Look at Facebook. Zuck has no interest in giving up full control to someone else, but he does want to be a public company.
Re:Gitlab from YC to IPO
by johannes1234321 on Thursday October 14, 2021 @02:36PM
(#28868147)
Yes, since FB is a money printing machine producing lots of revenue which is some argument forms one market value for parts of a company.
The argument Here was "ORCL, MSFT, SalesForce and a few others would pay 10B+" but those would pay those valuations only for full control.
FB's market cap is around 900B$. Gaining full control over FB would be valued a lot more.
However: If they don't want to (fully) sell basing the price on a value someone else might eventually pay for a (full) acquisition doesn't make much sense. (Unless you assume they revise the decision, but then the argument about not selling is moot again)