The Great Venture Liquidity Illusion: Why an IPO Must Be Worth 3x an M&A Offer

Executive Overview For decades, the Initial Public Offering (IPO) has been heralded as the holy grail of startup growth—the ultimate Plan A for founders, early employees, and venture capitalists alike. Conventional wisdom holds that ringing the bell on Wall Street transforms paper wealth into liquid capital, validating years of late-night coding, strategic pivots, and dilution….

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The Great Venture Liquidity Illusion: Why an IPO Must Be Worth 3x an M&A Offer

Executive Overview For decades, the Initial Public Offering (IPO) has been heralded as the holy grail of startup growth—the ultimate Plan A for founders, early investors, and employees whose equity has long been locked away in illiquid cap tables. Conventional wisdom dictates that once a company rings the opening bell on a major exchange, the…

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