Spotify’s Untraditional Ipo Didn’t Disrupt Wall Street — But Airbnb And Slack Might Do That Next Year
Airbnb and Slack are considering direct listings. Postmates, with JPMorgan’s help, is plotting the more traditional route. When Spotify decided to sell its shares in an IPO directly to regular people rather than to a pre-chosen group of its bankers’ friends — in a move known as a direct listing — it portended an inflection point in the relationship between Silicon Valley and Wall Street. “The U.S. initial public offering market is broken,” Spotify’s chief financial officer Barry McCarthy wrote earlier this year.