Here’s how a hot company can go public without an IPO

“Spotify, the song selection service, has suggested that it might list its shares for trading on an exchange without doing an initial public offering (IPO)” writes Robert Stoumbos for Of course, the purchasers in the private offering had to wait longer than in an IPO for their shares to begin trading on an exchange.The trading market — as measured by volume and spreads — was initially weaker in direct listings than in IPOs.

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