In 2022, many portfolio companies delayed their IPOs and will look to either go public or be acquired in 2023 or 2024 as markets improve. While many sponsors will exit their investment through a sale to a strategic buyer or another PE firm, there may be periods in the next year or two in which it is more advantageous to complete an IPO rather than an M&A deal. These market “windows” do not stay open forever, so it is critical for portfolio company management to be ready in the event an IPO is the desired path. In addition, many portfolio companies pursue a “dual track” process and consider both an IPO and a strategic sale at the same time to create price tension on the overall exit transaction. To maximize the pricing leverage from this process, the portfolio company needs to be ready to consummate an IPO if it is determined that the IPO route will generate the most value. With this in mind and given that markets may turn and IPO “windows” can open and shut quickly, this article discusses the key matters that every portfolio company can address now to keep the IPO option open and avoid significant delays in the IPO process.