Why might a seller choose to pursue an IPO rather than a sale of the company?
I. Potential buyers are sidelined
II. Preserves equity upside to share in future growth
III. Implied IPO valuation is higher than that expected in a sale
IV. Favorable equity capital markets
A) I and II
B) II and III
C) II and IV
D) I, II, III, and IV
Answer: D