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In today's world, businesses need even more flexibility and transparency to meet evolving customer, talent and market demands. Going public is a powerfully effective solution to meet those needs but companies no longer need to view an IPO as their only path to public.

That’s why the NYSE worked closely with issuers, regulators and the global market community to create the NYSE Direct Listing. In a Direct Listing, the full liquidity of the market values a company on day one without temporary constraints — no reduced allocations or required lockup periods. This uninhibited price discovery reduces the cost of capital and democratizes access and opportunity for all investors.

The NYSE helped to pioneer the first ever Direct Listing with Spotify in 2018 followed by Slack in 2019. Since then, Direct Listings have become more common for companies of all sizes, from ZipRecruiter to Roblox.

Direct Listings are just one of the ways the NYSE is using innovation to drive opportunity for modern businesses.

Featured Press


Why companies choose direct listings over IPOs

"With a direct listing...you let the market actually set the price for the company as it goes public, and all investors are on a level playing field during that moment of time."

— Stacey Cunningham on CNBC

NYSE welcomes record number of IPOs in first half 2021

Watch the excitement as today's visionaries join the NYSE community.

SEC gives green light to NYSE's plan for capital raises in direct listings

“This is a game changer for our capital markets, leveling the playing field for everyday investors and providing companies with another path to go public at a moment when they are seeking just this type of innovation.”

— Stacey Cunningham on CNBC

Why companies choose direct listings over IPOs

"With a direct listing...you let the market actually set the price for the company as it goes public, and all investors are on a level playing field during that moment of time."

— Stacey Cunningham on CNBC

NYSE welcomes record number of IPOs in first half 2021

Watch the excitement as today's visionaries join the NYSE community.

SEC gives green light to NYSE's plan for capital raises in direct listings

“This is a game changer for our capital markets, leveling the playing field for everyday investors and providing companies with another path to go public at a moment when they are seeking just this type of innovation.”

— Stacey Cunningham on CNBC

Benefits of a Direct Listing on the NYSE


Flexible capital-raising options

Lower cost of capital and no forced timeline

Full and equal transparency

Flexible capital-raising options

Lower cost of capital and no forced timeline

Full and equal transparency

Democratized access to information

Level-playing field for all investors - no allocations, no lock up periods

Plus, all the premium benefits of being a NYSE listed company

Democratized access to information

Level-playing field for all investors - no allocations, no lock up periods

Plus, all the premium benefits of being a NYSE listed company

Know the Facts


From the Home of Direct Listings

Financial Advisor Roles
Financial advisors are not required to underwrite an initial price like a traditional IPO, but they are essential in consulting alongside with the NYSE to set the reference price for Day 1.

Price Discovery
Day 1 has an extensive price discovery process with a Designated Market Maker (a model unique to the NYSE) on the trading floor, who determines the opening price based on buy and sell orders in consultation with the financial advisor, using the reference price as a starting point.

Roadshows
Flexibility on the Direct Listing process allows a company to go effective without a waiting period after filing their S-1. Previous listed companies have utilized this feature to opt for an Investor Day in lieu of a Roadshow.

Public Access and Transparency
The Direct Listing provides access and opportunity for all investors, democratizing public company offerings even further than before.

Day 1 Trading
With the unique market model able to execute such an offering, NYSE Direct Listings have traded with superior market quality in both lower volatility and tighter spreads on Day 1 compared to IPOs.

Slack, Roblox, and Spotify, listed on the NYSE, ranked among the largest opening trades in the history of the US markets.

Optional Capital Raise
Companies conducting Direct Listings on NYSE have the option to raise capital as part of their listing. This happens through a single order, which is executed as part of the opening auction.

Uniquely Positioned for Direct Listings
The NYSE pioneered Direct Listings, working with the SEC to further develop this approach.

The NYSE is the only exchange to provide a Designated Market Maker to minimize volatility and discover market demand price assessment with unparalleled precision.

Frequently Asked Questions


How does a Direct Listing with a capital raise work?

In what ways is a Direct Listing different than an IPO?

How does an issuer determine whether a Direct Listing is a better option for them than an IPO?

What types of companies can go public via a Direct Listing with a capital raise?

Will companies planning a Direct Listing make all the normal investor disclosures?

What makes the NYSE uniquely suited to Direct Listings?