There are several ways for a company’s shares to become publicly traded that are similar to an IPO, but not exactly the same. These include via:
A direct listing, in which the company goes public without raising capital through the sale of new shares;
A special-purpose acquisition company (SPAC), a shell company formed specifically to bring private companies to public markets.
A reverse merger, in which a private company acquires a publicly traded shell company to become publicly traded without going through the traditional IPO process.
Read more about different types of exits further below.