That is not why you are seeing a deluge in listings. It takes 1-2 years to make a company IPO ready and is a massive operational headache, and the controls needed take multiple quarters to implement.

The reason you are seeing a boom in IPOs versus 2023-25 is because a large portion of funds that are from the 2016-20 vintage are about to hit the 10 year mark when LPs need to be made whole.

This means you need to exit your investments either with an additional round, an acquisition, or (the most common approach for growth equity which is what series D and later rounds are) IPO.