(Reuters Breakingviews) - A direct listing is “just an IPO without the O,” says ...
A smartphone and a headset are seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration
McCarthy suggested in a panel discussion hosted by investment bank Goldman Sachs in October that the traditional way of going public was “chronically broken” – a sentiment shared by venture capitalists like Benchmark Capital’s Bill Gurley. Critics resent the underwriting fees paid to banks for IPOs and often chunky first-day stock-price gains, which suggest under-pricing.
It has appeal for plenty of companies. Online vacation-home giant Airbnb plans to go public in 2020. It may decide on a direct listing, and others are likely to follow. But it’s not for everyone. One big limitation is that direct listings don’t raise new money, a problem for companies that need investment dollars.
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