Palantir, Asana and the quest for better listings
For an IPO alternative designed not to give a first-day pop, liquidity is the real measure of success.
It wasn’t supposed to happen like this. But on September 30, 468 days after the last direct listing, the New York Stock Exchange saw two hit the tape on the same day. That was a surprise. “Like showing up at hospital and finding out you’re having twins,” said one banker.
The deals marked a revival of the direct listing format, where companies list stock without going through the traditional process of an initial public offering underwritten by investment banks.