An initial public offering (IPO) is the process through which a privately owned business sells shares of stock to the public for the first time. Also known as going public, an IPO provides a growing business with access to public capital markets and increases its credibility and exposure. It has long been considered a right of passage that marks an important phase in a business's development. At the same time, however, staging an IPO is both time consuming and expensive. It requires companies to navigate a complex Securities and Exchange Commission (SEC) registration process and disclose a great deal of confidential information to potential investors. Furthermore, the success of an IPO is not guaranteed, and depends in part upon industry, economic, and market conditions that are beyond a company's direct control. Overall, the decision to go public is a complicated one that requires careful...