![]() In late December 2020, however, the Securities and Exchange Commission (SEC) changed the rules around direct listings to allow companies to raise cash through direct listings by auctioning new shares along with those of current shareholders looking to sell. ( WORK) are two notable tech firms that went public through direct listings under the traditional process. ![]() Direct listings were essentially undertaken for liquidity reasons, as new capital wasn't raised because only existing shares were auctioned on the market. There used to be a clear line between direct listings and IPOs. Roblox Valuation: After canceling a late 2020 IPO at a rumored 8 billion valuation, Roblox Corporation, a user-generated gaming platform, went on to.
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