Building an IPO Investment Memorandum at JM Financial

Swagnik joined JM Financial's investment banking team covering consumer and consumer technology transactions. Early in his tenure, he was assigned to a live IPO transaction where multiple analyses and presentations had to be delivered within an aggressive timeline.

He owned the investment memorandum end to end. This meant starting with industry research: mapping the sector's historical and projected growth, identifying listed peers, and building the competitive positioning narrative that would explain why the company could outperform its comparables. He used the Bloomberg terminal extensively for peer data and transaction comps.

In parallel, he built the financial model, working through KPI identification and assumption validation before populating the valuation analysis. He sequenced the work by dependencies: while model assumptions were still being finalized with the senior team, he kept the non-financial sections of the memorandum moving so no workstream blocked another.

He also contributed to the IPO pitch deck, translating the research and financial outputs into materials suitable for client disclosure. Throughout the process, he coordinated with senior team members to validate assumptions and ensure the work met the quality bar required for external presentation.

The transaction closed successfully, and JM Financial remains active on the deal.