his study investigates the issues Small and Medium Enterprises (SME) in Kenya consider in making the decision to go public. Specifically, it evaluates whether Pecking Order Theory (Myers and Majluf), company specific factors, benefits and disadvantages of listing can affect the probability of the listing. The study evaluated responses to a close ended questionnaire from 31 SMEs (listed and unlisted), with responses either categorized or ranked using a Likert scale. The responses were evaluated using both descriptive and logit regression output to determine which factors affected the probability of listing. The findings determined that Pecking Order Theory does apply to Kenyan SMEs. The study also found profitability and sales did not necessarily improve the odds of listing. From a benefits perspective the study determined that a need to raise capital improved the odds of listing while cashing out reduced the same. From the perspective of disadvantages, the study established that a key deterrent that would decrease the probability of listing was fear of loos of control. These findings form a useful basis for policy implications for the Nairobi Securities Exchange, the Capital Markets Authority as well as SMEs themselves in terms of addressing financing options for growth