Track two: Indian IPO-bound firms explore private sales alongside listing plans

From a comparative perspective, an IPO, although more expensive and comes with significant post-IPO compliance obligations, offers a cleaner and clearer transition in terms of ownership distribution and governance. “In contrast, a private equity or strategic transaction may require lower immediate costs but may entail greater legal and structural complexity, given the negotiated nature of control rights, management arrangements and exit routes,” said Archana Balasubramanian, partner at Agama Law Associates.