This is incorrect. There are lots of cases where profitable companies want to IPO. Specifically the public markets are where you go when you need to raise money at significant levels. Nowadays this happens less often as their are bigger and bigger private investors (so you can raise billions in private markets). However there is still a point at which you may need to go public for fundraising.

You are making a mistaken assumption that only unprofitable companies need to fundraise, there are lots of profitable companies that want to raise capital to fund future growth (and their current cash flows aren’t enough).

Also I am very surprised that you named Github as a well run private company. As far I know, they were definitely not profitable (their spend was crazy) which is part of the reason the board took the acquisition offer from Microsoft. I really don’t think they are a good example of a well run private company.

You are correct that only companies that want capital IPO but that is by definition as an IPO is a capital raise. I believe that direct listing is an exception to this.