Exit Strategies - M&A vs IPO - Part 3
summary
Debate compares IPOs, M&A and secondaries with concrete outcomes: NASDAQ Private Market launches as a company‑controlled secondary; Tel Aviv shows exits over $5B this year, avg $140M per deal; example Kamada: 30M ILS IPO (2005) to 1.2B then 2B ILS market cap after NASDAQ listing, raising >200M ILS. IPOs give capital for hiring and acquisitions but cost time and advisory fees, are an entrance not an exit, and commonly fail when management shifts focus from product growth to capital‑market processes.
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