The house always wins: how IPO banks are not threatened by direct listings
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Opinion

The house always wins: how IPO banks are not threatened by direct listings

Mark Baker
October 25, 2019

A look at what fees Slack might have paid in a traditional flotation shows how talk of IPO banks losing out to direct listings looks misguided.

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Would banks that have traditionally charged young companies hefty fees to arrange their IPOs lose out from a greater move towards direct listings with no primary capital raising?

Read more: Direct listings

The question has been raised a few times in recent weeks, not least during Goldman Sachs's third quarter earnings call at which CEO David Solomon brushed off such concerns.

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Topics

OpinionColumnsGoldman SachsCapital MarketsMorgan StanleyNovember 2019Direct listings
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Mark Baker
Deputy editor
Mark Baker is deputy editor. Prior to joining Euromoney magazine he was based in Hong Kong as managing editor, Asia, for the Capital Markets Group. He previously edited EuroWeek magazine and was also deputy editor at International Financing Review.
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