Indian new-age companies gearing up for IPOs typically rush to overhaul their boardrooms, by loading up on independent directors and plugging diversity gaps, a new Longhouse study shared exclusively with ET said.
The report, which analysed 187 external directors across 34 venture-backed startups that have listed since 2021, showed that nearly 90% of external directors were hired within six months of filing draft prospectuses.
In several cases where directors joined more than a year ahead was often because companies had initiated IPO processes earlier,…
