Spotify is inspiring unicorns to ponder going public through an unusual listing strategy
Reuters / Lucas Jackson
- Recode's Teddy Schleifer reports that both Airbnb and Slack are seriously weighing the prospect of direct listings, having gone so far as to have reached out to top Spotify executives for insights.
- Airbnb and Slack make sense in that they each have CEOs who like to buck conventional wisdom but, as Schleifer also points out, each has challenges when it comes to a direct listing.
- One big key for Spotify seems to have been its public investors day, which any new issuer is likely to ape. You might also see them take a new outside investment that has a multi-year lockup, as Spotify did with Tencent.
After Spotify successfully went public in April via a direct listing, we didn't see any copycats. But that might be changing.
The big picture: Recode's Teddy Schleifer reports that both Airbnb and Slack are seriously weighing the prospect of direct listings, having gone so far as to have reached out to top Spotify executives for insights. We also hear that Pinterest is among several other "unicorns" to have at least kicked the direct listing tires.
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