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Move over, traditional IPOs: Primary direct listings are OK'd

Hot tech companies and other start-ups will soon be permitted to raise money on the New York Stock Exchange without paying big underwriting fees to Wall Street banks, a move that threatens to upend how U.S. initial public offerings have been conducted for decades. The Securities and Exchange Commission announced Tuesday that it had approved an NYSE Group Inc. plan for what are called primary direct listings. The change marks a major departure from traditional IPOs, in which companies rely on i...
Bill Gurley Stacey Cunningham Peter Thiel Jay Clayton Joe Biden York Stock Exchange

Silicon Valley Wins as SEC Allows New Direct Listing

Silicon Valley Wins as SEC Allows New Direct Listing Bloomberg 12/23/2020 © Bloomberg U.S. flags fly in front of the New York Stock Exchange. (Bloomberg) -- Hot tech companies and other startups will soon be permitted to raise money on the New York Stock Exchange without paying big underwriting fees to Wall Street banks, a move that threatens to upend how U.S. initial public offerings have been conducted for decades. The Securities and Exchange Commission announced Tuesday that it had appr...
Bill Gurley Donald Trump Stacey Cunningham Peter Thiel Jay Clayton Joe Biden
Source: msn.com

Unity Software's hybrid auction IPO disrupted stock listings — Quartz

December 23, 2020 The IPO is fiendishly difficult to disrupt. But Unity Software’s deal in September shows that the process of going public is still being pulled into the future. When the company listed its shares this year, it made some modifications that could shift the balance of power between Wall Street and Silicon Valley. Some experts think Unity’s offering—a hybrid of an auction and a more traditional IPO—is a sign of things to come. A hybrid auction uses an auction process to ga...
Elaine Mcchesney Kim Jabal Jay Ritter William Blair Ruth Ann Keene Morgan Stanley
Source: qz.com

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