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

From a comparative standpoint, an IPO — although more expensive and accompanied by substantial post-listing compliance obligations—offers a cleaner and more definitive transition in terms of ownership dispersion and governance. “In contrast, a private equity or strategic transaction may involve lower immediate costs but introduces greater legal and structural complexity, given the negotiated nature of control rights, governance arrangements, and exit pathways,” Archana Balasubramanian, partner at Agama Law Associates, said.