When a financial manager is deciding whether to take the firm public or keep it private, which factor is most critical?

$$ The current ownership structure and its influence on corporate governance

$$ The opportunity to raise substantial capital through public equity markets.

$$ The complexity of adhering to regulatory compliance for public companies

$$ The anticipated effect on the firm's stock price post$-$IPO.

$$ The desire to maintain tight control over the firm's strategic decisions.