I've asked this question before, but aside from the Vocus RTO...

I've asked this question before, but aside from the Vocus RTO some 8-10 years ago, name me the RTOs that have become successful, self-funding companies (not just crap microcaps, spinning the wheels, with enough cash generation to pay wages). I don't believe there are any others. Essentially a transfer of wealth from retail to founders/brokers. IPOs include the much higher mc, more established businesses, so have more winners. While I've never tallied it, I'd wager IPOs that begin their ASX life with <$1m revenue at listing, have an equally poor success rate, similar to RTOs.