Alaoui Zenere, Managing Director in Equity Capital Markets at J.P. Morgan, joins The Pop to shed light on the world of underwriting, including the IPO roadshow, bookbuilding, pricing, and how the allocation process actually works. We cover what companies are really choosing when they hire a banker, what an underwriter does behind the scenes, how management teams pitch public market investors, and how feedback from the roadshow turns into a book of demand. Alaoui also explains how banks, issuers, and investors work toward the final IPO price, how allocation decisions are made, and why the tradeoff between price, pop, and long-term shareholder quality matters. Drawing on experience across major fintech and crypto-adjacent public market debuts, including Coinbase, Robinhood, Circle, and Bullish, Alaoui shows how an IPO is not just a capital raise, but a market-entry process that shapes a company’s life as a public company. Links Mentioned J.P. Morgan Equity Capital MarketsCoinbase listing dayRobinhood IPO pricing announcementCircle IPO pricing announcementBullish IPO pricing announcementSEC Investor Bulletin, Investing in an IPOSEC EDGAR / Search FilingsFINRA Rule 5131, New Issue Allocations and DistributionsSuperstate About the GuestAlaoui ZenereManaging Director, Equity Capital Markets, J.P. Morgan Alaoui Zenere is a Managing Director in the Equity Capital Markets group at J.P. Morgan, where she heads the Financials, FinTech, and Real Estate teams within ECM. She advises clients and executes initial public offerings, secondary offerings, and broader capital markets transactions. Her transaction experience includes major public market debuts across traditional finance, fintech, and crypto-adjacent companies, including Coinbase, Robinhood, Circle, and Bullish. CompanyLinkedInAbout The PopThe Pop is a podcast examining the science and hidden machinery of how companies go public and how markets actually work in the United States. Hosted by Robert Leshner, a founder and operator building infrastructure for modern capital markets, the show breaks down IPOs and listings from the S-1 to the first trade, exploring how incentives are structured, where the system breaks down, and who it ultimately serves. Through high-signal, story-first conversations with founders, executives, investors, lawyers, and regulators, The Pop looks at the good, the bad, and the ugly of going public, and what the next era of capital formation could look like. Follow / Subscribe AppleSpotifyYouTubeWebsiteContact / Connect Twitter/XLinkedIncomms@superstate.co About Superstate Superstate partners with issuers to bring securities onchain, enabling access to new investor capital and modern financial markets. Through Opening Bell, Superstate partners with companies issuing tokenized equity. Through FundOS, it serves asset managers launching tokenized funds. Both platforms support compliant issuance, record keeping, direct investor registration, and onchain market integration via their SEC-registered transfer agency infrastructure. Superstate's flagship funds USTB and USCC validated this infrastructure at institutional scale before transitioning to leading asset managers on FundOS. Learn more at superstate.com. Disclaimer:This podcast is produced by Superstate Inc., a Delaware corporation and parent company of Superstate Advisers LLC, a registered investment adviser with the SEC, and Superstate Services LLC, a registered transfer agent. Nothing contained in this podcast should be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. All information is presented for educational and informational purposes only. Past performance is not indicative of future results. Guests and the host may have financial interests in or use products and services offered by Superstate. This podcast does not establish a fiduciary or advisory relationship between Superstate Advisers LLC and any listener. Securities discussed involve significant risks, including potential loss of principal. Markets are volatile and subject to regulatory changes. Please consult with a qualified financial advisor, attorney, or accountant before making any investment decisions. For more information, visit the SEC at www.sec.gov or investor.gov to verify Superstate's registration status.
