Direct Listing

“No one wants to say it, but if you get the direct listing totally successful, the people buying don't make any money, right?”

“And if you look at all the historic direct listings and how they've gone over time, I believe the data proves that none of them have been greatly successful. A lot of them have been really successful companies Over a long period of time, but that period post d…”

“Figma should have done a direct listing.”

“It may well be that Megapops are a natural intermittent consequence of the IPO process, and that Direct listing doesn't solve that part of the problem.”

“I think the direct listing is like, you're a little bit scared. You're not going to get those long loneliness. You're not going to properly market it to them. And it's seven percent to the bankers in the grand scheme of things. It's not that much. I think it's…”

“Direct listing only works when you're an amazing company and you're not raising primary capital because of the regulations”

“I believe the direct listing should be the way that you do this. And then you do a follow on offering once your share.”

“Spotify went public via direct listing. The stock actually traded up after the direct listing. It went down a little bit after, but it continued to trade up, you know, into the 20, 21 era. And today it's trading at or above what it was trading at during the di…”

“I think that the Slack and Coinbase particularly will be the example going forward. You'll top tick day one, and then the thing will spear down, find a bottom”

“I think the thing that most people don't understand Even very experienced bankers , I have to point out, the stock opens in a direct listing exactly the same way it opens in a traditional IPO, which is exactly the way it opens for already traded public compani…”

“Well, not in the current capital environment, and that's because public company shares are trading at such a steep discount, that the only way you're going to get a company public is if you essentially promise to the institutions who are going to buy the IPO, …”

“Barry, like, invented, you know, didn't invent, but modernized the direct listing and everything that's happening now.”

“So for us, because the company did not need to raise money, right? I mean, we've raised very little over the years. We had that primary round we did before doing the direct listing, which was done for A number of reasons, but otherwise we didn't need to raise …”

“It's just in the near term, it's a bit choppy. I mean, your volume can be low, it can It could be because direct listing, you know, people don't have the same modeling capabilities because you haven't been out there for a while. You don't have a lot of quarter…”

“In general, I think if a direct listing happens, when you get distributed the stock, you should probably sell it right away.”

“Irrespective of what the goals of the direct listing were, the result is the same as a traditional IPO.”

“Pre-SPAC, the real decision, I think, came down to, do you want to raise more money right now? And if you don't, then a direct listing is better than an IPO.”

“I think SPACs are here to stay, and we're going to see a lot of companies using that as a alternative to IPOs and direct listings over the next several years.”

“On top of that, the ability for directors to get D&O insurance via direct listing is next to impossible, and I went through this at Slack, so I can tell you firsthand.”

“I think even Spotify, I think, invested the direct listing to get around some structure that a PE firm went in around an IPO, and that's why they didn't do an IPO. They invented direct listings to get around a structure, as far as I know.”