( 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 instead completed another round of private capital raising, meaning retail investors are once again missing out on most of the early growth in a tech company.The company's decision highlights some issues with the IPO process, including the difficulty hitting the right price.Roblox has decided to go with a direct listing rather than its planned IPO due to the pricing issues apparent in the market.
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