It is common knowledge that growing firms constantly look for new capital. This is why, going public is one way forward. Firms that seek stock exchange listing realize a number of advantages. An initial public offering (IPO) creates greater public awareness of the firm’s products and services. In addition, such firms can improve their debt to equity ratio and as a result, reduce their cost of capital. In view of the benefits of listing, this paper examines the capital structure of listed and non-listed Jordanian non-financial firms. Based on the time period 2008-2011, and a total of 62 listed and 30 non-listed firms, the results indicate that the leverage ratio of listed Jordanian firms is significantly lower than their listed counterparts. Also,it is interesting to note that while the extent of the impact (negative) of profitability on leverage is more apparent in the case of the non-listed firms. The asset structure of assets is a significant determining factor of leverage in the case of non-listed firms only.