The booking was correct. The logistics failed. And a single missed investor meeting can cost over $2.5 million in potential commitment [1].
What a Roadshow Actually Is
IPO roadshow by the numbers (2026)
A roadshow looks like a travel itinerary. It isn't. It's a logistics operation. Every city is a new stage with a new set of variables: traffic patterns, venue locations, driver quality, weather, security, and the physical and mental state of an executive who has been on planes for three days straight.
The investment bank books the meetings. The IR team manages the investor list. The TMC books the flights. Nobody owns the ground - the 45 minutes between the hotel and the first meeting, the route from the lunch venue to the afternoon one-on-one, the car that needs to be waiting at the right entrance before the CFO walks out.
That gap is where roadshows succeed or fail.
The Ground Layer
What the ground layer covers (per city, per day)
- CarRight vehicle, right timeCFO waits on the curb
- RouteTraffic-aware, planned in advance, not guessed45 min late to a $40M meeting
- DriverNamed, vetted, knows the cityWrong entrance, wrong address
- TimingBuffer built in for delays, traffic, weatherBack-to-back meetings with no recovery
- Meeting venueConfirmed, entrance identified, parking arrangedDriver goes to the wrong door
- Hotel coordinationCheckout handled, bags sent aheadCFO waits for the bell desk
- Recovery time15 min between meetingsCFO arrives exhausted and unprepared
Each of these is a single point of failure. In a 12-city roadshow, you have 12 × 7 = 84 potential failure points. If even one breaks - a late car, a wrong route, a missed turn - the cascade affects every meeting after it.
The Run Sheet
The run sheet is the single document that prevents the cascade. It's issued the night before every day of the roadshow, in the traveler's time zone.
Sample run sheet (Day 3: Zurich)
- 07:15Hotel lobbyCar - S-Class, plate ZH-1843. Driver: Markus, +41 79 XXX
- 07:45Baur au LacBreakfast meeting, Goldwing Partners - private dining room
- 09:15TransferBahnhofstrasse via Quaibrücke - avoids Friday market traffic
- 09:30UBS HQOne-on-one: Mr. K., floor 14
- 11:00TransferBahnhofstrasse to Bleicherweg, 8 min, traffic-aware
- 11:15Hotel SavoyLunch meeting: Swiss pension fund delegation (6 pax)
- 13:30TransferAirport route via A1, 20 min
- 14:00ZRH AirportFlight LX 1234 to FRA. Departure lounge booked
Every time, every address, every driver's name and number, every route - in writing, the night before. The CFO reads the run sheet at the hotel bar, not on the phone with the driver.
The Cost of Ground Failure
Roadshow ground failure costs
Late to investor meeting
Cost$2.5M+ per missed meeting
ImpactInvestor loses confidence [1]
Wrong car or wrong venue
Cost30-60 min delay
ImpactEntire day's schedule shifts
Unplanned route
Cost15-45 min delay
ImpactCFO arrives unprepared
No recovery time
CostExecutive burnout
ImpactPoor meeting performance
Lost documents
Cost2-4 hours to resolve
ImpactDelayed or missed closing
Wrong hotel entrance
Cost10-20 min delay
ImpactCumulative schedule drift
The ground transport cost for an average IPO roadshow is $18,000-$45,000 [2]. The cost of one failed meeting is $2.5 million or more [1]. The ratio of ground cost to meeting value is roughly 1:100. The ground is the cheapest part of the roadshow and the one most likely to break it.
How to Run It From One Desk
The mistake most companies make is letting the investment bank handle logistics. The bank books meetings. The TMC books flights. The hotel chain books rooms. Nobody coordinates the ground - and the ground is where the roadshow lives or dies.
One desk vs fragmented logistics
One desk. One run sheet. One number. The CFO never calls a driver. The CFO calls the desk. The desk calls the driver. The desk knows the traffic. The desk knows the meeting venue. The desk knows that the Bahnhofstrasse has a Friday market and the route needs to go via Quaibrücke instead.
The Bottom Line
A roadshow is not 12 bookings. It's one operation with 12 moving parts. The investment bank, the IR team, and the TMC each handle their piece. Nobody handles the ground - and the ground is where the money is won or lost.
The ground transport budget is $18,000-$45,000. The cost of one missed meeting is $2.5 million. The ratio is 1:100. If you're spending $45,000 on cars and $0 on coordination, you're spending the wrong money.

