Since their creation in the 16th century, the primary objective of equity capital markets has been to assist companies during periods of capital raising for new investment. CaaS examined historical equity capital raises from 2005 to 2021 in the US, and found that the most significant costs to such companies are i) market discount and ii) banking commissions. In determining the market discount, pre-offering liquidity is an important factor, while banking commissions are a function of deal type and notional size. We propose that corporates should minimize their capital raises during IPOs due to the high relative costs, and focus instead on improving stock liquidity in the public market. Doing so enables corporates to minimize the overall cost of capital raising in the long term.