Why IPO's and not M&A?

In an earlier post, I discussed the possibility that Israeli companies would be switching from being targets for mergers and acquisitions (M&A) to trying to do initial public offerings (IPO's) in 2014. At the time, I speculated that all of the M&A that has been done in the last 8-10 years has been motivated by impatience and by the desire to cash in quickly.

That may well be the case, but