This study analyzes the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms for Taiwan firms. From analysis of the ex ante determinants, the major findings are that firm’s size and profitability appear to be the significant determinants of the probability of listing and firm’s debt is not a positive impact on the probability of going public for subsidiaries of listed firms. From analysis of the ex post consequences of an IPO, the major finding is that firms are motivated to go public for financing needs of future investments.