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When a holding company like Internet Capital Group commands a market cap of $27 billion, it’s no surprise that managers of similar operations are looking for their own initial public offerings.

But getting to an IPO for a company whose chief business is marketing its expertise to a network of portfolio companies is no cakewalk. And ICG, based in Wayne, Pa., had to do a fair bit of legal maneuvering to get past some of the high hurdles of securities oversight.

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