OVER THE PAST two decades fewer firms in America have listed on the stockmarket, opting instead to stay in the shadows for longer. Entrepreneurs and venture capitalists (vcs) make two complaints. First, initial public offerings (ipos) are a rip-off. Second, the degree of outside scrutiny firms face can be uncomfortable. Now a new wave of tech firms are expected to go public, including Airbnb, a home-rental firm, and Palantir, which does data analytics (see Business section). Some plan to use one of two alternative techniques for floating: direct listings and blank-cheque companies. This disruption to the conventional ipo market is risky but welcome. However, in the long run these newcomers won't be able to escape ruthless outside scrutiny of their business models.
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