Pre-IPO · US Tax
F-Reorganisation
A US Internal Revenue Code Section 368(a)(1)(F) tax-free reorganisation — typically used to insert a Cayman holding company above a US C-Corp ahead of a US IPO.
In practice
Common in pre-IPO restructuring of non-US tech companies: an existing operating structure is reorganised so a Cayman parent holds a US Delaware C-Corp subsidiary, all done without triggering US capital gains tax. Requires careful US-side tax counsel.