Direct Listing

An account dedicated to promoting the superiority of direct listings.

[Direct Listing @directlisting]

Smart choice! Great news.

[TheStreet @TheStreet]

Coinbase Global, the biggest U.S. cryptocurrency exchange, is planning to go public through a direct listing.

🔗: https://t.co/0d5BcFy4ep

[Yuliya Chernova @ychernova]

A direct listing with the chance to raise fresh capital is a new structure NYSE is developing. It may serve as an alternative to direct listings, IPOs, and SPACs, but someone must first choose to be the pioneer, Greg Rodgers of Latham & Watkins says. https://t.co/T9UMR0WeUX

[Bill Gurley @bgurley]

This document also BRAGS about a 97% conversion rate of 1-1 meetings. Let me ask you this, at what price would you have to list your house for 97% of visitors to want to buy it? Answer: an absurdly low one.

[Bill Gurley @bgurley]

The bank that "ran" the $NCNO $400mm+ one-day wealth give-away, just sent me a case-study as if this were "best practice" execution. You will see they brag about being 50x oversubscribed. Ignoring 98% of demand & filling only 2% is a specific recipe for underpricing. #insanity

[Bill Gurley @bgurley]

Assume this is a serious question. What is happening is the banks are making no effort whatsoever to discern actual demand for the shares. The "83" was determined by a true market (today's open is exact same as a DL). The "31" was picked by a biased and highly erroneous human.

[Bill Gurley @bgurley]

Very smart choice for direct listing. Current old-school IPO market is getting systematically worse. As Jay Ritter has noted, 2020 is setting record level underpricing, with a cost of capital near 80%, while real interest rates are near 0%. The process has gone from bad to worse.

[alex 🏴‍☠️🇺🇸🇺🇦 @alex]

if you can quickly raise capital post-direct listing, you will see p much every quality company go that route instead of the trad IPO, in a win for the @bgurley viewpoint IMHO https://t.co/TxX2caKzhB

[Bill Gurley @bgurley]

This is spectacular. Congrats to the @NYSE for pushing for a more efficient pricing model. Thanks to @jrtuttle & @stacey_cunning for all they are doing here! #directlisting

[Direct Listing @directlisting]

Why famed VC Bill Gurley thinks IPOs are such a rip-off https://t.co/sBqUXeRNJV

[Phil DeSimone 🇺🇸 @PhDeSimone]

Every time I see one of these spikes I think about @bgurley and feel sorry for $ZI employees, founders, and investors who got robbed by another mispriced IPO. #DirectListing

[Bill Gurley @bgurley]

🙏 @kpooya! Even in Covid, traditional IPO is broken. If math is right, for $ZI, a free 1-day wealth transfer of $676mm to allocated funds from the hands of founders, employees, & investors. Hand allocated underpricing needs to stop. Use time/price for allocation. #directlisting

[Bill Gurley @bgurley]

I'm glad you are listening! You forgot to mention that they priced at the "low end of the range" the night before. Clearly the correct awareness of price and demand was non-existent. Low end of range and up 58%? Really?

[Bloomberg Markets @markets]

Asana, a corporate software maker started by a Facebook co-founder, said it confidentially filed to register its shares for a public listing that would avoid a traditional initial public offering https://t.co/IX7GDQJpmD

[Biz Carson @bizcarson]

Asana has confidentially filed to go public (and will beat Airbnb to a direct listing) in my favorite trend of companies just announcing this stuff now: https://t.co/MXjGpT4TeE

[TechCrunch @TechCrunch]

Asana files to go public, says it will do so via a trendy direct listing https://t.co/JIvdhRXONK by @screengoblin

[NYSE 🏛 @NYSE]

We're taking the next step today in the evolution of the Direct Listing:

This morning we filed a rule change with the SEC to allow companies to raise capital as part of a Direct Listing

[Direct Listing @directlisting]

@zen_paradox_ @bgurley @stacey_cunning @NYSE Where do you think Blue Apron would be had they not done a traditional IPO?

[Bill Gurley @bgurley]

Thrilled to see @stacey_cunning & the team @NYSE advance the ball on direct listings! They are already a simpler and superior form of entering the public markets. That said, adding primary capital would be a fantastic addition. @directlisting https://t.co/65tnRui8XD

[Techmeme @Techmeme]

The New York Stock Exchange files paperwork with the SEC that proposes letting companies raise fresh capital as part of their direct listing on the exchange (@kateclarktweets / TechCrunch)

https://t.co/0jVpESLa1C
https://t.co/BXqSXeIT2H

[John Cant @john_cant]

Exchanges pitch alternative to IPOs for fundraising ~ https://t.co/79zd4AkEGI - Nasdaq and NYSE propose allowing companies to sell new shares in a direct listing #mpi