Actually I think profit transfer is reflected in "Net Profit" but PE is calculated using "Profit" (should probably really be called "gross profit"). So profit sharing doesn't count against PE. Taxes do count against PE tho, so use profit sharing rather than taxes whenever possible.
In my experience, once your state corporation gets past 100B "market value" (which is total nonsense, its not on the market!) its very difficult or impossible to IPO it, regardless of PE.
Also note the reasons listed why you can't IPO do not appear to be entirely accurate, so take them with a grain of salt.
I have found that state corps around or under 50B market value, PE around 20ish or less, and 100B in assets are pretty much guarateed IPO if you can maintain that for a few months. At this point your corps are somewhat cash-poor but rich in other assets, and its just a matter of dumpin
A
Alexander Platypus (Little Upsilon)
All worlds
dont worry about the P/E so much. it'll take care of itself. just set taxes to 0% so the state corps can generate enough cash to become profitable enough to increase their values over 200B and assets to 100B. at that point they can be IPO'd. also of course make sure you have a strong trading strategy for your state corps, paying attention to market situations for their products. make sure you have 100% hiring for them too, and auto upgrade to 296 quality. and supplies quality 190.
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quaxocal (Golden Rainbow)
All worlds
All that matters is:
100B Assets
Corporation turning a profit over the last TWO years.
VALUE does NOT matter.