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A company goes public when shares in that company are offered for sale (floated) on a stock exchange somewhere in the world. At that point the ownership (or a share of the ownership) of the company passes to the people purchasing those shares - the public!

Before this flotation the company will have been owned privately and the flotation produces funds which goes to these owners as they are in effect selling their property.

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Q: What does going public mean for a company?
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