And they make a number of mistakes. Here are a few:
And a fifth thing - they were not starting the bank to "go public" and cash out, but to raise capital to start the bank. In other words, it was a real IPO, not some faked-up deal to snooker the public into buying overpriced stock from venture capitalists who invested early.
Rather, I realize that the company, using hundreds of thousands of employees and billions in assets, is pumping oil out of the ground, refining it into gasoline and selling it to the public. They make a profit and create wealth by taking raw materials, invested capital (machinery) and labor to produce something worth more than the sum of its parts. I use Exxon as an example - it applies to any profit-making venture.