INSIGHTS
Author: The Odyssey Team
Date: March 16, 2026
Seamless IPO:
A Real Issuer Story
A Case Study on How zSpace Prepared for the Public Markets, with Odyssey and Carta.
For many private companies, an initial public offering is viewed as a discrete milestone. In practice, it is a comprehensive operational test. The IPO process exposes weaknesses in equity data, governance, and shareholder infrastructure that may have accumulated quietly over years of private growth.
The experience of zSpace illustrates how early discipline, integrated systems, and the right advisory partners can significantly reduce risk and friction throughout the transition from private to public.
Company background
zSpace is a micro cap technology company that began evaluating access to the public markets as a strategic financing decision rather than a branding exercise. Unlike high growth venture-backed companies pursuing an IPO as a visibility event, zSpace approached the process with a focus on capital structure, execution certainty, and regulatory readiness.
In late 2023, zSpace appointed Erick DeOliveira as Chief Financial Officer and began preparing for the operational requirements of becoming a public company.
Early Assessment: Identifying Structural Risk
One of the earliest conclusions reached by the zSpace finance team was that equity infrastructure would be a critical risk area. While the company had managed its cap table effectively as a private issuer, the standards applied in the public markets are materially different.
Public companies are required to demonstrate precise ownership records, accurate historical transactions, and the ability to support ongoing shareholder servicing without disruption. Errors that might be correctable in a private setting can create regulatory scrutiny, delay filings, or undermine investor confidence once a company enters the public markets.
Recognizing this, zSpace prioritized cap table discipline and shareholder record integrity well before filing activities began.
“It was reassuring to know that Odyssey was fully prepped and ready to go well in advance of the IPO. That’s the kind of team I think CFOs need to assemble – teams where the expertise is there but the operational execution is in evidence – not just promised.”
– Erick DeOliveira, CFO, zSpace
Establishing Cap Table Readiness with Carta
To address early stage equity readiness, zSpace worked with Carta and its IPO Advisory team. Carta’s role was focused on ensuring that all private company equity data was complete, accurate, and structurally sound prior to the IPO process accelerating. The Carta team also helped walk zSpace through the process of finding a public equity management platform, transfer agent, and listing venue, playing the role of a trusted advisor to the management team.
This included validating historical issuances, resolving administrative complexity, and identifying potential issues that could become problematic under public market scrutiny.
By engaging early, zSpace was able to address these matters on a controlled timeline rather than under the compressed deadlines typical of an active IPO process. This preparation reduced execution risk and allowed the finance and legal teams to focus on forward-looking requirements rather than retrospective cleanup.
Transfer Agent Selection and Public Market Infrstructure
As the IPO process progressed, zSpace turned its attention to transfer agent selection. From a finance and legal perspective, this decision was treated as a core operational dependency rather than a commoditized service.
The primary requirement was execution certainty. The transition from a private cap table to a public share ledger needed to occur accurately, on schedule, and without introducing regulatory or investor risk.
zSpace selected Odyssey Transfer and Trust Company as its transfer agent, working primarily with Odyssey as an integrated partner rather than a downstream service provider. A key differentiator was Odyssey’s direct technological integration with Carta, which enabled a structured and efficient migration of shareholder data.
This integration reduced manual reconciliation, minimized data handoffs, and lowered the likelihood of errors during a critical phase of the IPO timeline.
– Erick DeOliveira, CFO, zSpace
Execution During the IPO Process
During filing, review, and pricing activities, the combined infrastructure of Carta and Odyssey allowed zSpace to maintain stability in its shareholder records while navigating regulatory review and transaction execution.
From the issuer’s perspective, the transfer agent function operated quietly and predictably. Share migration, shareholder communications, and recordkeeping did not introduce delays or require emergency intervention, which is often the true measure of success during an IPO.
This allowed leadership to focus on investor engagement, compliance obligations, and ongoing business operations rather than operational remediation.
Post IPO Operations and Ongoing Support
Following the IPO, Odyssey ensured that zSpace transitioned seamlessly into the steady state requirements of public company operations. Equity vesting, shareholder inquiries, and transactional activity continued without disruption.
As a newly public issuer, zSpace benefited from having a transfer agent capable of providing not only execution, but guidance. Routine public market activities such as registrations, lockups, and secondary considerations were supported by a partner experienced in navigating these processes.
The result was a smoother first year as a public company, with fewer operational distractions and greater confidence in the underlying shareholder infrastructure.
Key Takeaways for IPO bound companies
The zSpace experience reinforces several important lessons for companies considering the public markets.
- IPO readiness begins long before a filing is drafted. Cap table discipline and data accuracy are foundational requirements, not finishing touches.
- Transfer agent selection should be treated as a strategic decision tied directly to execution risk and regulatory confidence.
- Workflow integration between private equity management and public shareholder operations reduces complexity, minimizes error, and supports timely execution.
For founders, CFOs, and general counsel, the path to a successful IPO is increasingly defined by preparation and systems rather than speed. Companies that invest early in clean data and integrated infrastructure position themselves to operate effectively as public issuers from day one.
simplifying the path to ipo
A company’s journey from private to public is one of the most important transitions it will ever make. Odyssey and Carta’s partnership gives issuers the confidence and peace of mind they need by aligning world-class cap table management and IPO readiness with public transfer agent services and shareholder solutions. Our established API integration ensures a smooth “lift and shift” of records, reducing risk, minimizing manual work, and avoiding disruptions.
