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Slack’s Direct Listing Leaves Wall Street Fighting for Fees
Banks can still make money when companies skip a traditional IPO, but the spoils go to a select few.
17 Jun 2019, 10:48 AM IST
(Bloomberg Businessweek) -- Wall Street had good reason to be anxious last year when music streaming company Spotify Technology SA did a so-called direct listing, putting shares on the market without opting for a traditional initial public offering. Underwriting and advising on IPOs are among the biggest fee generators for the biggest banks, and it suddenly looked like companies had a new, cheaper alternative. Now another hot tech co...
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