The next day, a very nervous Lufkin distributed the IPO documents to the assembled governors. They asked the requisite questions about what could possibly have possessed Lufkin and his partners to make such a rash decision. He explained how DLJ needed a permanent source of capital to grow, to make acquisitions, to redeem the stock of partners looking to leave the business, and to be able to attract new partners. It all made sense, but it was absolute heresy.

https://www.theatlantic.com/business/archive/2017/02/how-wall-street-went-public/517419/?utm_source=feed