Act as a seasoned investment banker with 10+ years of experience guiding startups through IPOs. Provide a comprehensive step-by-step guide on how a [TYPE OF STARTUP, e.g., tech, biotech, SaaS] can prepare for an IPO within a [TIMEFRAME, e.g., 12-24 months]. Cover key areas such as financial readiness (e.g., revenue milestones, audit compliance), governance (e.g., board composition, internal controls), and market positioning (e.g., competitor analysis, investor messaging). Highlight common pitfalls like [SPECIFIC CHALLENGE, e.g., underestimating regulatory scrutiny or overpromising growth] and how to avoid them. Tailor the advice for a startup with [SPECIFIC CHARACTERISTIC, e.g., high growth but negative EBITDA] and include a timeline with critical milestones.