INSUBCONTINENT EXCLUSIVE:
The New York Stock Exchange filed paperwork this morning with the United States Securities and Exchange Commission to allow companies to
raise capital as part of a direct listing.Direct listings are a way for companies to go public by selling existing shares held by insiders,
employees and investors directly to the market, rather than the traditional method of issuing new shares
preferred access from bankers and allowed for market-driven price discovery
Companies, like Spotify, that opt to complete a direct listing are able to bypass the financial roadshow, thus avoiding some of Wall
requirements for companies completing initial public offerings or direct listings
common equity securities registered under the Act, to list its common equity securities on the Exchange at the time of effectiveness of a
registration statement pursuant to which the company will sell shares in the opening auction on the first day of trading on the Exchange (a
The proposal would permit a company to conduct a Primary Direct Floor Listing in addition to, or instead of, a Selling Shareholder Direct
On the backs of these exits, tech industry leaders have touted direct listings as the latest and greatest path to the public markets
Venture capitalist Bill Gurley, in particular, has encouraged companies to consider the method
Meanwhile Silicon Valley darling Airbnb, which has stated its intent to go public in 2020, is said to be considering a direct listing rather
conference focused on direct listings titled Direct Listings: A Simpler and Superior Alternative to the IPO
publicly advocate for direct listings
