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

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

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?

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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