Partial acquisition effect on IPO valuation

hey guys, just wanted your opinion on something. When a company goes IPO, how does a partial acquisition, lets say 51%, of a company effect the IPO valuation. Accounting wise the full revenue for the partially owned company would be consolidated up and then a minority interest portion will be subtracted. So from the top line the company looks massive but then when the company goes IPO would this affect the company negatively since they do not own the entire entity.