> The cost of that liquidity is missing out on realizing future growth though. Why would it be? I don't believe an IPO has to be dilutive, it can be done with

> The cost of that liquidity is missing out on realizing future growth though. Why would it be? I don't believe an IPO has to be dilutive, it can be done with already issued shares. I grant you that's not usually how they're done though.