I don't think that would be a problem, just means Opco is now public. Normally this type transaction is called a "reverse shell". One other way to go public other than an IPO is for a private firm to buy a public firm/ or shell. Browning Ferris Industries (BFI) was a reverse shell. It's a lot cheaper to go public as a reverse shell than an IPO. Lawyers sell public shells for anywhere from $80k and up.