5 ms·
Spotify paid bankers roughly 40 million euros to run this direct listing and did not raise any additional funding in the process (because it's not really an off
by jartelt 9y ago
Spotify paid bankers roughly 40 million euros to run this direct listing and did not raise any additional funding in the process (because it's not really an offering). Dropbox paid bankers about the same amount in fees and was able to raise a bunch of capital in the process. I wouldn't necessarily call one of these events spectacular and the other not spectacular. They are just different...
- JumpCrisscross 9y ago> Spotify paid bankers roughly 40 million euros to run this direct listing and did not raise any additional funding in the process (because it's not really an offering). Dropbox paid bankers about the same amount in fees and was able to raise a bunch of capital in the process Agreed--the comparison is enough to spring a reasonable hypothesis, nothing more. That said, Spotify is a large foreign lister; Dropbox is a small domestic seller. I'm not advocating the death of underwriters. They're a necessary part of the ecosystem. What we're seeing here is a broadening of the options available to the ecosystem. That's new, and that's good.