Why More Growth Companies Are Looking Beyond the Traditional IPO
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Enhanced Games at Resorts World Las Vegas. PHOTO: FACEBOOK@ENHANCEDGAMES
Enhanced Games reached the public markets in less than six months.
In an era where traditional IPOs can take more than a year to complete, the speed of the company’s merger with A Paradise Acquisition Corp. (NASDAQ: APAD) stands out, particularly given the significantly tighter regulatory scrutiny surrounding SPAC transactions since 2021.
The transaction highlights why some growth-stage companies are evaluating special-purpose acquisition companies (SPACs) as a viable alternative to the traditional IPO process.
Led by Dr. Aron D’Souza and backed by investors including Peter Thiel and Christian Angermayer, Enhanced Games announced its Business Combination Agreement with APAD in November 2025. The transaction closed in May 2026, bringing the company to the public markets materially faster than the timeline typically associated with a conventional IPO.
For decades, the traditional IPO has been considered the default route for private companies entering the public markets. But for many high-growth businesses today, the process has become increasingly slow, expensive, and difficult to execute efficiently.
A conventional IPO can take well over a year to prepare, involving extensive audits, regulatory reviews, underwriter coordination, investor roadshows, and careful timing against market conditions. During that period, companies remain exposed to volatility, shifting investor sentiment, and delayed access to capital. According to EY, many companies postponed planned IPOs amid market volatility and uncertainty surrounding U.S. tariff announcements, highlighting how sensitive IPO execution can be to broader market conditions.
For businesses operating in fast-moving industries, timing matters. Delayed access to liquidity can slow expansion, hiring, acquisitions, partnerships, and product development at critical stages of growth.
That is one reason why the merger between Enhanced Games and APAD is notable. The SPAC structure allowed Enhanced Games to negotiate valuation, governance terms, and financing arrangements early in the process, compressing many of the steps normally associated with a conventional IPO into a single transaction.
Enhanced Games operates across sports, media, performance science, and wellness, sectors that require significant upfront investment and rapid execution. Earlier access to public capital provided the company with liquidity, visibility, and strategic flexibility at an important stage of growth.
The public listing also gives the company tradable equity that can potentially support acquisitions, partnerships, athlete compensation structures, sponsorship arrangements, and future fundraising initiatives. These capabilities are particularly relevant in industries evolving as rapidly as sports entertainment, wellness, and human-performance science, where speed itself can become a competitive advantage.
The deal also highlights one of the SPAC market’s core advantages: the ability to combine capital raising and public-market entry within a single process.
Beyond speed, the SPAC structure offered Enhanced Games another major advantage: earlier visibility into valuation.
In a traditional IPO, pricing is largely determined near the end of the process through institutional book-building and investor demand during the roadshow phase. Even late-stage IPO candidates can face valuation cuts, downsized offerings, or postponed listings if market conditions weaken.
Recent IPO markets have repeatedly demonstrated this risk. Instacart went public in 2023 at an approximate US$9.9 billion valuation, which is dramatically below the US$39 billion private valuation it achieved during the 2021 market peak. Similarly, WeWork’s failed IPO attempt became one of the clearest examples of how rapidly investor sentiment can shift during the IPO process.
SPAC mergers operate differently.
Enhanced Games secured an implied enterprise valuation of approximately US$1.2 billion months before closing the transaction. While the merger still required SEC review and shareholder approval, the company gained significantly greater visibility into deal economics much earlier in the process.
That certainty is particularly valuable for growth companies whose valuations are tied more closely to long-term platform potential than near-term profitability.
Rather than relying entirely on shifting IPO market sentiment, the SPAC structure allowed Enhanced Games to negotiate around its broader growth strategy and future expansion plans from the outset.
The Enhanced Games transaction also reinforces why some growth-stage companies evaluate SPACs as an alternative to the traditional IPO process.
Traditional IPO investors often prefer businesses with long operating histories, stable earnings, and predictable growth profiles. Many expansion-stage companies simply do not fit that model yet, even if their long-term opportunities are substantial.
SPACs offer a different pathway.
Instead of waiting years to achieve the operational maturity typically expected in a conventional IPO, companies can access public-market capital earlier while still in growth mode.
For Enhanced Games, early access to the public markets provides more than capital. Public equity can support acquisitions, partnerships, athlete compensation structures, sponsorship arrangements, and future fundraising efforts. These capabilities are particularly important in sectors evolving as rapidly as sports entertainment, wellness, and human-performance science, where speed itself can become a competitive advantage.
The transaction also highlights how the SPAC market has evolved since the speculative boom of 2020 and 2021.
Today’s de-SPAC environment operates under significantly tighter regulatory scrutiny, including enhanced disclosure requirements, greater SEC oversight, and stricter treatment of projections and liability standards.
The Harvard Law School Forum on Corporate Governance noted that redemption rates spiked in 2022, in some cases approaching 100%, contributing to a significant slowdown of the SPAC activity.
In response to rising investor concerns and regulatory pressure, the U.S. Securities and Exchange Commission adopted enhanced SPAC disclosure and liability rules in 2024 designed to align de-SPAC transactions more closely with traditional IPO standards. Sponsors also faced greater pressure to demonstrate financing certainty, stronger disclosures, and more credible post-merger execution.
Enhanced Games completed its transaction within this more disciplined environment.
Its Form S-4 included audited financial statements, governance disclosures, transaction details, and extensive risk-factor analysis subject to SEC review. The company also supplemented SPAC trust proceeds with a separately arranged US$40 million PIPE financing commitment designed to strengthen liquidity and improve deal certainty.
That structure reflects a more institutional and disciplined SPAC market than the speculative wave seen several years ago.
The Enhanced Games transaction demonstrates that, despite tighter regulation and a far more selective market environment, SPACs can offer certain growth companies a practical alternative to the traditional IPO.
For businesses prioritising speed, capital access, and execution certainty, a well-structured de-SPAC transaction may provide a more efficient route to the public markets, particularly when supported by credible financing, disciplined structuring, and strong investor backing.
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Skip the slogans—real Women’s Day campaigns create impact that lasts
Updated
April 1, 2026 8:56 AM
Mother Armenia monument in Victory Park, Gyumri city, Armenia. PHOTO: ADOBE STOCK
Women’s Day offers brands an opportunity to show what they stand for through meaningful action. But the strongest International Women’s Day campaigns do more than say “thank you”. They speak to women’s everyday lives.
Instead of big, vague empowerment slogans, some brands focus on small moments that shape confidence and wellbeing. Think about how we compliment young girls, how safe public spaces feel, what comfort really looks like and how friendship plays help women grow. When a campaign is built on a real insight and backed by something practical, it lands harder and lasts longer.
If you’re a startup planning a Women’s Day initiative, there’s value in studying what actually works. The examples below show how clarity, credibility and usefulness can turn International Women’s Day into something that feels meaningful and on-brand.
To celebrate the International Day of the Girl on October 11, 2025, Dove launched #ChangeTheCompliment—a campaign that asked parents and caregivers to rethink how they praise girls. Instead of defaulting to looks-based comments, Dove encouraged adults to acknowledge qualities like resilience, intelligence and determination alongside beauty.
The idea was grounded in data from Dove’s 2024 Real State of Beauty report, which found that more than 60% of girls feel pressure to be beautiful. Dove brought the message to life through a digital film showing parents broadening their praise in everyday moments.
In Canada, the campaign expanded through a partnership with psychologist Dr. Vanessa Lapointe, who helped anchor #ChangeTheCompliment in expert insight. She linked the campaign’s core message to Dove’s long-running Self-Esteem Project, launched in 2004 to provide free, evidence-based tools developed with psychologists and body image experts. Some of these tools included “Confident Me”, a classroom workshop on body confidence and “Amazing Me”, age-appropriate lessons designed to support self-esteem at school.
What worked here is that it didn’t stay inside a brand video. Parents, teachers and creators joined in by sharing their own examples online, posting revised compliments, building quick classroom activities or filming short clips where they swapped appearance-based praise for character-based words. From social posts to simple at-home conversations, the idea travelled beyond the original film and made participation easy.
Startup takeaway: Don’t build a Women’s Day campaign around a fuzzy theme. Focus on specific, everyday behaviors your audience relates to and design your campaign to shift them. Specificity makes your message practical and memorable.
In March 2024, Tetley Green Tea Immune launched the “I Am More Than My Nickname” campaign in India to challenge a common social habit: labeling someone’s fitness based on how their body looks. In many communities, body-type nicknames are used casually. Some of them might sound harmless, but they can chip away at confidence and self-worth over time. Tetley’s point was simple: fitness isn’t a body size. It’s strength, health and well-being.
The campaign centered on a digital film featuring a young girl nicknamed “Golu”, a Hindi term often used to describe someone as chubby. Throughout the film, she’s judged before she even tries, with people deciding what she can and cannot do based on her appearance. As the story unfolds, she pushes back. The film closes with women of different body types holding placards displaying various nicknames, ending with a clear line: “My Body Can, Your Body Can, Every Body Can”. It’s a strong example of a brand taking a familiar social habit and giving people a new way to see it.
Startup takeaway: Look for one small, common behaviour your audience sees every day. Then give people a simple way to engage with it, whether that’s sharing a story, rethinking a phrase or calling out a habit. When participation is baked into the idea, the campaign spreads naturally.
For International Anti-Street Harassment Week 2025, L'Oréal Paris launched its “Never Your Fault” campaign as part of its Stand Up Against Street Harassment program. The campaign drew on L’Oréal Paris research with Ipsos showing the scale of the problem: 75% of women reported experiencing harassment, and 60% said they adjust their clothing or appearance in public.
The message was clear: harassment is never the victim’s fault, and public spaces should feel safer for women. That matters because a lot of women still end up internalizing blame and changing how they dress just to lower the risk.
The campaign also came with a clear next step. It builds on L’Oréal’s partnership with Right To Be, an international NGO focused on stopping harassment, which began in 2020. Through Right To Be’s 5D framework—Distract, Delegate, Document, Delay and Direct—the program teaches bystanders simple, practical ways to intervene safely in the moment.
Startup takeaway: If you’re addressing a sensitive issue in a Women’s Day campaign, don’t go about it alone. Work with experts who bring trust, depth and real tools. It makes your message stronger fast.
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In 2025, Van Heusen Innerwear marked Women’s Day with a single visual that many women immediately recognized. The poster showed a crumpled shirt with a bra placed over it, capturing that end-of-day moment of relief.
The slogan on the poster—“Happy Women’s Day has nothing to do with us”—makes the point that real comfort is personal, not performative. The message wasn’t really about taking off a bra, but about the pressure women carry all day, including the expectation to look a certain way, feel a certain way and still keep going. By leaning into a real, everyday experience, Van Heusen positioned itself as a brand that listens rather than lectures.
Startup takeaway: Skip the predictable in Women’s Day slogans. Find an honest, lived moment and build around it. When your campaign reflects real life, it feels relevant instead of seasonal.
In 2025, Mattel celebrated International Women’s Day by honoring real-life female friendship duos with one-of-a-kind Barbie Role Model dolls made in their likeness. The campaign focused on the idea that strong friendships help women grow, succeed and support each other. Instead of spotlighting individual achievement, it highlighted collective strength—women empowering women.
By featuring duos such as Alicia Keys and Ann Mincieli, Jordan Chiles and Jade Carey and other global pairs across sports, entertainment and advocacy, the campaign framed friendship as a source of confidence and ambition from girlhood onward. To make it practical, Mattel partnered with psychologist and best-selling author Dr. Marisa G. Franco, who shared simple advice for girls: take initiative in making friends, assume people will like you, express appreciation openly, try new activities together and prioritize quality over quantity in relationships.
Startup takeaway: If your Women’s Day campaign is built on a social insight, make it actionable. Storytelling helps, but tools, education and frameworks are what make it useful.
Across these International Women’s Day campaigns, the playbook is consistent: choose one real, everyday behaviour and shift it. Whether it’s the way we compliment girls, the labels we use, how bystanders intervene, what comfort feels like or how we nurture friendships, each brand anchored its message in something tangible and built action around it.
For startups, the lesson is straightforward: be precise in what you’re addressing, be credible in how you show up and make your message usable. Attention is easy to grab, but relevance is harder to earn and far more valuable.