How do tracking IPOs and dual-track processes work?

A dual-track process prepares an IPO and private sale in parallel to maximize optionality and valuation tension. A tracking IPO can test public-market appetite while M&A bidders remain engaged. The issuer compares valuation, certainty, timing, confidentiality, and control. Dual-track work is demanding because IPO readiness and M&A diligence run simultaneously.