Dual track processes, where companies explore M&A options alongside a public market listing, have become more common on both sides of the Atlantic in recent years and are now an embedded feature of equity capital markets. As private capital markets continue to grow, at the expensive of public equity markets, dual track is leading to fewer and fewer listings.
Record funds raised by private equity investors and the cheap cost of borrowing has led to a huge growth in the amount of capital available to pre-IPO companies. As a result, many are staying private for longer or not going public at all because they can get higher
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