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5:00Three Doors to the Public Market: IPO, Direct Listing, SPAC
Every public company walked through one of three doors to get there. Each door has a different gatekeeper, a different price tag, and a wildly different bill — and the choice can cost founders 20% of the company.
Going public means turning private shares into freely tradable ones registered with the SEC. There are three routes, and they differ on three axes: who sets the price, whether new cash is raised, and who carries the legal and financial risk.
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