Direct Listing of Securities: Going Public Without an IPO
Registration Requirements, NYSE Valuation Criteria, Pros and Cons
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine the process for achieving a direct listing of shares on the New York Stock Exchange (NYSE) and Nasdaq. The panel will also discuss the pros and cons of direct listing vs. an initial public offering (IPO), the new and emerging criteria for direct listings, and lessons from recent transactions.
- Impact of abundant private equity capital on traditional IPOs
- Direct listings vs. IPOs
- Subsequent filings
- Amended NYSE listing requirements
- Valuation based on private placement
- Valuation by independent third party
- Trading procedures
- Pros and cons of direct listings
The panel will review these and other challenging issues:
- What are the advantages and disadvantages of undertaking a direct listing vs. an IPO or no listing at all?
- What are the SEC registration requirements for a direct listing, and what are the ongoing filing requirements?
- How do the evolving listing rules affect the prospects for direct listings?
- What creative approaches have companies recently taken in connection with direct listings?
Gibson, Dunn & Crutcher
Mr. Dolgonos is a member of the firm’s Capital Markets and Securities Regulation and Corporate Governance... | Read More
Mr. Dolgonos is a member of the firm’s Capital Markets and Securities Regulation and Corporate Governance Practice Groups. He has more than 20 years of experience advising issuers and underwriters in a wide range of equity and debt financing transactions, including initial public offerings, high yield and investment-grade debt offerings, leveraged buyouts, cross-border securities offerings, and private placements. Mr. Dolgonos also regularly advises U.S. and non-U.S. companies on corporate governance, securities laws, stock exchange rules and regulations, and periodic reporting responsibilities. Mr. Dolgonos has represented public and private companies, investment banks and other financial institutions and sovereign entities in transactions across North and South America, Europe, Asia and Africa. He has experience in many industries, including metals and mining, biotechnology, industrials, aviation, hospitality, media and telecommunications, financial services, technology, and retail.Close
Hillary H. Holmes
Gibson, Dunn & Crutcher
Ms. Holmes is a partner in the Houston office of Gibson, Dunn & Crutcher, Co-Chair of the firm’s Capital... | Read More
Ms. Holmes is a partner in the Houston office of Gibson, Dunn & Crutcher, Co-Chair of the firm’s Capital Markets practice group, and a member of the firm’s Oil and Gas, Securities Regulation and Corporate Governance, Private Equity and M&A practice groups. Her practice focuses on capital markets, securities regulation and governance counseling for master limited partnerships and corporations in all sectors of the oil & gas energy industry.Close