The article explores how forming partnerships with customers before going public can affect the success of a company's initial public offering (IPO) and its performance afterward. By studying Chinese firms from 2007 to 2015, the researchers found that companies with customer strategic alliances (CSAs) tend to have lower IPO underpricing compared to those without such partnerships. This reduction in underpricing is more significant for firms with customers that are not related to them. The study also shows that having a good information environment before going public, such as high audit quality and analyst following, can strengthen the credibility of CSA relationships and signal high IPO quality. Additionally, CSAs have a positive impact on a company's performance after going public, especially when the customers are not related to the company. Overall, forming CSAs can help reduce IPO underpricing and improve post-IPO returns.