The New York Stock Exchange was the venue for the first wave of high-profile direct listings, including Spotify and Slack. Here is how an NYSE direct listing works and what it costs compared with a traditional IPO.
NYSE direct listing eligibility
A company must meet the NYSE's listing standards — including distribution, public float, and financial criteria — and clear SEC registration. Confirm the current thresholds with the NYSE (se abre en una nueva pestaña) y el SEC (se abre en una nueva pestaña), since standards are updated over time.
The reference price and opening trade
Rather than an underwriter-set IPO price, an NYSE direct listing uses a reference price as a starting point, with the actual opening price determined by buy and sell orders at the open. A designated market maker facilitates that first trade.
Costs vs. a traditional IPO
- No underwriting discount on capital, which in an IPO can be a meaningful percentage of proceeds.
- Advisory and legal/accounting fees still apply.
- No standard insider lockup, giving shareholders earlier liquidity.
Listing now, funding later
Because a direct listing raises no new capital by itself, companies that also need funding often add an línea de crédito de capital. Compare the routes in Cotización directa frente a OPI, or explore our NYSE listing services.
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