Going public is a key milestone for a private company and a time-honored way to raise capital. But from the underwriting process to the legalese-filled SEC filings, the road to an initial public offering (IPO) is a long one. Among the many decisions a company has to make before initiating an IPO, choosing which stock exchange to list on should be relatively straightforward. In the U.S., for example, the traditional options are Nasdaq or the New York Stock Exchange (NYSE). Yet, with a new stock exchange — IEX — on the rise and more direct forms of listing, going public today isn’t as clear-cut as it used to be.