of discussions was the link between the capital markets and the commercial market. A listing on Nasdaq or the NYSE carries a level of international recognition in its own right. For companies seeking to expand in the United States, the transparency, governance standards and visibility that come with a public listing can help raise their profile among U.S. customers, partners, distributors and other business counterparties.
For that reason, the value of a U.S. listing does not sit only within the finance department. As a company builds analyst coverage, an investor base and international market exposure, its presence in the capital markets can extend into market access and global profile, becoming an integral part of its broader globalization strategy.
For that reason, the value of a U.S. listing does not sit only within the finance department. As a company builds analyst coverage, an investor base and international market exposure, its presence in the capital markets can extend into market access and global profile, becoming an integral part of its broader globalization strategy.
An IPO Is a Milestone, but the Real Work Continues After Listing
Entering the U.S. capital markets also means being ready to accept a higher level of transparency and ongoing responsibility.
Before listing, companies must address a wide range of issues—financial statements, accounting policies, internal controls, corporate governance, cross-border structures, international tax, U.S. securities regulations and overall IPO readiness—which typically require close cooperation among accountants, lawyers and capital markets professionals.
But once the IPO is completed, the work does not stop. Ongoing compliance and disclosure, investor relations, communication with analysts and institutional investors, media relations, corporate branding and global-market messaging all shape how the market ultimately views the value of a listed company.
A company may have strong technology, solid financial performance and a compelling growth strategy, but if international investors do not understand what the company actually does, where its competitive edge lies, and where the next phase of growth will come from, the capital markets may not fully reflect the long-term value the company believes it can create.
In that sense, simply being seen is only the first step; being genuinely understood is the longer-term challenge that begins after going public.
Before listing, companies must address a wide range of issues—financial statements, accounting policies, internal controls, corporate governance, cross-border structures, international tax, U.S. securities regulations and overall IPO readiness—which typically require close cooperation among accountants, lawyers and capital markets professionals.
But once the IPO is completed, the work does not stop. Ongoing compliance and disclosure, investor relations, communication with analysts and institutional investors, media relations, corporate branding and global-market messaging all shape how the market ultimately views the value of a listed company.
A company may have strong technology, solid financial performance and a compelling growth strategy, but if international investors do not understand what the company actually does, where its competitive edge lies, and where the next phase of growth will come from, the capital markets may not fully reflect the long-term value the company believes it can create.
In that sense, simply being seen is only the first step; being genuinely understood is the longer-term challenge that begins after going public.
From Taiwan to the Next Stage of Global Growth
The message brought by the Sullivan & Worcester LLP team during this visit was not that every Taiwanese company should head straight for a U.S. listing.
If anything, the more important point is this: once a company has built a foundation of technology, products, talent and a meaningful market presence, how should it choose the form of capital and the international path that best fit its next stage of growth?
A U.S. listing is one possible route. Cross-border fundraising, strategic investments, M&A, establishing overseas operations or partnering with international companies may, at different stages, prove to be more suitable answers.
Whichever route is chosen, however, internationalization is not a one-off transaction. It is a long-term undertaking that requires finance, tax, legal, governance, capital planning and market strategy to move in step with one another.
In this sense, the observation shared by David, a senior lawyer at Sullivan & Worcester LLP, about the energy and potential he saw in Taiwan takes on added meaning.
Taiwan is not short of competitive companies. The real question now is how to use more mature international capital strategies and cross-border professional support to ensure that the value of these companies is recognized in larger markets—and how to help them translate that potential into sustained global growth.
Further Reading | Taiwan’s Global Opportunities in the U.S. Markets (Part 1): A Field Report on Sullivan & Worcester LLP’s New York Team Visit to Taiwan
If anything, the more important point is this: once a company has built a foundation of technology, products, talent and a meaningful market presence, how should it choose the form of capital and the international path that best fit its next stage of growth?
A U.S. listing is one possible route. Cross-border fundraising, strategic investments, M&A, establishing overseas operations or partnering with international companies may, at different stages, prove to be more suitable answers.
Whichever route is chosen, however, internationalization is not a one-off transaction. It is a long-term undertaking that requires finance, tax, legal, governance, capital planning and market strategy to move in step with one another.
In this sense, the observation shared by David, a senior lawyer at Sullivan & Worcester LLP, about the energy and potential he saw in Taiwan takes on added meaning.
Taiwan is not short of competitive companies. The real question now is how to use more mature international capital strategies and cross-border professional support to ensure that the value of these companies is recognized in larger markets—and how to help them translate that potential into sustained global growth.
Further Reading | Taiwan’s Global Opportunities in the U.S. Markets (Part 1): A Field Report on Sullivan & Worcester LLP’s New York Team Visit to Taiwan
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