Fundraising Fox

What is a direct listing?

A direct listing puts existing shares on an exchange without underwriters selling new stock: no primary raise (originally), no traditional roadshow pricing, and generally no lockup. Opening price is set by auction supply and demand.

Companies with strong brands and no cash need (Spotify, Coinbase) pioneered the route, trading the IPO's stabilized debut for lower cost and immediate holder liquidity.

Related:IPOLock-up period

General information, not legal or tax advice. Live figures refresh daily from public filings β€” methodology. Cite as: Fundraising Fox, fundraisingfox.com/glossary/direct-listing.