1. The Going-Public Decision 10

As noted above, a company within a favored industry enjoys a more broadly opened window, as was the case for Internet companies in 1999 and most of 2000. This is currently true for life sciences firms. Going public while the market is strong versus missing the market by as little as several weeks can result
in a postponed or withdrawn IPO and significant expenses or a lower market valuation. In addition to reviewing how companies in your industry have fared, you should also look at how the overall market is valued.
Quarterly IPOs
Number of IPOs
Source: Thomson Financial
Other sources of capital
If your company is not heavily encumbered by debt and is not searching to expand rapidly, you may be considering a long-term alternative (going public) for a short-termfinancing need. Other alternatives include:
Exempt offerings and private placements of equity or debt
Mezzanine financing
Institutional investors
Commercial bank loans
Extended terms from suppliers
Leasing
R&D partnerships
10
PricewaterhouseCoopers LLP Roadmap for an IPO

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