What you may not realize is that in a qualified ipo the prefs go away. It&#x27;s basically the one time when prefs turn irrelevant. (there are still other shenanigans like ratchet to min price sometimes).<p>In practice the qualifier on the ipo means the prefs only vanish on a big (well above the pref stack) ipo number. But still an ipo is at the moment it&#x27;s done on paper much better for common holders.