On Going Public: SPACs, Direct Listings, Public Offerings, and Access to Private Markets
Ben's Blog
MAY 24, 2021
Second, by better matching supply and demand, direct listings have generally mitigated the magnitude of IPO Pops, thus engendering better overall price discovery. Most IPOs have lockups that prevent additional secondary shares coming into the market, sometimes for as long as 6-months. Time Period IPO Pop* 1980-1989 6.1% 1990-1998 13.3%
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