From your observation, is it a common thing for small or medium enterprise in your country to have expansion plan to move towards IPO? What are the strategies required to expand via IPO?
The economic interests of an IPO and SME are contra-polar.
An entrepreneur has to care (long-term), speculators need shares (short-term).
The money-burn-rate has to be kept low and economic prudence has to be set high. Otherwise, the systemic volatility of banking fluctuations and stock market logic will crush the SME business into pieces.
The IPO is interesting for a family group not having all its resources allocated in the company. However, it is important to consider that the entry of members brings costs.