Every large business today began with a small investment from the promoters. As the company grew in size and earn profit, it expanded into new horizons and verticals by incurring debt and reinvesting its profits. After a certain point, the company requires significant equity infusion in order to expand and invest in new horizons. The company can either attract institutional investors and corporations or go public. A private company can go public in three ways: via IPO, SPAC, or direct listing.