Some have been taken over by private companies. At the same time, private markets – where investors back private companies that are not listed on a stock exchange – have been expanding. They’re open to everyone and are far more transparent than private markets, making them easier to supervise and regulate. This could make public markets easier to access and more attractive for companies looking to raise funds. Changing the advertising rules for IPOs may help to level the playing field between private and public companies, and bolster Australia’s public markets for the future.