When high-growth companies begin to scale, the traditional path has often pointed toward a public listing. An Initial Public Offering (IPO) has long been seen as the natural next step – offering access to capital, liquidity for early investors, and a profile boost on the public stage.
But that narrative is changing. Today, more companies are choosing to delay or avoid listing altogether – and it’s not just about valuation multiples or timing the market. Staying private is increasingly seen as a strategic decision to preserve control, maintain flexibility, and build real value before entering the intense spotlight of public markets.
The risk of going to IPO too early
While IPOs offer potential benefits, they also carry significant burdens – particularly when done prematurely. For a company still refining its strategy, product, or revenue model, the obligations of a public listing can be counterproductive. Regulatory compliance, continuous disclosure requirements, investor relations, and quarterly earnings pressures often pull leadership away from long-term innovation and strategic focus.
Moreover, the shift in ownership structure is non-trivial. Founders and early employees who have built the business from the ground up often find themselves diluted or constrained by the competing demands of external shareholders. Without strong governance and deeply entrenched strategic alignment, this change in power dynamic can derail momentum and fracture a company’s vision.
Going public too early also runs the risk of underwhelming the market. A poorly priced IPO or tepid demand can undermine confidence and damage brand credibility, making future fundraising or partnership discussions more difficult. While a company can always return to the private domain via delisting, it rarely does so without significant cost, distraction, and reputational impact.
The Rise of Long-Term Private Growth
In recent years, we’ve seen the average time to IPO stretch from five years to fifteen or more. Global tech giants such as Stripe, SpaceX, and Canva have proven that scale, innovation, and market dominance are all possible without public listing – and in many cases, are accelerated by remaining private. Access to capital has expanded substantially in the private domain, with institutional investors, sovereign wealth funds, and family offices increasingly deploying capital into growth-stage private companies.
In fact, global private capital markets now raise more than three times the capital of public markets annually. In Australia and across the Asia-Pacific, this shift is especially evident, with investors becoming more comfortable with the nuances of secondary trading, convertible notes, and structured liquidity solutions.
But while private capital is abundant, liquidity has traditionally remained a challenge for founders, employees, and early investors. Without a pathway to exit or partially monetise holdings, talent retention becomes an issue – and that’s where platforms like PrimaryMarkets play a pivotal role.
Private Liquidity Is Reshaping the Growth Journey
PrimaryMarkets has created a secure and regulated ecosystem where private companies can achieve the benefits of liquidity and capital raising without the costs and complexity of going public. By enabling controlled secondary trading and private placements, we help growth companies access liquidity when needed – on their own terms.
This means management can focus on building the business rather than fielding analyst calls or responding to market rumours. It also enables shareholders to buy and sell equity with far more transparency than has previously been available in the private space. Companies can manage their cap tables more effectively, attract top-tier investors, and structure fundraising in a way that preserves long-term value.
Animoca Brands: A Case Study in Private Market Success
A compelling example of this trend is Animoca Brands, a leading force in blockchain gaming and digital assets. Formerly listed on the ASX, Animoca faced the classic challenges of early-stage public companies: regulatory restrictions, disclosure obligations, and limited flexibility. Despite a strong core business, it struggled under the constraints of a public listing.
In 2020, Animoca chose to delist and began trading privately through PrimaryMarkets. This move gave it the freedom to scale without the noise of public markets – and it paid off. Animoca has since grown exponentially, achieving unicorn status and reaching a private valuation in excess of $6 billion. Its share price has risen from $0.07 to over $4.50, and it continues to attract international strategic investors and partners.
Unlike many listed tech firms that have seen valuations plummet with the broader market downturn, Animoca – as a private company – has been somewhat insulated from short-term sentiment and daily trading volatility. This is a key strength of well-managed private companies: their value is driven more by fundamentals and long-term performance than by market speculation.
Building Value on Your Own Terms
The benefits of staying private longer are increasingly clear. Companies retain control, reduce distractions, and can grow with a strategic investor base aligned to their mission. With access to liquidity and capital through platforms like PrimaryMarkets, there is less pressure to list before a company is truly ready.
A public listing can still be a powerful milestone – but it should be a choice, not a necessity. The path to IPO is no longer a one-size-fits-all journey. It’s a milestone that should align with a company’s maturity, governance structure, and long-term strategy – not just its cash flow needs.
If your company is growing, attracting investor interest, or looking to provide liquidity to shareholders – without the obligations of public life – PrimaryMarkets can help. With over $A3.5 billion in investment opportunities, we connect companies with strategic capital and provide a regulated trading environment for unlisted securities.
The private market revolution is underway – and companies that seize this opportunity can scale smarter, grow stronger, and choose when and how they go public.