Tech and growth companies seeking to list on the ASX encounter significant challenges, often attributed to the prohibition of dual-class shares and executive remuneration packages not linked to performance. However, Firmus, which did not have these issues, faced its own hurdles in pursuing an IPO. The primary concern was valuation; Firmus was unable to achieve its desired $44 billion valuation in public markets. The company believes it can secure a similar valuation in private markets or overseas, highlighting the disparity in perceived value between private and public markets in Australia.