The New York Stock Exchange (NYSE) said on Tuesday it had filed with the U.S. Se...
NEW YORK - The New York Stock Exchange said on Tuesday it had filed with the U.S. Securities and Exchange Commission to allow companies going public through a direct listing, instead of an initial public offering, to raise capital.
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York, September 21, 2015. REUTERS/Carlo Allegri/File Photo The move towards this new hybrid model comes after criticism by venture capital investors of the traditional IPO, which for decades has been the route to the public markets for companies such as Amazon.com, Apple and Microsoft.
“Will this displace the traditional IPO? No, but is it another pathway we are providing companies to come to the public markets and to have investors participate and growth opportunities? Yes,” NYSE Vice Chairman and Chief Commercial Officer John Tuttle said in a telephone interview.A direct listing has so far differed from an IPO because it does not raise fresh funds; rather, it is a way for existing investors to monetize their shares.
The direct listing model also offers an opportunity to save significantly on investment banking fees and avoid restrictions on insider stock sales.
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