Most studies of entrepreneurial orientation (EO) have examined private firms or mature public firms, but not firms immediately after transitioning from privately held to publicly traded. In addition, prior studies have treated EO as being stable over time. However, external financing events could affect the level of EO due to various factors. For example, after an initial public offering (IPO), a firm is subjected to a different ownership structure (Brennan & Franks, 1997), different types of investors (Pagano & Roell, 1998), additional reporting requirements and stricter regulation (La Porta, Lopez-de-Silanes, & Shleifer, 2006). These changes could affect the EO of a firm, and ultimately its performance. Thus, this study addresses the question, how are a firm’s entrepreneurial orientation and performance affected by its IPO?