The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

OTC Markets’ growth raises questions over value of stock exchanges

OTC Markets shows that both medium-size domestic companies and large overseas ones can be publicly quoted in the US without exchange listings.

Photo: iStock

Direct listings continued to trickle through in the second half of 2021.

US digital analytics company Amplitude, whose customers include Instacart, Shopify and Under Armour, achieved a $7 billion valuation on Nasdaq at the end of September. Online designer spectacles company Warby Parker quickly followed, achieving a $6 billion valuation on the New York Stock Exchange (NYSE).

It is no longer purely a US phenomenon. Wise, the remittance fintech formerly known as TransferWise, was valued at £9 billion in the first large direct listing on the London Stock Exchange in July.

Reports from Abu Dhabi suggest that listed conglomerate International Holdings Company was set for a direct listing of shares in Multiply, its technology investment subsidiary, on the Abu Dhabi Securities Exchange before the end of 2021.

Direct listings provide a way for interested parties to buy and sell existing equity that previously only changed hands through private negotiation, but without the need for management teams to sell the company story to providers of new capital.

The big one in 2021 came back in April. Cryptocurrency exchange Coinbase set an $86 billion valuation when its shares began trading on Nasdaq.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree